Business Development Trends for 2020
We live in a world that’s changing at an incredibly fast pace. This, sadly, means that businesses must adapt or accept their demise. But this is not necessarily a bad thing! Once you manage to get in the rhythm, you also realize there are new and better platforms to use and lots of new and intriguing ways to reach out to audiences.
Of course, each new year comes with its own challenges that shape the area’s most businesses will focus on in terms of development. So, if you’re curious about the development trends to follow as a business in 2020 make sure to keep reading!
A Growth of Remote Workers
People strive for a more balanced work-life that includes more personal time and less time wasted with meaningless tasks (such as commuting to work in heavy traffic every morning). In addition, the new tech available makes working remotely extremely plausible, which is why the trend is on a growing trend in most industries that don’t require physical presence.
To add to that, businesses can now function full-time in a remote regimen. This is possible due to the virtual offices business that allow people to rent all the amenities of office space without actually being in that space. In short, you can have a business physical address, a landline connected to it, business email address, and access to conference & meeting rooms but run the entire operation from a remote location.
Virtual offices are perfect for meeting clients, having the occasional staff conference, and more. The upside to all of this is the low cost - as such, you can have an ultra-central location without the high costs associated with it.
Better Focus on Corporate Culture
With remote work on the rise, we also get to see the downside of this trend, especially in terms of mental health. While it allows employees and entrepreneurs to be in a comfortable environment, closer to their family and friends, it also opens the door to loneliness, isolation, and difficulty to unplug.
As such, businesses will focus more on creating a friendly work environment that allows everyone to feel included and heard. The new corporate culture should be more about establishing clear boundaries between work and personal space, finding ways for people to meet each other, and more.
Integration of New Tech
In today’s day and age, is important to have the freshest data, directly from the market. It’s also vital to have the best method of processing said data since most businesses are forced to deal with huge amounts of data on a daily basis from different sources and with different ways of interpretation.
And this is where AI (Artificial Intelligence) and ML (machine learning) come into play. There are special algorithms built to take care of the basic needs of a business, starting with data processing and ending with coordinating emails and chat sessions.
Right now, many see the integration of AI and ML as something only big companies do. However, as the tech prices come down and algorithms become more integrated with regular devices (such as smartphones or video conference call software), medium-sized and small businesses also get to enjoy the benefits. Another issue relates to not-knowing of what AI and ML are capable of. You can always take ML courses to learn about possible implications for your business. In fact, this should be your starting point.
As such, Gartner predicts that, by 2024, AI and ML-based technologies such as virtual personal assistants will take over around 69% of a manager’s workload. This means more time spent solving issues that require ingenuity, creativity, and the human factor. Also, small and medium-sized companies get to save money by reducing (or eliminating) the personnel on routine tasks.
Climate change is one of the most debated issues of the modern world, with governments and private sectors joining hands in tackling it. More and more businesses try to switch to green energy (where possible) or reduce their footprint on the environment by updating their hardware and allowing employees to work remotely.
In fact, virtual offices are a fantastic way to reduce energy consumption since business owners only use the available resources (conference rooms, equipment, and so on) when necessary.
Involvement in the Community
As the workforce is being taken over by millennials, we also see more companies interested in giving back to the community. This may be caused by the fact that the new wave of employees is extremely focused on working for businesses that bring value to their communities. Or it may be a direct result of more millennials becoming entrepreneurs and running their own show.
However, it’s clear that millennials aren’t the only ones paying attention to how companies relate to good causes. Consumers are also very perceptive when it comes to this aspect. Moreover, people have unprecedented access to information, which puts companies in the spotlight.
This year, 2020 brings the rise of a new platform (talking about TikTok) that can be used by businesses everywhere to broaden their audience (if the niche fits). But the old guys still work just fine for promotion campaigns, social campaigns, launching new products, and diversifying the audience.
For instance, Instagram is great for e-commerce businesses and there may be new features introduced this year. But even without them, there is a lot of potential for boosting your sales or gathering notoriety.
According to a survey done by the Pew Research Center, over 5 billion people own a mobile device, out of which, over half are estimated to be smartphones. This means that over 2.5 billion people can visit your site and make a purchase, regardless of their location (of course, there are other variables involved).
This has led to a development in payment methods, to let people transaction goods and services at a global level without too much of a hassle. As such, eCommerce will continue to grow and improve, allowing businesses to conquer new markets.
Overall, 2020 promises to be an interesting year, from a business point of view. We hope to see better technology integration in the routine activities of a business, and more focus on communicating at a human level. Of course, new trends may emerge, so it’s your job, as a manager, to stay up to date with the latest developments.