Being an entrepreneur becomes a way of life, a way of thinking and learning put into practice. Small businesses make a massive contribution to the UK economy. According to the Department of Business, Innovation and Skills, the UK had 5.5 million small businesses at the beginning of 2021 – making up a whopping 99.2% of all UK businesses. – an estimated £2.3 trillion. SMEs account for three-fifths of the employment – that’s 61% – and around half of the turnover in the UK private sector, an estimated £2.3 trillion.
It is clear to see that entrepreneurs are vital to the future of the UKs economy and that there is a lot to learn from this ever-growing group of business mavericks. With the calendar almost rolling over to another year, here are some comments about what we can expect to come by members of Entrepreneurs Organisation London.
Julian Tomlinson is the chairman of ALPS. Since starting out in 1998, ALPS has become a leading provider of Motor Claims Solutions, Road Rescue Services and Legal Expenses Insurance products to Insurance Brokers, Networks & Intermediaries throughout the UK.
As we head towards 2022, the derailing of the concept of normal by the seemingly unpredictable and unwavering Covid-tsunami will continue. In the same breath people’s tolerance of the authorities’ various and fragmented efforts to engage this invisible enemy is waning. Those who stick doggedly to their previous visions and plans in the hope of the old normal to return will increasingly fail.
Accepting the lack of the predictable – or so-called ‘normal’ – will allow those heading into the new year with open minds many new opportunities, be it in existing businesses or startups. It could suddenly be a case of refining and prioritising ideas whilst tracking down all that investment capital that’s said to be waiting impatiently for a home!
My wish for 2022 is for the government to resist the urge to regain what it invested in helping businesses survive to this point with a tax regime that will hurt those of us still fighting on. That and for a fabulous scheme or app that will match those looking to invest, to those wanting investment in their businesses.
Firdaus Nagree is the founder and CEO of FCI London, one of the largest luxury furniture and interiors brands in the UK.
Moving into 2022, I believe there will first be a reflective phase as we go from December into January. People tend to take a step back and review the year that has passed and the impact it has had on them. For some it’s been a rough ride; for others, opportunities have presented themselves in the midst of chaos.
The trend of moving away from traditional jobs to embrace more flexible environments will continue. We’ll continue to see movement out of big cities and people will continue looking for remote work opportunities, often embracing multiple, simultaneous job opportunities over full-time roles.
Change is coming with blockchain technology as decentralisation and the concept of employment freedom leads more people to get involved in the cryptocurrency space. Businesses will need to be authentic about who they are and form real relationships with strong talent to keep them on board. A surge in inflation and a growing understanding of what it really is and how it affects us will in turn influence how people view the concept of saving. We might see people taking more control and no longer allowing themselves to be caught under the thumb of traditional authority figures.
Sustainability is going to be a big factor. Businesses will have to be genuinely responsible as this is what customers want to see from the brands they align with. There will be a shift towards living in smaller communities with a greater focus on the home and family relationships, leading to increased local buying.
Technology is hurtling forwards but people want to slow down – it is this that will drive the changes in business as we move into 2022.