Business

Published on February 2nd, 2021 | by Ali Dino

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6 Business Trends to Follow In the Current Era

Running a company has always been a daunting task. However, compared to the past, it is not as tricky for modern-day entrepreneurs to get on with the business operations. The reason behind this is that they are privileged to have an abundance of technological tools around them. For example, contemporary business people can easily automate a host of tasks with little to no effort.  Technology has even enabled them to communicate with employees regardless of the geographical gap. 

The point being, technology has either minimized or entirely removed hassles for businesses in numerous ways. Yet, many companies come to a close within a few years of the commencement. Statistics show that a whopping 10 percent of the total businesses permanently shut down every year. Among other things, experts cite the lack of adaptability as the core reason behind this dilemma. Companies have to anticipate consumer behavior and market patterns and change themselves accordingly. 

In the current era, business trends are changing more frequently than ever. If you fail to leverage a trend on time, the rivals will gain a clear edge in the competition. We know that identifying the right business trends could be a challenge since there are so many out there. Guess what? We have conducted all the hard work on your behalf:   

1. Artificial intelligence

Artificial Intelligence (AI) has been the buzzword for quite some time. Whatever the industry may be, you can always incorporate AI into it to save time and money. Take the example of hiring employees. Recruiters no longer have to dive into hundreds of lengthy CVs to find ideal prospects. 

Today, AI can sort the applications in a flash and bring out the most suitable candidates for the role. What is more, HR managers do not even have to pore over writing engaging emails. They can focus on more critical business activities or even work toward their career development. A viable approach for enhancing their skills would be opting for a human resource management degree online program, beneficial for their career. While AI takes care of dexterous tasks, each employee can work on more critical tasks and processes. 

Additionally, they can virtually automate the entire communication. Just think about how many resources you could save by implementing AI. Moreover, AI helps businesses in other key domains such as cybersecurity, customer service, lead generation, accounting, regulatory compliance, and so forth.

2. Customer reviews will continue to dominate 

As the number of businesses keeps on increasing, people come across many options while shopping. Most of them turn to customer reviews before cherry-picking a brand. That is why companies make it mandatory to include a “customer testimonial” page on their website. However, customers usually find reviews more trustworthy that are published on neutral review sites. 

3. Remote workforce 

The remote workforce is not a new trend by any stretch of the imagination. For years, employees have been operating from faraway locations. But the ongoing pandemic has fueled this practice. According to a report, a staggering 70 percent of the workforce will be carrying out their respective duties remotely by 2025. 

Getting rid of onsite workers is particularly beneficial for small businesses. They can save a big budget on stuff like utility and real estate. Lately, some companies have found it increasingly challenging to yield maximum productivity from remote workers. If your organization is also one of them, you need to navigate through the following tips right away: 

  • Appreciate the work: Have you noticed an employee who looked promising but is suddenly not living up to the potential after starting remote work? Remember, these are trying times, and employees might be mentally disturbed by continually sitting at home. So a word of acknowledgment would go a long way. 
  • Be flexible: Coronavirus has brought a radical shift in our lifestyle. You can’t expect all employees to stick to a rigid work schedule that they subscribed to pre-pandemic. Let go of the rigidity and see how employees buckle up. 
  • Offer emotional support: It may be somewhat unusual to ask for emotional help from a company, but then we are undergoing extraordinary times. The overall vibe of the COVID-19 could take a toll on an employee. More so, if someone is new to the remote setup, the best way to extend emotional support is to make yourself available for communication. 

4. Emphasis on customer service 

It was recently enough for a company to deliver top-notch products and services to win customer loyalty. But now, it is equally important to tap into customer service. If your enterprise falls short of this vital aspect, buyers will immediately switch to another brand. Therefore, hire people who are well-versed in handling not only your customers but critical stakeholders as well. Hence, candidates who possess a master in business administration online are an appropriate choice. They are taught the importance of customer relationship management throughout their academic life, making them a suitable pick. 

In America, corporations suffer the loss of a lucrative 62 billion dollars annually by leaving loopholes in their customer service. Most businesses formulate a one-size-fits-all customer support strategy. They engage with every customer in the same way. Well, that is a flawed tactic. Just because you are selling similar products or services to everyone does not mean they have everything in common. You must accumulate information and create customer personas. That way, your customer support team can provide personalized customer service, which accounts for a higher customer satisfaction rate.       

5. Employee wellness 

You may have heard folks on mainstream media screaming their lungs out concerning the human workforce’s future. Though AI intelligence has undoubtedly wiped out many jobs, it seems quite unlikely for bots to completely replace humans – at least in the foreseeable future. Thus, it would help if you prioritized employee wellness as they are here to stay. Contrary to the common assumption, employee wellness goes beyond insurance policy and annual bonuses. It is a broad term that covers employees’ mental and physical well-being. The happier the workforce, the more efficiency.   

6. Collaboration with influencers 

Online frauds are skyrocketing. Millions of people are financially robbed by hackers each year. Resultantly, customers have begun to become skeptical when it comes to accepting the credibility of a business. Collaborating with influencers can come in handy to ward off peoples’ doubts about a company. Before collaborating with an influencer, evaluate his/her knowledge in the respective niche. Ensure to select influencers that can complement your brand and promote it effectively. 

The Concluding Remarks 

We can’t stress enough the importance of following the latest business trends. The trends mentioned above are currently going strong, and you must seize on them right from the get-go. Adopting new trends could turn things topsy-turvy for the time being. But the commotion is worth it.  

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