“Instead of being ‘heads down,’ we should be ‘heads up’ so we can spot trends.” Josh Linkner
To run a successful business in 2020, get out of the “status quo” mentality, and become a visionary. Although you can meet your goals by doing the same old same old, you will miss out on your chance to soar above the rest. Learn about some of the latest, predicted trends you should consider implementing in the new year; trends that will set you apart from your competitors.
2020 Business Trends
Remotely Speaking
The saying, “location, location, location,” usually links to real estate, but it will take on a whole new meaning for business in the upcoming year.
Replacing brick and mortar with virtual offices will be a significant trend in the new year for businesses that do not require a brick and mortar setup like distribution centers, manufacturing facilities, storefronts, etc. There are also benefits.
- Virtual offices take advantage of remote work environments and video meeting capabilities, which provide a more effective and efficient way to work.
- Operations working in remote environments tend to attract thethe best and brightest talent available and is especially attractive to the newest generation of worker bees.
Freelance-Based Business
- The freelance workforce is becoming commonplace in business today.
- Incoming generations prefer non-traditional work arrangements
- Independence and the freedom to choose when, where and how they work is a priority
- Obvious benefits include hiring staff based on need without having to fill full-time positions
- Small businesses might not be able to hire permanent employees
2020 is the year to establish new work models to accommodate freelance environments. According to a report by the freelancer union, experts projected that more than 40% of the total workforce would be freelance or contract workers by 2020.
Customer Product Reviews
Customers now, more than ever, research customer reviews before deciding on a purchase. It is, therefore, essential to take steps to ensure you always provide the highest level of customer service.
Customer Service
Customers are increasingly looking to businesses that offer the best service, more so than the price of products or services. Take steps to go above and beyond to make your customers happy and build loyalty.
- Strengthen customer service policies and procedures
- Build customer loyalty programs for customer appreciation
- Enable 24/7 customer access, now possible with today’s latest mobile, social and web technologies
Staff Engagement
A happy and engaged staff translates to satisfied customers and clients. Even when conducting business over the phone, the attitude of the employee affects the client. Learn about your team; know what makes them tick whether your workforce is virtual or physical. Employee happiness is paramount and directly correlates to higher productivity.
- Offer incentives
- Provide an office culture of diversity
- Offer work/life balance options
- Be flex-time sensitive
Provide real open-door policies
Robots
A greater number of companies have injected AI into their business models, but AI is not the perfect, across-the-board solution for all customers.
It’s most frustrating when customers try to solve a problem with a company that doesn’t have a live person to help. No one wants to argue with a robot and jump through hoops to find a real live representative. It’s wrong to assume that all customers and clients can navigate through these systems, especially when you consider those clients who have disabilities, or who cannot navigate quickly when prompted.
There’s satisfaction knowing that you were able to solve a problem with a real live person, and allowing this shows your customers that you genuinely care about listening and solving their problem.
Instead of generalizing how to handle client complaints, find a model that individualizes specific issues. It can be the difference in retaining or losing a client.
5G
5G networks will go global in 2020 and enable download speeds of about 1 Gbps. It can have a significant impact on how we do business online. Interactions will happen at warped speed, increasing a company’s ability to work faster and more efficiently.
Beyond Focus Groups to Crowdsourcing R&D
Another trending practice in 2020 is similar to focus groups but on a much larger scale. Focus groups have been used throughout the years in all types of businesses to determine first-hand how people feel about a product, a potential outcome, a flavor, or a concept.
Now the focus groups of 2020 moving forward is crowdsourcing to get answers about products before development. This business model leads to the creation of products that have a demand. The product is conceived and developed by outside collaborators and potential customers.
Each year-end, business leaders review elements in their business that were successes and failures. From their evaluation of past performance, they look to the future and determine the next best steps forward. Researching, testing, and implementing new business trends will give companies the ability to stay on top of the competition and build loyalty with its workforce and customers.
About Lingo Staffing
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