
Bibby Financial Services has launched a ground-breaking report of the trends that are likely to shape the behaviour of UK firms during the next decade. Created by Index B, 2020 Vision spearheads a corporate initiative to spotlight some of the transformational trends in business behaviour that most firms are likely to encounter during the next 10 years.
The enquiry suggests large companies will be unable to absorb the five million new workers expected by 2020, leading to increased redundancy and many people holding multiple jobs or running businesses centered around small and medium-sized enterprise ‘hubs’. It also suggests the use of technology, the blurred line between home and work, conjoined bank accounts and the lack of physical premises will make business itself harder to identify.
Edward Rimmer, UK chief executive of Bibby Financial Services, says: “This report paints a vivid picture of the next business decade, one that sets to reform the way we work and what a typical business looks like, with as much impact as the first industrial revolution had during the latter years of the 18th century”.
Conflicts between traditional working environments and other responsibilities (eg children, elderly parents) are predicted to lead to people choosing flexibility in their work over higher wages, while enterprises currently dismissed as ‘lifestyle’ businesses will grow in popularity, with some growing into fully fledged companies. Tony Heywood and Nick Saalfeld, co-founders of Yoodoo.biz, a website that inspires people to start their own businesses and who featured in the report, believe that more people will be self-employed and working for more than one company to earn their living and working hours which suit their lifestyles.
The report also predicts a marked withdrawal of overseas banks from the UK corporate lending sector, and that banks will not lend as much as before because of the need to repair their balance sheets.
The project undertaken by Index B involved investigative journalism, market research and data analysis as well as our own network of academics and commentators to help build a 10-year business trend map. It embraces both the commanding heights of the UK economy, exploring the types of innovation likely to impact firms in the next decade, as well as the grass-roots behaviour of companies as they come to terms with new ways of doing business.
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