SME News December 2017

SME NEWS / December 2017 5 NEWS , A new report created by acclaimed futur- ist James Wallman and Yell, reveals a positive view on how working lives will look by the year 2050, thanks to a wave of new technologies including artificial intelligence, augmented reality and the internet of things. The re- sults are intriguing, with the most prominent being the ‘Four Hour Working Day’. The current work day was set up to squeeze as much as possible out of workers when they per- formed routine tasks in factories and offices. Emerging research suggests that 8-hour days are a suboptimal way to work – the optimum is far closer to 4 hours per day. As robots and ‘cobots’ perform more of the routine tasks, humans will become more crea- tive. And the best way to be cre- ative is to work around four hours per day. This radical change will also have huge benefits on our health and wellbeing, as well as balancing family life. A prediction sure to excite work- ers around the world, Yell took the notion of a four-hour working day and asked three innovative en- trepreneurs for their thoughts on how this might impact them and their working lives. Tim Antos, Founder of sleep aid- ing headphones, Kokoon Tech- nology sees this a positive pre- diction, especially with the ethos behind his product; “This heavily ties in with a per- sonal passion of mine, and a big reason for Kokoon: the need for everyone to get enough sleep. This is so essential, and shorter working hours will allow that to happen, and that will have a huge knock-on effect with productivity.” Sarah Slade, working mum and co-owner of mood-boosting can- dle brand, SevenSeventeen, thinks it’s a game changer; “With the help of cobots, getting the most out of our time should be- come easier. As business own- ers, there will undoubtedly always be the unavoidable call at 9pm or having to pop in to the office at the weekend – but ultimately, it’s flexibility we see as being the most important game changer in the future of business.” The full report focuses on a further six key trends predicted by James, including the ‘Cobot Revolution’: a world where humans work collab- oratively with robots in all indus- tries, a key aspect of making a four hour work day possible. Following the rapid growth of digital and social media, Yell has trans- formed into a digital business – helping businesses and consumers be successful online and is commit- ting to help a million businesses be found, chosen and trusted by more customers online by 2020. Mark Clisby, Product and Market- ing Director at Yell said: “We’re liv- ing in a time of incredible change. The next 30 years are set to be very exciting for us all. We look forward to continuing to help busi- ness owners and consumers to adapt to changing technologies, both now and in the future.” According to re- search from Opus Energy, just 14% of UK SMEs claim that productivity is not an issue, highlighting the extent of small businesses that are affect- ed. Incentivising staff to ensure that productivity remains high is a challenge but with carefully se- lected investments, it is possible for SMEs to boost their output, earning a significant return on in- vestment, GIC Capital explains. Kennedy Zvenyika, Managing Director of GIC Capital, said, “Finding, hiring, and retaining the best talent in the industry is no small task for businesses but it is possible for them to com- pete. Implementing competitive remuneration packages when filling vacancies can help give the business an instant productivity boost, particularly when the post holder is in a position of influence to spur on other employees. “It’s also important to note the impact equipment, software, and other assets have on the produc- tivity of a business as a whole. If your team are using outdated equipment or don’t have the right digital tools at their disposal, it can Four-Hour Working Days To Be The Norm Within 30 Years SMEs facing capacity and productivity challenges need to take a considered look at their current operations to identify the business critical areas that they should be investing in, according to GIC Capital. Recent research shows that it’s a problem that’s facingmany SMEs across the UK, placing their goals and long-termplans at risk. Futurist forecasts howwe’ll be working four- hour days within just 30 years. have a huge impact on your ca- pacity and output. For SMEs it can be a challenge to raise the capital they need to invest in these areas that have the potential to propel them to new heights, but lending can provide them with a solution.” Established in 2017, GIC Capital has been delivering SME working and expansion capital solutions across the UK. Aiming to fill a vital gap in the market, the business uses its established network of lenders and industry experience to support ambitious business, entrepreneurs, and property de- velopers achieve their goals. Alongside this, the firm aims to meet the needs of growing SMEs that need finance to fund their plans; to achieve this, GIC Cap- ital connects businesses with lending providers that can match their current circumstances. From Pay as You Trade agreements, where businesses only pay when transactions have successfully gone through, to SME Working Capital loans with competitive in- terest rates, GIC Capital delivers a service that makes it easier for businesses to invest in high im- pact productivity areas to ensure they’re operating at their best.