Whether we like it or not, every business faces trends and challenges! We are truly in a decade of change. If you want more than just survival, keep these 11 developments in mind.
Trends
VUCA
The environment in which enterprises operate today is changing at lightning speed. Without clear direction and a strong strategy, executing plans becomes difficult and stress levels climb. With the added anxiety and uncertainty caused by corona, the world has become even more fragile. Entire systems hang from a thin cord. If you want to come out of this stronger, you better evolve. Volatile, uncertain, complex and ambiguous you must transform into vision, understanding, clarity and agility and then you can handle any future!
Blockchain, IoT, NFTs and Metaverse
Digitalization is making its mark on every sector. The absolute must for every business today: doing business differently. E-commerce and a whole new, ever-expanding group of buyers provide a new economic frame of reference. In this, they choose at their own pace for the greatest ease of use. With digitization starts a strategic thinking process that makes you completely responsive to that market demand.
Today, intelligent devices can be connected to the connected business world, the metaverse with NFTs brings new opportunities, and digital assets suddenly gain marketable value. All these new technologies lead to innovative business models. More than that, from all this, you get more insights, even smarter applications and predictive models are built that can boost any business.
Speed to Market
10 years ago, you had time. Time to develop new products, time to market them, time to work everything to perfection….But the new demand economy is driving the market today , and consumers are spoiled and no longer wait and see. Therefore, pick up trends early and let new services evolve from existing expertise and new market insights.
War for talent
Your most important assets today? Undoubtedly your employees. But finding and keeping the right employees is proving an increasing problem. Forget work-life balance. Work time is also life time, and is part of life just like meeting friends and doing laundry.
Go glocal
As a backlash against globalization, more attention is coming to locally produced goods.
Authenticity, sustainability, originality and collaboration with local suppliers are gaining importance.
Thanks to the rise in online purchases, fully customized services and items are now available globally anyway.
Knowledge
To enable a quick switch in a go-to-market strategy, knowledge is necessary. Know what you can do and how to use it.Embed knowledge in your organization and build a collective memory. That way you learn from each other, learn with each other, that knowledge will be preserved, and that knowledge will be available to all employees at any time.
Challenges
Disruption
Markets are changing faster and more extreme, and competitors are coming from unexpected places. The biggest disruption right now is corona but what will be next? These events call for strong leadership and entrepreneurship. Business owners must continually rethink their business. And with a flexible company, this goes once so easily.
Smart customer
Salespeople ten years ago had to inform their (potential) customers, while today’s new “smart” customer informs himself about challenges and questions he or she is facing. With a strong positioning, you will be found, you will create ambassadors and you will differentiate your company and your offerings online.So commit to a strong Social Media Strategy and make people remember you thanks to your originality and variety in video, photo, illustrations, events,…
Data
Data is collected in gigantic orders of magnitude these days. By itself, that data is worthless but the challenge is to analyze it and then it becomes gold! Some applications include:
Laws and regulations
Continuous changes in laws and regulations create both stress and opportunity. A minimum number of training days weakens your organization in the short run but strengthens your business in the long run. Regulations such as GDPR create a lot of hassle, but they also present opportunities. There are also a lot of support options that most companies don’t even know about. From the SME portfolio to European ESF grants. You just have to know how to find them!