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EU SMBs will need 'complete reinvention'

(Image credit: Image Credit: NakoPhotography / Shutterstock)

Small and medium-sized companies across Europe will need to completely pivot their business offering in the near future due to changing customer demands.

According to new research from Ricoh Europe based on a poll of 3,300 SMB leaders from 23 countries, around a quarter (24 per cent) expect to be selling something completely different within half a decade. 

More than nine in ten (91 per cent) expect to change their offering ‘to some degree’, while 59 per cent of SMB leaders see innovation as one of their top priorities.

The report also suggests that value for money, demand for choice and emphasis on the quality of experience are crucial elements to staying afloat in today’s market.

All of this can be achieved with the help of technology, it was said. Almost half (45 per cent) of business leaders among SMBs will use data-driven insights to make future decisions. Still, almost two thirds (59 per cent) want better workplace technology, while 42 per cent require clearer routes to funding.

For some, identifying complex regulation is a huge challenge.

 “Today’s SMB leaders are tasked with charting a path through increasingly uncertain times. The good thing is that this can force companies to reconsider the direction they’re taking and help them find a more successful route to market,” commented David Mills, CEO of Ricoh Europe.

“In particular, technological advancements are allowing for progressive change across an increasingly wide range of sectors. Leaders are telling us that increasing the quality of their products is key, but so are lowering costs and accelerating time to market. When taking the time to reassess their offering, it’s essential they carefully consider how their organisation can work in more effective ways to strike the right balance.”

Image Credit: NakoPhotography / Shutterstock