The pandemic saw a lot of changes for many businesses worldwide, many of which are tipped to continue for the foreseeable future. Being able to anticipate and adapt to changes is a vital skill for any business that wants to succeed. Creating strategies and tactics to help your business plan for and adapt to the emerging trends is simply makes good business sense. However, you can’t plan for these trends without knowing what they are and so read on for the three trends in business you need to watch out for this year.
Computer Chip Shortages
Most businesses that produce products or rely on electrical products or components are bound to be affected by this. Poor planning, a surge in demand and a fire at a major supplier led to a global shortage of chips. As a result, some companies have chosen to stockpile their reserves, and some have had to halt production altogether. Chip shortages in electronic design production have been particularly hard for small start-ups and product developers. However, Ignys is a company that provides a variety of product development services, and they also have a comprehensive guide to the chip shortage, the causes and most importantly, the ways that you can combat it.
This trend is not new; it emerged during the initial waves of the pandemic. However, there is not a return to the office insight for many businesses. This is because it has been extremely successful. Employees have remained productive despite working from home, and business owners have found that they can save money by not renting an office space or paying for the bills that accompany it. This way of working has become the new normal for a lot of people within the workforce. In addition, there is an abundance of collaborative tools and apps that you can utilise as a small business owner to bridge the gap and make remote working easier on you and all of your employees.
This is, again, not a necessarily new trend; however, with the astronomical increase in internet use during the pandemic, it should be reiterated. Digital marketing is crucial to any business that wants to last in today’s society. Many successful physical stores lost money during the pandemic simply because their online presence is subpar. An online presence is vital for any business that wants to build its brand. Your business needs to invest in digital marketing and a website that houses an online store if it doesn’t already. Whilst another lockdown seems unlikely many peoples shopping habits shifted online, and so to keep up with the times, you should offer your products and services online too. Think about Primark; they do not have an online store, and although they are incredibly popular and have a huge share of the market, they lost out because they do not offer their products online.
The trends that business owners should be watching and planning for are all computer-related. You may be fortunate and not reliant on computer chips or remote workers for your business, but it is still likely that these issues will arise at some point. Again, planning now can ensure success later.