Future Generali

What is the future of small and medium businesses?

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Rakesh Wadhwa:

Not every business  is capable of setting up online. So how do you see that playing out for small and medium scale enterprises going forward?

 

Keith Coats:

Two things quickly, i would say to a small business owner, a framework we often use to pay attention to what's going to change is what we call the TIDDS of change. And TIDES is an acronym that says there are five key disruptors. And if you're paying attention to each one of these five disruptors and asking the right questions in each one of these five areas, You will go a long way to future-proofing yourself, the five areas very quickly are – T is for technology. I in TIDES is institutional change. The D is, demographics, the E is the environment and the and S is societal values. And what we are seeing is that those five key disruptors are still playing out right now. But that small businesses have a great advantage over bigger businesses. Multinationals are slower to respond to external change. They have deeper pockets. They have bigger muscles and they have deeper resources, no doubt, but their ability to respond to a fast-changing external environment is severely hampered. And the advantages that small businesses have is that there can be far more Adaptive and far more responsive. For the first time in business history, small businesses can compete on an equal footing with big businesses. Thanks to technology. You can sit in a room in your home, in your slippers or with bare feet, and have a global network doing global business and no one would be wiser.

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