Running a business – big or small – takes a lot of planning and foresight. With a new year around the corner, it’s time to start considering what’s store for businesses in the coming months. Our society and economy are in a constant state of change and growth. To be a successful business, you’ll need to keep up with the trends and stay on top of the times.
2020 offers a great amount of potential for dedicated and focused business owners. Here’s what to look out for as we move into the next decade.
Expected Business Trends of 2020
Tech and E-Commerce Continues to Boom
Technology has been advancing at unbelievable rates, and the same is expected for 2020. This can be a major advantage to many current small businesses, as well as those with a new business idea. E-commerce is growing and provides businesses with easier ways to make connections with customers and increase transactions.
Focus on Your “Why”
Consumers are purchasing more based on “why” than “what.” People want to connect and resonate with a brand. They want to feel like their purchases have power and a voice. If your business has been solely focused on selling your “what” (your product or service), spend some time in 2020 revisiting the “why” and share that with your customers. Is a baker selling cookies? Or a nostalgic sensory trip to sweet childhood?
Give Back and Show Up
Along with your “why,” consider using your brand to promote a charity or cause you believe in. The value in a product or service goes up when people know their purchase does more than just fill their own needs. Consider give-back brands like TOMS as inspiration.
Automation is Key
Reducing excess work and expenses is key for growing a sustainable business in 2020. If there is something you can automate, invest in the technology to do so as it opens your business’ opportunities for more important, focused growth.
Get Creative with Employee Incentives
Money is not the only driving force for employees these days. Consider your best employees and ask them what you could do to make their experience working with you even better. If their jobs allow, consider increasing the possibility of remote working days. Reduce their menial work by outsourcing and letting them be more creative and have more responsibility. Turn-over rates are high these days, so paying extra attention to improving the lives of your trusted employees is invaluable.
Prepare and Prosper
Are you ready to take on 2020 and make this your most profitable year yet? The best insurance for a financially sound year is good preparation and a focused plan. Best of luck and a happy, prosperous new year to you!