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Commercial Insurance Profile March 2022

1 March 2022

Key Areas of Focus for SMEs in 2022

It’s important for small- and medium-sized enterprises (SMEs) to be aware of what their peers, partners and clients are prioritising. These organisations often do not have the same level of resources, and therefore leeway, as their larger counterparts. As such, proper planning is imperative. Fortunately, much can be gained by analysing and understanding trends within a sector, across the nation and even around the world. A new survey of more than 500 SMEs by Aviva has provided critical findings regarding the priorities and expectations of these organisations in 2022.

When asked about their top priorities in the year to come, organisations provided the following responses:

  • Survival—32 per cent
  • Workforce retraining and upskilling—23 per cent
  • Business resilience planning—22 per cent

Regarding this year’s expectations related to the size of their organisations, respondents provided the following information:

  • Planning to remain the same size—41 per cent
  • Planning to grow—37 per cent
  • Planning for size reduction—13 per cent
  • Planning to close—2 per cent

Operations related to technology were particularly popular responses pertaining to both 2022 plans and concerns. Thirty-eight per cent of SMEs hope to increase online sales and presence, and 35 per cent said they want to utilise more digital processes. In addition, 51 per cent of respondents mentioned that they are concerned about suffering a cyber-attack. The proportion of SMEs with cyber-insurance has more than doubled (33 per cent) since last year’s survey (14 per cent).

For more information securing your organisation’s future, contact us today.

Commercial Insurance Profile March 2022