With the election called and the end of Brexit ambiguity on the horizon, businesses will (hopefully) be able to act with a bit more certainty headed into 2020. It’s time to reinvent yourself for a new decade. The business landscape certainly looks different to how it did 10 years ago, and employee wants, and needs are also changing immeasurably. Here are 5 ways to take your business to the next level in 2020.
- Rebranding for the digital age
If anything has defined the 2010s, it has been the rising influence and use of social media in every arena from our personal lives to politics to, of course, business. While you are probably already focusing a lot of time and effort on your digital presence and outreach, just posting your standard-issue brand messages probably isn’t going to make an impact in this era of information and ad overload. Take the end of this decade to take stock of your current brand and ensure that it is fully optimised for digital communications and presence. Make sure you have fun with it as well, extremes of emotion are what cut through best and humour is a great way to get a positive reaction out of your target audience.
- Be ahead of the game with technology
We’ve already discussed the massive changes caused by the rise of social media, but the ever-advancing world of technology promises to cause major disruptions in the 2020s. Technology such as self-driving vehicles, virtual reality and, perhaps the most significant development, AI all promise to upend the world of business and the world at large going forward. Start thinking now how you could use these technologies to grow and enhance your business to ensure that when the technology becomes available, you’re ready for it. Perhaps you can create innovative marketing experiences with VR, change your logistics plans with self-driving vehicles or use AI in a myriad of ways to improve your operations. Whatever your idea, it’s important to start planning for it now lest you be left behind.
- Big data
It’s said we live not just in an ‘information economy’ now, but a ‘data economy’. Data is now the single most valuable resource for any business, allowing them to find out more about their customer's wants, needs, and perceptions of both their products and their competitors. Figuring out how best to leverage the data you may have, and how to collect more, is a fundamental challenge for all businesses heading forward into the 2020s for both operational and marketing purposes.
- Give your employees more
High calibre employees are increasingly expecting more freedom in the workplace whether that’s in terms of attire, working hours or incentives. Keeping and retaining the best employees will now largely hinge on these kinds of factors, so be sure you’re keeping pace with the rest of the market by offering flexible working hours to those who may have care responsibilities for children or the elderly, and that you’re properly rewarding your employees for their hard work, otherwise they may fly the nest and go somewhere that will.
- Be prepared for huge changes in the marketplace and the world at large
It’s clear that the political world is becoming increasingly divided and that many countries around the world are hungry for change. The election of Donald Trump caused a big shock to markets and, while since then the American economy has largely performed well, this trend of ‘outsider’ political figures with big, radical ideas will likely continue into the 2020s. If an election is coming up in your target market, be sure to pay attention to the policies that may affect you and your business. Build contingency plans for the likely outcomes so you can mitigate any negative effects and take advantage of any opportunities that may open up. Plus, climate change is an increasingly prescient issue that may affect your operations and the market as a whole. Attempting to ‘green’ your business will do wonders for public relations and help reduce the effect of any potential legislation that comes in to offset the climate crisis.