5 Business Trends Every Entrepreneur Needs to Watch Out For in 2021: Insights from Corporate Consultants Sdn Bhd
2020 has been a challenging year for businesses, with the unprecedented pandemic disrupting the global economy. Nevertheless, the year has also accelerated some existing trends and brought to light new ones that entrepreneurs and businesses must watch out for in 2021. Here are five such trends that Corporate Consultants Sdn Bhd has identified:
Digital Transformation
The world has moved online more than ever before, and businesses have had to adapt to this new reality. The companies that have been slow to adopt digital transformation have been left behind, while those that have fully embraced it have thrived. The pandemic has highlighted the need for businesses to transform digitally, and this trend is set to continue in 2021. Entrepreneurs need to ensure that they have a robust digital strategy in place that can cater to their customers’ needs and offer a seamless digital experience.
Remote Workforce
The pandemic has forced businesses to adopt remote work models, and the trend is likely to continue in 2021 as well. The remote work model has proven to be successful, with businesses saving on overhead costs while employees enjoy the flexibility and improved work-life balance. Entrepreneurs need to ensure that they have the necessary infrastructure and tools in place to support remote work models, such as virtual collaboration platforms, video conferencing tools, and secure data access.
E-commerce
E-commerce has been on the rise for several years, but the pandemic has accelerated this trend. The demand for online shopping and home delivery has skyrocketed, and businesses that have adapted to this trend have thrived. Entrepreneurs must ensure that their business model can cater to the growing demand for e-commerce and home delivery services. This could mean either launching an e-commerce store or partnering with existing e-commerce platforms such as Lazada or Shopee.
AI and Automation
Artificial Intelligence (AI) and automation have been transforming industries, including manufacturing, finance, and healthcare, for a few years now. The pandemic has further highlighted the need for automation, reducing the need for human intervention in repetitive or high-risk job tasks. Entrepreneurs must therefore ensure that they understand how AI and automation can help their businesses, whether it’s automating customer service or adopting chatbots to enhance customer response times.
Health and Safety
Lastly, health and safety have become a priority for businesses due to the pandemic. Customers are now increasingly concerned about the health and safety measures taken by businesses, and those that prioritize these measures are likely to attract more customers. Entrepreneurs must ensure that they prioritize the health and safety of their employees and customers, whether it’s by providing personal protective equipment (PPE) or sanitizing surfaces regularly.
In conclusion, entrepreneurs need to keep a close eye on these trends that are set to shape the business landscape in 2021. While the pandemic has undoubtedly created challenges, it has also accelerated some essential business trends that have the potential to help businesses thrive. By understanding and adapting to these trends, entrepreneurs can set their businesses up for success in the post-pandemic era.
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