Over half of UK Small and Medium Enterprises (SMEs) are unprepared to tackle new markets – and up to a third are ‘too afraid’ to take risks, according to a new study.
The findings come from a survey conducted by a cloud-computing arm of Japanese corporate, Hitachi, which revealed that SMEs all across Britain were grappling with a ‘fear of failure’ – which was hindering their ability and ambition to innovate and grow their businesses.
52 per cent of firms told the study that their organisation was ‘not ready’ to respond to disruption from new markets, while over half said that they were ‘unsure’ whether it was a good idea to adopt new technology – despite the fact that 55 per cent admitted ‘demonstrating innovation’ was important to them.
Despite Britain’s recent decision to leave the European Union (EU), a further 51 per cent said that they were unprepared for new regulation.
David Brindle, senior vice president of technology solutions at Hitachi, said: “This research highlights that all business – no matter what their size or setup – experience common challenges when it comes to embracing risk and digital disruption.
“Businesses… are capable of innovation on an astonishing scale, as long as they have the right processes and programmes in place to support it,” he added.
The study highlights the importance of consulting the relevant tax and business advisors for support when looking to overcome your fears, expand and grow your business.