Research and innovation are crucial drivers of economic growth and societal progress. In Wales, the R&D landscape is ripe with potential, yet it faces several challenges that hinder its full potential. This article, written by Dayne Hodgson, Co-Founder and Director at RedKnight Consultancy, explores the current state of R&D funding in Wales, identifies key challenges, and outlines strategic opportunities for enhancing its impact and efficiency. By adopting a multi-faceted approach to improve engagement with funding mechanisms, infrastructure, and talent retention, Wales can strengthen its position as a leader in innovation within the UK and beyond. Current State of Research and…
Author: sme-admin
In 2023, Statista found that around 850,000 UK businesses turned over up to £250,000. At the £1 million turnover mark, however, this number dropped to just over 123,000 businesses. Hitting that elusive 7 figure mark is not just a huge milestone in business development – it’s also a tricky endeavour requiring forward planning, the right vision, and a willingness to step outside of one’s comfort zone to take the business to the next stage. In this article Sam Stoffel, the CEO and Founder of Outplayed.com, a matched betting subscription service, outlines the key lessons he has learned while reaching that…
Understanding consumer behaviour in greater depth has become crucial for marketers today, as ever-increasing competition means this is a much-needed advantage. In this competitive industry, behavioural science—which delves into the underlying psychological factors driving human actions—offers invaluable insights into the reasons behind consumer choices. By leveraging these insights, marketers can go beyond traditional methods, achieving a deeper and more nuanced understanding of their how their audience will respond to communications. Here, Roger Jackson, marketing expert and founder and CEO of SenseCheck, explores how brands can harness the power of behavioural science to develop better marketing strategies that not only capture…
The prescriptive maintenance market is surging, with forecasts suggesting that this sector will increase in value by a quarter each year over the course of the next decade. The closely related field of predictive maintenance is experiencing a similarly steep ascent, projected to grow annually by more than 30% until 2031. Both maintenance strategies are effective ways of improving operational efficiency and minimising downtime, but there’s a distinct difference between the two: predictive maintenance uses data analytics and machine learning (ML) to anticipate equipment failures before they happen, while prescriptive maintenance goes a step further, offering actionable recommendations to pre-empt and prevent future…
New research has revealed which towns and cities have the best job opportunities for the people living and working within them. The study, conducted by HR software provider Ciphr, compared employment data for 100 of the UK’s most populated towns and cities to determine which locations offer the best potential for job opportunities and good salaries. Winchester came in first place, ahead of Warrington in second, and St Albans in third. Chelmsford, Sevenoaks, Preston, Cheltenham, Guildford, Aberdeen, and Reading also made the top 10. Towns and cities were rated (out of 100) across multiple factors, such as average full-time earnings, recent pay…
Data is one of the most powerful assets at your disposal as a business owner. It informs every area of operations, from finance to sales and of course, marketing. Though immensely valuable to building an effective marketing plan, many businesses, particularly SMEs, tend to fall into one of two categories when it comes to leveraging their data. Some businesses simply do not collect enough data on the things that matter, or if they do, fail to put that information to use, while others collect so much of it that organising and leveraging it effectively becomes an overwhelming task. With data…
Made Smarter North West has launched a new peer-to-peer network to accelerate digital adoption among SME manufacturers. The Digital Champions Network brings together businesses who have engaged with Made Smarter’s adoption programme, including graduates of its Leading Digital Transformation and Leading Change for Digital Champions programmes. The initiative will connect those employees actively engaged in digitalisation, from the top floor to the shop floor, at different stages of technology adoption. In-person and online events will be facilitated throughout the year to enable participants to share learning and experience, forging long-lasting connections. A launch event, at the Manufacturing Technology Centre (MTC)…
Selling a house can be a daunting and stressful task. However, equipped with the proper knowledge, you can significantly improve your chances of a quick and hassle-free sale. The We Buy Any House team specialises in selling property fast, and in this guide, they share their expertise to help you sell your home quickly. Enhancing Your Property’s Presentation First Impressions Matter First impressions are key when selling a house. Potential buyers form opinions almost instantly, so a well-presented home is more likely to attract quick offers. Here are several effective methods to enhance your property’s presentation: Redecoration To maximise interest…
Marketing theory often highlights the inherent disadvantages faced by small brands. Firstly, customers’ brains naturally gravitate towards familiar names, equating well-known brands with trustworthiness. Secondly, advertising tends to be more cost effective for brands with wider availability, further reinforcing the dominance of larger players. These and other factors create a seemingly insurmountable challenge for small brands but, more often than not, the perceived disadvantages of being a small brand are offset by unique advantages that can drive success in ways the big brands envy. Living close to your customer One of the biggest advantages for small and medium-sized enterprises [SMEs]…
More than four in ten (41%) key decision makers at UK SMEs say they are considering an exit from their business in the next 5-10 years, with nearly two in ten (17%) saying they will certainly exit in that time frame. Specialist lender Shawbrook recently surveyed SME leaders on a range of issues including exiting their companies. When quizzed on their preferred method of exit, a private sale (27%) and an acquisition (27%) emerged as the most popular choices. More than a fifth (21%) of key decision makers would look to merge, with nearly a fifth saying they would prefer…