A study of 500 business leaders has also revealed that of these disruption-discouraged, only 33% are confident they will meet investor or owner growth expectations and 25% have downsized operations to cope in an uncertain environment.
The findings come from the latest Defying Gravity report, commissioned by national law firm, Mills & Reeve, who advise that mid-market businesses should be in a strong position to adapt to the disruptive climates they operate in.
The remaining 52% of participating business leaders – the disruption-ready – said they were excited by growth, and have the confidence, leadership and skills in place to meet growth expectations, and not just in the UK but internationally. Of those interviewed, 53% said they are looking to grow exports to Germany and two fifths (42%) are planning to trade more with France.
But in the face of political uncertainty and the countdown to Brexit, the negative sentiment of the disruption-discouraged can’t be ignored, with 71% believing business growth is unrealistic in the new economy and 67% postponing acquisition plans.
Paul Knight, partner and innovation champion at Mills & Reeve said: “For many, technological disruption is the real issue of the day. Uncertainty around Brexit will pass, but technology is changing what we do and when we can do it. Automation, AI, and other technologies present opportunities that leaders need to explore today as their competitors will realise their value. Having the right culture and processes in place to support innovation can help businesses deal with disruption and seize the opportunities that it brings.”
Steve Allen, partner and head of the Mills & Reeve Birmingham office, said: “Medium sized businesses should take the opportunity to put their organisation under the microscope to identify new ways of doing things and highlight inefficiencies. If they keep their customers happy, take care of their people and, importantly, seek guidance where necessary, they won’t just navigate disruption, but will excel through it.”
For further data, insights, case studies and advice download the full report at: www.wearedefyinggravity.co.uk.
