New report exposes shocking reality: 50% of UK businesses are at risk of becoming obsolete
Today, BJSS launches its latest report, Embracing Tomorrow: Insights for Anticipating and Thriving in an Uncertain Future, shedding light on a concerning reality within the UK business landscape. The report delves into business leaders’ perspectives on the current and future business climate, revealing alarming trends.
Key findings from the report include:
- Existential Uncertainty: Half of UK business leaders surveyed expressed uncertainty about the existence of their organisations within the next decade, underscoring a pervasive sense of insecurity in the business environment.
- Short-Term Focus: 83% of organisations lack a forward-looking strategy looking beyond 10 years, indicating a trend towards short-term gains over long-term sustainability.
- Climate Risk Neglect: Despite increasing concerns about climate change, 75% of organisations admitted to not having concrete risk mitigation plans for climate-related events, potentially leaving them vulnerable to environmental disruptions.
- Cybersecurity Misalignment: While 53% of organisations have risk mitigation plans for cybersecurity incidents, only 20% view cyber threats as the most significant risk to their organisation in the next 5-10 years, suggesting a disconnect between perceived threats and preparedness.
- AI Awareness Gap: Despite the growing prominence of artificial intelligence (AI), only 4% of respondents expressed concern about disruption from emerging technologies, indicating a potential gap in understanding of AI implications for business.
Terry Dixon, head of growth at SPARCK (Part of BJSS), commented, “In economic turbulence, business leaders often prioritise short-term gains, neglecting long-term viability. However, this trend poses risks to survival. It’s crucial to balance short-term benefits with long-term planning for sustainability. The report serves as a wake-up call for UK businesses to pivot towards a future-oriented approach, transcending short-term gains and embracing long-term strategies.”
To learn more about the key findings of the report, join our Future Thinking experts on Wednesday 17th April for a live webinar. Register for the upcoming webinar here: https://www.bjss.com/ev24-futures-thinking-webinar
