What are the Factors Affecting Business Growth this Year?
Small business owners have had a difficult time last year, but the pandemic is finally dying down and is giving companies some much-needed breathing room. Now that things are slowly returning to normal, it’s important to seize the opportunity and set your company up for continuous growth and success next year. What are the factors affecting business growth this year?
5 Important Factors Impacting Business Growth This Year
However, to do this, you need to stay on top of the latest trends, implement the right policies and procedures, and realize that the new normal is going to bring some new challenges in the months and years to come.
The next year will define the future of many small businesses around the world, as it will test your ability to adapt to these new trends and overcome the challenges of the new normal. These include modernization and digital transformation, sustainability and the new consumer mindset, remote and decentralized work, and more.
With all of that in mind, let’s take a closer look at the most important factors that will impact business growth next year, and how you can leverage them to build a successful business for the long-term.
Invest in New Payment Systems
New payment trends driving the future of ecommerce have reached unprecedented heights throughout the pandemic, and it’s not going to stop growing and accumulating market value anytime soon. This should come as no surprise, of course, as consumers are using digital technologies more and more and are increasingly shopping online via personal computers, but even more so nowadays via mobile devices. Established Ecommerce brands have soared, and many businesses who did not have an Ecommerce presence were forced into the online realm in order to survive the COVID-19 crisis.
Now that you have some sort of Ecommerce model of your own, your goal should be to hold on to it and invest in its growth in the years to come, not revert back to your former, offline business model. One of the most important areas you need to invest in are the new Ecommerce payment trends, or payment diversification.
One of your goals is to make shopping easy and seamless for your customers, and that means offering numerous payment methods to suit their needs and preferences. From buy-now-pay-later systems to accepting cryptocurrencies, all the way to mobile wallets and contactless payment on delivery, introducing new payment options will attract modern customers and bring more business to your digital doorstep.
Adopting Green and Sustainable Practices
Sustainability is by no means a new trend in the business sector, but nowadays it has become more important and financially-sensible than ever before for companies to adopt green and sustainable practices. The COVID-19 pandemic has impacted the world in many ways, one of which is the rise in waste accumulation and global pollution, also known as COVID-19 pollution. It is now more important than ever before for business leaders to adopt sustainability in order to aid the preservation of the natural world, and the conservation of precious resources.
But aside from saving the environment, going green brings numerous long-term financial benefits to the company as well. Some countries are offering financial incentives to companies that invest in green transformation, but we should also note that sustainable practices and building a more sustainable supply chain reduces financial waste while attracting new, eco-conscious customers to your company. In 2022, sustainability will continue to redefine consumer behavior and customers will be more rigorous when choosing brands they want to buy from based on their level of commitment to sustainability.
Companies Will Thrive on Remote Work
Even though you’re now able to bring your employees back into the physical office, you might want to hold off on that decision. Remote work is becoming more common and has been on the rise across the globe years before the COVID-19 crisis, but during the pandemic it has become the norm. In the new normal and the years to come, companies will continue to thrive on decentralized teams, but to grow, you need to equip and empower your employees for success.
Mainly, it’s all about having a fast and reliable internet connection, so you need to make sure that your employees have a good internet ADSL package that allows them to work seamlessly from home and on the go. Even the slightest internet problems can cost you money and lower productivity in your remote teams, so prioritize internet stability and speed, but also facilitate remote collaboration by investing in a cloud-based project management tool.
Leveraging the Gig Economy
Speaking of the modern workforce and the modern work trends, this year you want to adapt to the rising gig economy. Technology is quickly erasing geographical borders and bridging the gap between employers and international employees, and nowadays you can find some of the top talent for your business without committing to full-time contracts.
Whether you’re in need of skilled seasonal workers, project-based talent, or part time international employees, the gig economy has everything you need to help your company thrive without busting the bank. There are also many online platforms that connect employers with contingent workers and freelancers, so you will be able to find these talented individuals with ease.
Capitalizing on Social Media Marketing
Lastly, digital marketing will pave the way for small businesses and beyond, but social media in particular will help companies thrive in the digital space. Using social media for business promotion is becoming increasingly relevant in a world where customers want to engage with brands in a more meaningful way, and establish a direct line of communication via direct messaging, comments, video and audio calls, and more. With regular posting and continuous communication with your audience, you will be able to generate qualified leads and boost conversions on relevant social channels.
Factors Impacting Business Growth This Year
The new normal will bring many changes and challenges to small businesses around the world. Make sure to invest in these solutions in order to ensure continuous growth and success for your business.
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