How the UK business and entrepreneur landscape is about to dramatically shift in 2022
The team at the www.britishbusinessexcellenceawards.co.uk conducted a survey to investigate business and entrepreneurship predictions for 2022. Giving their top predictions, 2,500 businessmen and women from across the UK took part in the survey to find out what businesses and entrepreneurs should expect for the business year ahead.
After a turbulent couple of years in business, it comes as no surprise that a staggering 90% of respondents predict there will be a greater shift toward employee well being in 2022. With as many as 8 in 10 respondents saying that they now have a greater work life balance and intend to keep this going into next year.
Over half of all respondents (63%) claim to now have more ‘me time’ which includes activities such as:
- More time for exercising (45%)
- Having more quality time with family and friends (40%)
- More time for going on walks (31%)
- Time for self-care (27%)
- Having a great work life balance (25%)
Interestingly, 85% of respondents predict a spike in the number of entrepreneurs adopting a side hustle as an additional source of income in 2022. Around 60% of respondents stated they have a side hustle and are showing no signs of slowing down. Around 3 in 10 of respondents (30%) claim to make more than £1,500 per month, over the past year in addition to their yearly salary.
In addition to this, 45% of respondents predict a rise in the number of businesses who will begin to only accept card payments. Around 30% of respondents believe this change has been accelerated by the pandemic but, 60% fear that a large proportion of the population, the more vulnerable customers, will be left behind. Similarly, half of all respondents (50%) fear that the economy is not ready for this shift in card only payments and fear it could lead to a financial crisis in the UK.
Smaller businesses in the UK have been the hardest hit over the past couple of years, 34% of respondents predict there will be a greater focus by the government to offer further grants and funding to those businesses that have been hit the hardest financially.
Sarah Austin, founder of www.britishbusinessexcellenceawards.co.uk, commented:
“It is interesting to see the business and entrepreneur predictions for the year ahead, after such a turbulent year in business I am in total agreement that employee wellbeing will be at the forefront of the mind of any business. This topic has really taken off during the past couple of years, I believe all businesses should be putting their employees wellbeing first, ahead of business profits and matters alike.
“The prediction about businesses that will only take card payments is an interesting insight into the potential shift in the UK economy. A potential risk for businesses who intend to enforce this is certainly high as mentioned above, it seems it may segregate a large proportion of potential customers. I believe the UK business predictions for 2022 are, on the whole, positive, and with the prospect of more people adopting a side hustle, it will be fantastic to see new business ventures emerging. For 2022 this is exciting, and we hope to see a selection of new businesses who are thriving at the British Business Excellence Awards next year.”