When you’re running a business, it’s important to be at the front of the pack if you want to outperform competitors and keep your customers happy. By embracing the latest innovations and working styles, you can even maximize your productivity and boost your profitability. With this in mind, take a look at the top business trends that could transform your business in 2021:
1. Changing Business Models
2020 saw plenty of upheaval for businesses, but not all change was bad. In response to the coronavirus pandemic and subsequent lockdown restrictions, many organizations modified their business models and introduced new operating methods. For many companies, these changes enabled them to acquire new customers and increase lifecycle values. In 2021, we’ll see companies being even more adventurous with their business models as they adapt to a changing landscape.
2. Outsourcing and the Gig Economy
Successful businesses rarely rely solely on in-house staff. Instead, there is an increasing trend towards outsourcing. With payroll software and accounting platforms, for example, you can upload data securely and ensure your accountancy or payroll team can access the information in real-time. As well as streamlining your own workflows, this enables you to access specialist expertise as and when you need them.
With many people eager to generate second incomes, the gig economy is bigger than ever. Whether you work with freelancers or third-party companies, outsourcing critical business functions can reduce your operating costs and increase efficiency within your own organization.
3. Remote Working
More people worked from home in 2020 than ever before and we’re likely to see a continuance of this trend in 2021. Although this was a change made due to the COVID-19 crisis, millions of people embraced remote working due to the enhanced work-life balance it offered. At the same time, businesses saw just how much they could save when their employees operated remotely.
As a result, a significant number of major corporations have already pledged to make remote working solutions permanent. With more set to follow in upcoming months, 2021 could be the year we see a major shift in working styles.
4. Decentralized Finance
Digital currencies, blockchain technology, and crowdfunding have been growing more popular in recent years but it’s set to become more mainstream in 2021. With millions of companies struggling to maintain their cash flow due to the pandemic, the need for alternative funding is set to rise.
While there will still be demand for traditional funding, such as bank loans, businesses will rely more heavily on alternative options, such as P2P lending and smart contracts on the blockchain.
Boost Your Business in 2021
As you can see, 2021 is set to be an exciting time for business owners across all industries. As organizations begin to recover from the uncertainty of 2020, we may see an increased willingness to embrace major changes. By identifying the business trends that work for your enterprise and incorporating them into your strategy, you can give your company the best chance of success in 2021.