Running a business, no matter where you live, is stressful. There are new tax laws and new technology to make things even more complicated. Thus, a golden rule of business is to be prepared. This year, there are several new business management trends to be aware of in order to optimize your business. Here are the most impactful ones.
- Economic Slow Down — Economic forecasters predict that business growth will slow down causing business owners to do pre-emptive layoffs. We have already seen this happen with General Motors last year. However, this may be an opportunity for business consultants as many are meeting with business owners and/or executive teams to discuss ways to prepare for the downturn.
- Separating Systems — Due the impact of Brexit on CIO’s, there will be an uptick in IT business since there will need to be a separation of systems, meaning a revising of standards. There will be more automation and digitization, which could decrease the number of employees.
- Microbusiness — It seems that everything is getting smaller, such as the number of employees at a business. When there are less than 10 employees, the company is called a microbusiness. There will be an increase in the number of these businesses due to startups that want to start out small.
- Influencer Fraud — This was a social media issue last year with “influencers” inflating their audience numbers to get a brand to pay them more money. According to the New York Times, “15% of Twitter users were likely automated accounts designed to simulate real people.” However, the number of those committing influencer fraud will decrease this year since Twitter is aware of the issue.
- Generation Z — This demographic will invade the workforce. These people were born in 1997 and beyond. They will, surprisingly, outnumber Millennials. Per Get It Done, Generation Z will likely pay in cash and wait to own homes. This will better prepare them (debt-wise) for an economic downturn. Also, it is interesting that this group of workers seek a strong leadership and have no issue changing jobs due to poor management. They also seek businesses that are eco-friendly or offer unique roles.
We know that business trends change each year, especially when there are numerous technological advances or a political movement. These trends are meant to help businesses become stronger as well as prepare them for the changes produced by the trends. Only time will tell which companies have embraced the annual trends and those who did not.