The new year is officially underway and things are still a little unusual. Different because we are starting the year with no other choice but to stay at home. Despite the current situation, we still look ahead to 2021 filled with hope and opportunity. While we’re all excited to bounce back this year, it is important to first take a step back to learn the different business trends and how they fit the new normal.
Here are 8 business trends to keep your eyes on in 2021!
Continuing to Adapt Remote Work
Due to COVID-19, many employees were forced to work from home during the lockdown to decrease the spread of the virus. 10 months in and most people have gotten used to remote work. Some might even prefer this setup over physically going to an office to reduce travel and other expenses. This would also help in creating enough room to accommodate proper social distancing measures in your office for those that cannot avoid going to work.
Social Media and Influencers
Throughout the lockdown, brands relied heavily on different social media platforms to stay relevant. These are used to build, grow, and engage with their own community. One of the factors in a company’s online presence is through their collaborations with influencers. Working with influencers could help your products or services attain better quality leads as people see these influencers as much more relatable than the usual celebrity. This could be an effective way to market your product or services to their followers.
Increase in Local Manufacturing and Selling
The past year brought about many reasons to localize your entire process rather than sourcing and selling globally. Several events had led to the uncertainty of global markets, such as the pandemic. With this, companies would reconsider their market for purchasing and selling. These conflicts could inconvenience you and your business in ways out of your control. In addition, this could also help uplift the economy and other businesses in the Philippines.
Social Impact
After all the challenges that we’ve faced, there’s been an upward trend for those companies that create a positive impact on their surroundings through their products and services. The younger generation has an increase in interest for companies with a purpose, whether it be to work for them or to purchase from them. Those businesses that have no clear social impact could struggle to attract team members and customers.
Sustainability
Sustainability has always been a concern, and COVID-19 has heightened the urgency to act upon it. At this point in the pandemic, companies are now becoming aware of their responsibility to the environment as ignorance could lead to even more damage to our planet. Existing businesses need to revisit their environmental impact to evaluate whether or not they are minimizing their carbon footprint.
Automation of Business Processes
Nowadays, almost anything can be automated. This year, automation opportunities can be a possible investment for businesses to lessen the human workload. Doing this would save the company on additional salary and redirect the focus of their current employees towards other tasks. White-collar jobs will also be looking into this trend to discover what services could be delivered to customers through automated interfaces, such as consultations.
Online Coaching and Consulting
In 2020, the uncertainty of the lockdown resulted in concern for job stability. With people searching for other sources of income, online coaching and consulting present an opportunity for people to share their expertise. This year, recovery and personal development look to be a priority for everyone. Having these types of services would not only provide for the professionals but also their customers. The option to outsource an online coach could also help businesses lessen expenses in the long run as they are only called upon when their services are needed.
Innovation of Business Models
In 2021, businesses could look to revisit their products, services, and operations. Most industries were required to switch up their operations completely due to the limitations caused by the pandemic. On the other hand, those businesses that have been thriving in the recovery process are the ones that were able to quickly react to the situation and make the necessary adjustments to the whole company. Though we understand that the market has always been shifting, this year is the time to analyze and innovate ways to deliver your products or services.
The past year has really taught us to adapt and make the most out of what we have. Let’s begin the year with a healthy mindset and the motivation to cross out all our professional and individual goals for 2021. To stay updated on business trends and other news to help you bounce back this year, subscribe to our newsletter here!