Management training program for SMEs kicks off

A new scheme to provide training to small business owners has officially kicked off, with British finance minister Rishi Sunak marking the launch by attending a class alongside some of the 600 SME owners who have already signed up.

The program, which was announced by Mr Sunak in the March budget, will give 30,000 SMEs access to business management training on topics ranging from financial management to marketing. So far, 10,000 businesses have expressed interest.

Called Help to Grow, the management program offers a 12-week executive training course to SME leaders delivered by UK business schools, including the universities of Aston, Portsmouth, Derby, Nottingham, and Birmingham City.

The move comes in response to data from the UK’s Office for National Statistics (ONS), which estimated that UK businesses could achieve a 10 per cent  boost in productivity if they implemented small improvements in management practices.

Moreover, the Confederation of British Industry reported that by boosting their productivity profiles to match that of Germany, UK businesses could add up to £100 billion to the economy.

Rishi Sunak joined one of the classes on Monday, taking part in a management lesson at Aston Business School to see the training in action.

“Small businesses are key to our innovation and economy and will therefore be an essential part to our recovery from the pandemic, which is why we are levelling up their skills through the Help to Grow schemes,” Mr Sunak said.

“I want to bring some of the best bits of management training from around the world to help boost productivity here in the UK.”

NatWest, Barclays and HSBC have contributed a combined £2.75 million to the program, and will also have representatives involved with the mentoring program and alumni network. The banks also lent expertise to the curriculum development, and will be promoting the training among their small business clients.

Goldman Sachs, the Chartered Management Institute, Social Enterprise UK and the SME Micro-Fresh also consulted on designing the program to meet the needs of SMEs.