Many SMEs feel the pace of business development is too fast.

How do SMEs feel about the pace of business development?

It's an interesting time to be an SME owner. Never before has the pace of business development seemed so rapid. Along with ever-changing operating guidelines, businesses also need to manage new technologies that are shifting businesses attitudes and approaches – a fact some companies are worried about. 

Public Relations expert Edelman investigated the ways in which these trends are shaping current businesses, and whether anything can be done to manage the issues that arise. 

Businesses worried by pace of change

The majority of businesses (51 per cent) surveyed in the Edelman Trust Barometer believe the pace of change is too fast at the moment. Despite this, 28 per cent of companies included in the research believe the pace could increase.

The smallest proportion of respondents were content with how quickly they are forced to react to new trends. Less than a fifth (19 per cent) think everything is just right. 

According to Edelman, trust plays an important role for companies. Not only does it affect day-to-day business relationships, it feeds back into the economy as well, as the firm found countries with higher trust levels were more receptive to innovative business practices

However, just because a process is innovative doesn't mean it will automatically be received with confidence, as Edelman discovered some advancements are viewed more favourably than others. 

More than two-thirds (69 per cent) of businesses would put their faith in automatic payments, which led the way for innovative technologies. 

One of the most talked about IT developments of the past few years – cloud computing – is also on most businesses' radar for the right reason, with 55 per cent trusting its implementation. 

Edelman also provided guidance into how future innovations can ensure they win consumer and commercial support. Around 81 per cent of respondents said "personal and societal benefits" are key to any successful innovation.