Important Trends in the World of Business Today
Updated: Mar 19
This is an article “Important Trends in the World of Business Today” by Marc Primo.
While the current economy remains healthy, new business trends are emerging that all entrepreneurs should keep a tab on in order to grow. Trump’s administration is trying to stay true to its promise of 4% economic growth this year and with that, pundits are forecasting relative prospects of slow growth and low inflation in the coming years.
As a new decade unfolds, entrepreneurs the world over are welcoming fresh practices and trends that are expected to shape today’s industry. From exploring new business niches to discovering startup potentials, new ideas are crawling out of the woodwork for all to adopt.
Here are the top five trends this 2020 that today’s businessmen should closely follow.
New market opportunities. Business owners should explore new market opportunities by reviewing existing contracts with their suppliers, cutting down costs, and streamlining efficiencies. New innovations and areas for profit come by daily and it will be wise to observe these emerging markets and find ways to capitalize. But be wary of competition as 67% of entrepreneurs are already looking at the potential of new markets and startups so you may be lagging behind. Brush up on what consumers are looking for this 2020 here.
Industry-specific startups. Speaking of discovering new business niches, entrepreneurs are now looking outside the realm of broad business services and into other areas that present faster services and more flexibility. Small business communities are very supportive of newcomers by sharing technology, information, databases, and even social media groups to help expand starting companies. Look for accelerator and incubator programs that can give your own ventures a boost and take advantage of what’s available in today’s startup ecosystems.
Partnerships. One of the biggest problems old school businessmen often encounter is coding illiteracy. Not having the technical capacity to code programs for your big idea shouldn’t hinder you from starting your company or undergoing a digital transformation. That’s where partnerships with tech startups come in. and there are plenty out there right now who can help you. In fact, an average of 20 tech startups is recorded per year in the US. These partnerships can help you not only in the technical aspect of your business processes but also in your sales and marketing strategies that will push your brand.
Technology. As in previous years, technology continues to trailblaze the world of business and more so today when entrepreneurs rely on improvement-focused tools to do more tasks. By investing on efficiencies for your operating systems, focusing on better data management, and capitalizing on payment innovations, your business can achieve growth faster, not to mention keep yourself and your customers safer.
Culture consciousness. Millennials and Generation Zers comprise the biggest percentage of today’s consumers with a collective 75% from both groups using mobile phones to shop. These young consumers are also very conscious about pushing for social justice by placing their loyalties in brands that promote positive culture in and out of the workplace, support sustainable development, and foster community and inclusivity. This way, you can gain positive publicity by word-of-mouth on social media, or even traditional media simply by being a genuine business that cares for people.
These trends can help you grow and make your business safer but everything boils down to how you effectively run your business. The idea is not to introduce helpful disruptions within your scope in order to improve the way you run things. It certainly helps to know what most entrepreneurs are going crazy about and going with the flow to keep your business afloat and thriving. Keeping a pulse on what consumers want and how the industry is currently shaping up should always be your top priority as a businessman.