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SMEs of the Future

How will SMEs look in the future? According to a survey by the insurer Zurich, over the next 50 years the small business landscape will change considerably. The challenges facing SMEs, from an increase in working from home to driverless commercial fleets will mean huge changes in the way businesses operate. Zurich asked 1000 SMEs what they thought the future would look like – so, do you agree?

- One in seven believe their entire work force will be working from home by the year 2062

- 60% think that artificial intelligence will become critical to our workplace, taking the role of trusted advisors over the next 50 years

- Half of the SMEs interview said that robotic would play a critical role in the delivery of SME services in the next 50 year.

Some changes were thought to come into play before the half century was up. 54% believed the high street as we know it will be transformed within the decade, to be replaced by a ‘virtual high street’ online. 70% believe SMEs will need to radically change their approach to customer service and experience in order to compete with online offerings in the next 10 years. There are risks that many believe will become increasingly important – cybercrime, loss of personal relationships and lack of customer interaction are all believed to be increasing problems as more and more business is conducted online as opposed to face to face.

All these changes meant that businesses need to be prepared for the many changes that are likely to happen in the not-so-distant future. The government has highlighted exports as a way to boost SME profits, and this will be facilitated by the increasing globalisation of ecommerce. Are you prepared for the future? Now’s the time to get ready.

 

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