This Standard Life report further demonstrates the required evolution of SMEs and what our future entrepreneurs will need to embrace.
Evolution in working practices and company culture will take place but above all it is clear that empowering your team is a key driver of success.
This is not new, unique or revolutionary but is clearly something that the businesses of yesterday, today and tomorrow must understand to develop.
Ask any successful entrepreneur and they will tell you that they made their money because of the team that they built around them. Successful football managers take their management team with them when they move clubs so why should it be in any different in business.
Build a team, empower them and grow your business!
A new report published by Standard Life today reveals some of the key drivers of success for UK SMEs (small-to-medium-sized enterprises) with research showing an evolution in working practices, company culture and innovation. Polling both SME leaders and employees within this crucial cross-section of UK enterprise, the report highlights the fundamental trends of collaboration, empowerment and adaptability as central to growth over the next five years. In order to achieve business success, SME leaders said the number one priority is to empower the workforce, by building an environment that encourages creativity and innovation. Employees agreed, stating that the most desirable quality in a business leader is the ability to empower and trust their colleagues.