The world of business has drastically changed since the millennium. Be it the introduction of new technology, a new generation of employees entering the workforce or the way in which our personal and professional lives have increasingly blurred. Fledgling businesses and business owners have had to revolutionise their approach to developing business strategies and go-to-market plans.
In addition to the aforementioned trends however, there are specific changes that have affected the way in which today’s businesses are run. Unfortunately many of these are lost in translation, resulting in businesses playing catch-up or losing out completely. In our competitive global economy, these are implications businesses can no longer afford.
In this post I’d like to discuss the top five business trends I have noticed that are changing the way we work.
1. Increasing workloads
We are part of a global economy, meaning whilst we are sleeping soundly at night, our businesses aren’t. Overseas suppliers, partners, resellers or offices all contribute to an increased workload for business owners. We are fortunately no longer bound by geography which allows businesses to explore new territories, of course this means we have to work smarter and faster if we are to still enjoy a fulfilling personal life.
2. Anywhere, anytime
Not dissimilar to the need to connect with overseas contacts at all times of the day, today’s business owners must be able to work anywhere at anytime if they are to remain in control and up-to-speed on their latest business activity. This includes having the ability to use mobile devices to access business information but also collaborative tools, such as video conferencing and file sharing, to enable work between teams regardless of geographic location.
3. Up in the cloud
Almost hand-in-hand with the need to work collaboratively across regions and time zones is the importance of adopting new methods of hosting your business critical information and data. Cloud has increasingly been turned to by businesses of all sizes as a flexible way to store information in order to be able to retrieve it from wherever you are.
4. Money bags
Tightening of the purse strings is something we’ve all experienced in recent years, but more so in business than ever have we seen budgets cut and lending slow down. Arguably one of the biggest trends affecting businesses, particularly for SMEs in the past five years, is finance. Finding alternative ways to obtain funding and new ways to work more efficiently in order to cut costs are crucial for businesses today.
No business is the same today. Typical business models remain largely unaffected, although altered, but building and maintain an individual personality is key to today’s businesses which are increasingly competing to attract and retain talent. New ways in which business owners are approaching typical scenarios are shaping a more diverse landscape from which businesses are able to flourish and distinguish themselves from their competitors.
The way we work will always undergo change with healthy reminders that we should constantly be evaluating our processes coming to the fore, either through new technology or different demands from a younger workforce. Ensuring that these trends are understood and taken into consideration when running any business, or department for that matter, you should be secure in the knowledge that you won’t be left behind.