Business Practices to Look Out for in 2020

Business Practices to Look Out for in 2020

With 2020 moving ahead at full speed, it’s anyone’s guess as to where business practices will be heading in the next decade. In 2010, companies were still adapting to the ever-evolving internet. Companies had only begun to figure out social media, (Instagram wasn’t even launched until late 2010!) and marketing was still largely seen on television and print media.

At the turn of the decade, things have changed drastically. The companies that thrived through the decade are those who have adapted and embraced new business practices. Now that it’s a new year, it’s time to take a look at some of the business practices that are taking the lead in 2020, and how your business can prosper in a new decade.

Maximize Efficiency in a Shared Workspace

If the last ten years were the decade of startups, the 2020s are shaping up to be the decade of shared workspaces. The ebb and flow of startup needs are always changing, and coworking spaces are there to provide, whether catering to a fledgling business or one that’s already seen several years of success.

You can expect to see a surge of shared office use in 2020 as a result of the ever-changing needs of businesses. With the ability to adapt to your needs, you’re never paying for unused real estate. Employees can enjoy more flexibility, and the free-flowing atmosphere lends to a more comfortable working environment.

This year (and those going forward) you can expect to see more startups and enterprises breaking free of the traditional office for one that better suits their specific needs.

Respect Remote Work

Nowadays, it’s not surprising to see startups and even larger companies let workers take their duties home with them. This occasional break from the office offers employees more freedom. Working free from supervision allows employees to spend more time with their family, and take care of other obligations like appointments or run important errands.

Taking a day away from the office to work elsewhere not only gives your employees a break from the norm, but they feel refreshed when they come in the next day. Studies have shown that letting your employees work from home on occasion improves morale, boosts productivity, and fosters better work relationships.

Embracing Employee Drive

The corporate ladder is an idea that’s becoming more antiquated as the year turns. Millennials make up 20% of today’s workforce, and many of them have side hustles or are working on their own projects.

The idea of working your way up the ranks stems from a very sink-or-swim mentality. You either commit to the company 100% or find a new job. Today’s leaders who shun that notion strive to discover what really drives their employees and grabs their attention.

Developing a personal relationship is the first step to fostering this new type of work style. It’s more apparent now than ever that driven employees want to focus on personal growth. Adapting the role of a mentor or a coach, actively encouraging your employees to pursue their own personal goals will help them feel welcome in the workplace. If possible, find a way to incorporate their extracurricular talents into the workday. It could come as a welcome break to their daily routine.

It’s a fact of business that not all of your workers are in it for the long run. It’s beneficial to both you and your employees to encourage each other as much as possible. As they move on, you may have a position to fill, but you’ll also have gained a powerful connection. Businesses who catch onto this now will certainly gain an upper hand into 2020 and beyond.

Companies Need to be More Review Focused Than Ever

Advertising has become an unavoidable way of life. But there’s no advertisement out there that’s quite as powerful as a customer review section. No matter how high a company hoists its product, the pedestal they place it on is only as strong as its customer reviews.

Strong reviews in either direction, positive or negative, can determine the success of a product or service. It’s up to your company to keep these reviews. Your customer service representatives should be at-the-ready on Facebook, Twitter, Instagram, and of course, the phone lines.

Live chat on your website is a great way for people to get in touch and get an instant response. Just make sure that you have someone available during live chat hours to make sure that your consumers receive a response. Your advertising may talk about a product, but your reviews ensure its quality.

Mobile Marketing is Key

Mobile devices have seemingly overtaken even wallets in usefulness when it comes to being out and about. If your company has yet to leverage mobile business, then 2020 is your year.

Some people have even freed up pocket space entirely by eliminating their bulky wallets and paying entirely through their devices. Giving your customers the option to pay using apps like Apple Pay, Google Wallet, or Visa Checkout keeps your business rolling with the times.

Social media has allowed businesses to make marketing easier than ever. Geo-targeting is a great way to signal your business to locals and out-of-towners alike. Your ads can be more specific than ever before, and you can target the exact audience you are selling to.

However, the biggest advantage of advertising to phones and tablets, arguably, is the fact that you’re always on. Mobile marketing means you’re not relying on your customers being at home or the office to see your ads or promos. This year, more than ever, are you going to see a rise in mobile marketing. When you’re in your customers’ pockets, you’re never more than a few taps away from your customers’ attention.

Successful businesses embrace a balance of change and tradition. Tradition gives your customers something they can rely on. Change shows you’re ready to adapt to fluctuating times and technology. Make sure you’re aware of the new business practices that are starting to crop up in 2020. The more aware you are of coming trends, the better situated your business will be.