3 Business Trends To Follow in 2021
It’s nearly impossible to keep up with all the changes in the world around us.
But if you’re an entrepreneur or business owner — you don’t have much choice. With ever-increasing competition of a global marketplace and constant innovations that decide who survives and who doesn’t, you don’t have the luxury of taking a wait-and-see approach to business.
Entrepreneurs must look to tomorrow, and next year. Resting on the laurels of past accomplishments, past ways of doing things: That’s not going to cut it, anymore.
Luckily, we live in a world with all the information we need. All it takes is paying attention, analyzing your business’ current processes, and finding ways to adapt to new normals of customer service, automation, remote work and whatever else the future throws at you.
These are a few suggestions for areas of business that are evolving quickly, but that also allow you a way to pivot, try something new, and hopefully find a greater measure of success — or at least a way of staying in the game.
Digital changes
This is hardly new to our post-pandemic world, but the process of change is speeding up. The vast majority of transactions, for both customers and employees, now take place at a distance, not in brick-and-mortar retail stores and restaurants.
It’s hard to quantify this change, but a U.K. communications company called Twilio estimates that the pandemic has accelerated digital transformation by 5.3 years. And Statista believes that will spur business owners to increase spending on trying to keep up, estimating that spending on digital changes to business will nearly double from 2020 to 2023.
This could mean embracing fintech to streamline your business’ automated payments, improving remote customer service on phone or online, recalibrating your eCommerce store, or any number of other technological innovations available, depending on your industry.
Regulation
Disruptive technology has been transforming financial services for years, but with the rise of Google, Apple, and Facebook, these changes are likely to motivate lawmakers to start taking action.
That could mean new regulations that all businesses, not just Google, have to follow. Part of that could even mean a change from primarily national forms of regulation to a global approach that’s able to track digital transactions across borders.
It’s not out of the realm of possibility that new regulatory bodies will be created in coming years.
As Entrepreneur.com succinctly put it: “The future of digital banking appears bright, but the unprecedented pace of innovation and shifts in consumer expectations demand a new level of agility and forward-thinking. Even as financial institutions attempt to differentiate themselves from competitors, co-innovation will become an integral part of success.”
Small businesses can innovate, too
Many of the biggest industries are slow to embrace innovation or new technology, but that is changing, too.
In 2020 and 2021, we have already seen many industries embracing digitalization, from financial services to health care to national governments.
You don’t have to have a billion-dollar budget to adapt, either. Many small companies and even one-person operations have found ingenious ways to adapt to the new normal without a million-dollar loan.
A great example: This woman built an improved COVID-19 vaccine sign-up website while on maternity leave from her job.
If you can recognize an opportunity to grow or adapt, there is likely an existing and affordable digital solution to help you get there.
The point is this: continuing with the same business model won’t cut it. If you want your business to be sustainable, it must also be flexible. You’ll need to recognize future trends and try to tailor your strategy around them.
Ultimately, this is about catering to customers. What do you customers want? How can you personalize your engagement with them?
Answer those questions, and you’ll be on your way to business success in 2021 — and beyond.