The world has changed and business is no longer conducted in the manner as it was in the past. The first words which come to our mind is globalisation, technological changes and Millennials.
According to the World Economic Forum, The Fourth Industrial Revolution is underway and it is changing everything we know about life, business and consumerism. The shift in global economies is already in motion, which can be seen in the changing relationship people have with work. More and more workers patch together careers of their own making, job sharing and freelancing.
Globalisation and technological changes are leaving many people and businesses behind, creating social and economic disparity.
Over the past decade, entirely new job classes and lines of businesses have emerged, offering people new livelihood opportunities they many never have imagined. Just think of app developers or mobile phone repair shops. I can promise you that robots won’t take over our jobs but instead they will create new industries, which will require new jobs. While certain industries will slowly disappear, new ones will pop up.
Baby Boomers started most of the brick and mortar businesses that we see. However, if you haven’t noticed, Millennials have been on the rise. They are now the largest living group, according to the Census Bureau. Due of the quantity of Millennials are in charge of buying decisions, the world is changing and business trends will have to cater for a consumer that craves success and technology.
What does that mean? In 2017 and beyond technology will be a necessary staple for every business if it expects to compete in today’s market.
10 years ago, you may have never even heard of a remote employee. Nowadays, tech companies and start-ups are doing most of their hires remotely. Nowadays meetings can be done via video conference platforms. Services like customer service, social media and programming only require access to a computer and Internet. Talented Millennials can be hired for positions no matter where they live. Due to that, offices are becoming a thing of the past. Work is morphing from a place into an activity, so much so that it can be done without even going into the office. With globalisation and ever-improving technology, the workplace is becoming increasingly virtual and connected.
It is not just ‘what’ and ‘where’ we work that is changing, it is also the ‘how’. As Baby Boomers seek to retire in the next few years, you will see many businesses being sold, taken apart and reinvented by the Millennials. E-commerce will continue to rise, due to how much easier it is for businesses to target and access their core customers/clients, which again created an increase demand for online e-commerce tools. Studies have shown that 58% of shoppers are willing to add additional items to their virtual shopping carts to meet free-shipping quotas.
Millennials can tell they are being sold from a mile away. Instead of pushing the sales, the focus needs to be on connecting with customers. Millennials absolutely do not like the hard sale, however what is working with the largest group of consumers is connecting through apps and services that connect people.
We are living in the connection economy. For example: Uber is the largest taxi company, yet it has no physical assets and can still deliver rides easily to its customers. Increased connectivity has led to new business models and models of employment that are catalysing significant shifts in how we characterise the relationships between employer and employee or vendor and clients.
Until recently, people hired for the same position were all taught the same skill. Now, companies are hiring specialists to come in and focus on doing one particular task, until they perfect it. This technology fuelled entrepreneurialism has empowered individuals to pursue work and compose their careers differently. Workers now completing traditional jobs with freelance work or combining freelance jobs to create a portfolio of work as a main source of income.
In 2017 and beyond, enterprising skills are going to be critical!
Save yourself time & money and engage an experienced business consulting firm like Synergy Consulting Australia to take the stress out of the entire business growth process. We provide a large range of business consulting services which includes Legal, Accounting, Marketing, Project Management & Migration services. This also includes a full market research and feasibility report before investing. www.synergyaustralia.com.au
Synergy Consulting Australia is led by Ilona Solinska. Ilona has over 15 years’ national and international business consulting experience. She has coached hundreds of businesses in the area of Marketing, Finance, Legal, Compliance, Operation, Change & Project Management and is a highly sought after presenter on a wide variety of business topics.