“Small businesses remain upbeat with almost half feeling confident about the next six months and a quarter diversifying their operations.”
The most important trends for small enterprises will be “digital transformation; environmental sustainability; making decisions based on data, rather than instinct; and cybersecurity”. [American Express]
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There’s a lot of encouragement for small rural enterprises.
Many are diversifying into online businesses to sell their products. In parallel, it has become quite a trend since the pandemic for business to relocate to the countryside, if the broadband is fast enough, a good example being one London PR agency moving to rural Devon.
In its look at the Autumn Statement, the CBI would like to see the government delivering for rural and coastal businesses, with several practical ideas to create a more level playing field.
These last years, though, rural businesses have shown resilience. Nevertheless, rising costs have affected investment, as detailed in the report just out on the cost-of-doing-business crisis. And yet, another recent report shows how small enterprises see a bright future, as they try to adapt to the ever-changing business climate:
What will be the most important trends in the next five years that small businesses must be ready for? According to Amanda Salt, vice-president small and medium enterprises, UK Card Services, American Express, they are: digital transformation; environmental sustainability; making decisions based on data, rather than instinct; and cybersecurity.
This coming weekend offers a real opportunity to highlight the vitally important role thousands of small businesses have in the economy, with Small Business Saturday upon us once again – and there are lots of reasons and ways business owners can celebrate:
Despite the ongoing economic challenges, Small Business Saturday’s data also showed that small businesses remain upbeat with almost half (45%) feeling confident about the next six months and 22% diversifying their operations to respond to hurdles. This includes a rising trend for collaboration amongst local businesses, as 73% team up to navigate economic challenges.
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