Growing and expanding a business is undoubtedly one of the main goals of every entrepreneur. Profitable growth usually means that you’re succeeding in your efforts, and the hard work is finally paying off. Unfortunately, for many diverse reasons, not every business can thrive. When looking for the causes, it’s essential to realize that in many cases, simply coming up with a groundbreaking idea is not enough for a positive outcome.
Africa’s potential as a growth market for business remains both underestimated and misunderstood—as does the potential for business to play a transformative role in solving the continent’s biggest challenges
Understanding what drivers will contribute to growth over the next few years will inform your business strategy.
Listed below are a few business trends that have led to business growth for various organizations recently and will impact business growth even in the next years to come.
The Advent of Remote work.
When employees were under lockdown orders due to COVID, companies had to quickly adapt operations to a remote workforce. Now that there are some distance and lessons learned from that initial experiment, most businesses are now rethinking their entire business model. Are offices still needed? Some companies experienced an increase in productivity when their workforce went remote. However, working from home wasn’t ideal for others. Therefore in 2021, businesses need to reimagine their own workspaces as well as provide the proper support for people working from home, such as outfit them with the right office equipment, mental health support, and more so everyone can work from home comfortably.
Advances In Artificial Intelligence (AI) and Automation
This is another top business growth trend that has been experienced recently. Businesses have begun to evaluate their business processes to see where they can take people out of the process when they aren’t adding any true value. There have already been quite a few shifts in this direction from warehouses, supply chains, autonomous vehicles, trucks, and ships, as well as chatbots that automatically take over customer service inquiries. White-collar automation will most likely be the next trend as people are beginning to consider what bits of a lawyer, doctor, or other white-collar professional’s jobs can be given over to computers and smart robots and delivered through automated interfaces.
Increasing Adoption of New Technology
As companies raced to find new ways of delivering service to customers who were no longer walking into stores and offices due to the lock down and social distancing, they began to consider how to deliver some of their services in digital forms using technology-related solutions. It’s no surprise that the Fourth Industrial Revolution and the new technologies that define it has begun to spur business growth, job creation and demand for specialist skills. This would transform how businesses offer their services in the long run
Decentralized Finance
As a result of the economic turmoil COVID-19 left in its path, capital markets continue to be nervous. This creates a challenge for businesses that want to raise capital to expand or start a new business. One solution for raising capital has been crowdfunding, blockchain technology, and other decentralized finance options. This will be a big trend in 2021 that will allow businesses to acquire capital easier than through traditional channels.
Social Media Marketing
During the pandemic, brands relied on engaging with their customers and potential customers across social media. In 2021, there will be a big push toward a more authentic presence on social media and one that’s less curated by social media experts, such as real behind-the-scenes looks at a company. Along with this will be engaging influencers and micro-influencers in your industry—those key people who are driving conversations and engage with your customers.
Conclusion
While there are many who can’t wait to bid adieu the Covid-19 pandemic, there’s no doubt that it has changed the ways organizations carry out their businesses to ensure their survival.
At Knight and Bishop Consultancy, we help companies understand the latest trends and technologies, and how it affects their business offering as well as offer guidance on how to prepare their businesses to thrive regardless.