What will 2021 bring to the table?
2020 has come to an end and it’s time to move forward in the new business year. Expectations have changed and so have customer needs: there are a number of trends that I feel will define this year and that I would like to address.
1. A rise in profitability
First of all, with the recent economic crisis, many companies have had to cut their budgets and production costs like never before. As markets reopen this year, this leaner model will translate into larger profits for the majority of businesses as their costs have been largely reduced. From what I have been experiencing in first person, 2021 is shaping out to be a year of recovery for businesses and stock markets: forecasts for 2021 are predicting stock prices will grow on average by around 4.4% after a 3.5% reduction this year, meaning that the global economy will experience a boost.
2. Working from home will become the standard
I feel that at least 1 in 3 of us will work at least a portion of our week from home, even after the health emergency has ceased. As businesses were forced to learn how to operate remotely, working from home has become the new standard and it turned out to be at least as productive as working from offices – for some companies remote work resulted in an increase in productivity and a decrease in costs, which ultimately led to increased profits. It is now the right time to take advantage of all the digitalization options available for any sort of business or service. I am positive that in person job interviews will become less and less popular, and most companies will totally switch to digital.
3. Pressure on offices
Are offices even needed anymore? As the COVID-19 pandemic has shown, physical presence is not an essential factor for the success of a business, and as a consequence, central locations have become not as appealing as they used to be. Collective working will switch to cheaper locations in the suburbs of major cities as it will only be needed for specific tasks and limited amounts of time. For entrepreneurs, this trend could sensibly cut the costs of launching a new business, making it a valid option even in these challenging times. I believe great ideas and hard work are what makes a business successful, no matter where it is located.
4. Technology at the forefront
In my perspective, e-commerce will drive the economic recovery in the post-pandemic era. Undoubtedly, the way we purchase goods and services has changed and so have our priorities. Companies were forced to adapt and adopt technologies that they would have eventually used, but not for three to five years. Technological advancement has many benefits for companies, both in the short and in the long run. Among these benefits we find the potential to increase efficiency and productivity. Additionally, adopting digital solutions allows companies to leverage data-driven insights to make actionable decisions faster, giving them an advantage in terms of agility. On the consumer side, the pandemic acted the same way, and pushed us into the future highlighting the need for convenience.
What does this mean for entrepreneurs in the post-pandemic era?
In these uncertain times, entrepreneurs are doomed to face even more challenges in the initial stages of launching their business, dealing with high costs, high competition and low chances of standing out.
We must acknowledge that there will be no return to normal: the pandemic has permanently reshaped the way we live and work, and entrepreneurs must take advantage of the means that digitalization has put at our disposal. For entrepreneurs there are many online platforms that provide invaluable services to get ideas in front of the right buyers and kick start your business.
Among other platforms, MyVintro provides a cost-effective way to access thousands of business leaders such as myself with just one click. Whether you are seeking advice or for long term investors, for just a small, one-time fee on MyVintro you can pitch your idea to any international leader you wish. Don’t lose any more time and click on the button below to connect with me directly on MyVintro – I look forward to hearing fresh, brilliant business ideas that will drive the economic growth of 2021.