20:20 Vision

Whether you believe that 2020 will be a year of struggle or a year of opportunity you are right! We create our own future. There are definitely trends that will play out in the next 12 months that will impact on SMEs.

The way we physically work is changing. In that last few years there has been a clear move towards open office space, unassigned desks and work areas and the advent of the gig economy but there are signs that these things do not always bring the benefits some initially claimed. Open office space might encourage collaboration but it presents a huge privacy problem. Unassigned desk space may give more flexibility to a business through hot desking but most people feel more productive and work harder in a space they have a degree of personalisation over. The gig economy may work in metropolitan London for the young, single or the Uber driver but that lack of income security makes it unworkable for young families with commitments. There is a move to adopt technology to support remote working but some companies are still reluctant to do this across the board. Particularly those who still micro manage staff.

Optimism is needed in 2020. SMEs need to look into the future and prepare for the unknown. Being unprepared is what throws a business into a downward spiral. There is much to be positive about but being prepared is mission critical for businesses who want 2020 to be a year of sustainable growth.

Take a look into your future and what do you see? Answer 4 key questions to start the process of future proofing your business.

1. What are the global challenges that face your industry and how should you respond? We cannot ignore the climate crisis (whether you think it is real or perceived you have to understand how it might impact your industry) You may not be responsible for solving them but they may be targets for innovation and disruption that may give you an unexpected competitive edge!
2. How will changes in lifestyle and cultural values transform your market for the next generation? How will your products and services fit into future human lifestyles. You can get ahead of these trends by imagining who your future customers will be. How will they think, live, work and play? The rise in vegetarianism and veganism has transformed the beauty industry. You need to keep ahead of the cultural curve.
3. What are the trade-offs and benefits of investing in your current products vs. your future industry? With a clear vision and expectation of what lies ahead, every business owner needs to look at their company’s core revenue streams and ask if they will be at risk over the next 5-10 years. Even simple areas like packaging can have a massive impact on business growth if a trend is missed or ignored.
4. Who are your potential partners and collaborators going to be in the next few years? In the future, more companies will be partnering and competing with the same companies within a broader more integrated business environment. Business owners should think about how collaborating with “frenemies” can preemptively solve problems across their industry. Who could you imagine playing with to make your company bigger in the future?