If you run your own business you will be very aware that the market is changing constantly. To ensure your ongoing success you need to ensure that you understand the changes that are taking place and are thinking about whys you can adapt your business to ensure you remain relevant to your customers Here are 5 Trends That Will Drive business Success in 2016;
1. Top Performing Companies Will Focus On Connecting Customers
The connection economy rewards value created by building relationships and creating connections, rather than building assets and actual products. This means in the future the most valuable companies will connect buyer to seller, or consumer to content. Consider these facts:
1. Uber is the largest “taxi” company – yet they own no vehicles and excel at connecting riders with drivers.
2. AirBnB is the largest provider of accommodations – yet they own no real estate.
3. Facebook is the largest media company – yet they create no content.
Whereas it used to be sufficient to sell a product and receive revenues, customers now seek to connect with other like-minded individuals to get the most value in the long run. If you want to build something that stands the test of time, you’ll connect your customers to each other and to valuable resources that extend beyond the sale.
2. Smart Businesses Will Shift From Complaining About To Embracing Millennials
The largest group of individuals, according to the Census Bureau is people in their 20’s (80 million). This group, often categorized as Millennials, now represents the largest customer and employee segment. They are also soon to be the largest business owner segment.
Brad Szollose an expert on generational leadership development says, “Millennials want to work for companies they can be proud of, and buy products from companies that give a damn about the things that matter most to them.”
Companies must start embracing Millennials instead of rejecting them, because soon Boomers will be forced to retire. This leadership exodus will leave a leadership gap like we’ve never seen before. Since Generation X is much smaller than Millennials, who do you think will be the dominant force competing for those positions? Millennials!
If you are looking to hire Millennials, you might need to change your approach. Millennials need to see a clear vision of their growth and future role in the organization. They might have aspirations that go beyond their current skills. If you share how you help your employees develop skills to advance in their careers, you might attract quality talent – and they will often help you attract other like-minded individuals.
3. Innovative Organizations Will Invest In Mentoring And Engagement For Remote Employees
As more businesses employ telecommuting strategies, it is easy to overlook employee development and training. Top performing companies will make a commitment to electronic tools to teach, monitor, and even mentor team members regardless of physical location. These tools will enable team members to learn on their own schedule and get on-demand support whether it be technical issues, strategy, or sales tactics.#
This type of career development will lead to more engaged employees, and will help to improve recruitment of millennials who tend to value skills development.
4. Top Businesses Will Focus On Strengths-Based More Than Remedial Leadership
For years, the approach in employee reviews was to discuss deficiencies and help employees overcome their weaknesses. In 2016, look for an increase in Strengths-Based Leadership. Though we can be taught just about anything, we are most engaged and productive when doing the things we enjoy where we can demonstrate proficiency.
Research shows that productivity increases 21% when employees are engaged at work. Give Employees a chance to use their strengths at work every day as they are then 6x as engaged as their peers. So as a leader, you should invest in their natural talents. When you do, the business gets a productivity boost and the employee feels more energized.
5. Commodity Products Will Continue To See Margins Erode. Services Will Extend Value
Simply being able to deliver a product or service will continue to put you in the commodity game. You must be able to add value to your customers. Retailers with a physical shop were a better alternative to customers when it took online retailers a week or more to deliver products to customers. But when it only took two days for delivery, it was a bit more challenging. Now with free overnight delivery made it even tougher for retailers to compete.
Now to be successful businesses need to differentiate based on expertise and skills, and provide customers added value.
If you are looking for a forward thinking accountant and business advisor then chat to us today. We can help you embrace and succeed in the new, ever changing world of business. With our strong focus on cloud technology and how it can improve your business efficiency we can help guide you through the cloud maze.