In the business world, trends come and go quickly depending on the cultural and economic climate that companies are operating under. Like trends in the fashion world, it is not necessary for businesses to follow all of the trends. However, business owners need to be able to change with the times and stay up to date regarding the products and services their customers want. Here are five current trends in business.
1. Using Social Media for Advertising
Advertising on social media allows businesses to reach customers locally and globally. One main advantage of social media is that it is, for the most part, free for ordinary consumers and small business owners to use. It also allows companies to interact directly with consumers and each other, whether that is by commenting on a post, allowing the customer to upload a photo or review, or following another small business’s social media account. However, it is important to be careful who you allow to post on your company’s behalf, as it is easy to send something through an online platform that could be misconstrued and get your company in trouble.
2. Accepting Cryptocurrency
You may have heard about people trading cryptocurrency on websites such as the OKX trading platform. Even if a company does not deal directly with cryptocurrency, many are jumping on the trend and starting to allow customers to pay with cryptocurrency. Some larger businesses that do this include Starbucks, PayPal, Microsoft, and AT&T, and small businesses can get on board as well. One advantage of accepting this form of payment is that it may be more convenient for some customers, just as accepting cash or a variety of credit and debit cards is more convenient for others.
3. Promoting Remote Work
The past couple of years have seen a sharp increase in the number of employers permitting remote work, as well as the number of employees looking for either wholly remote or hybrid remote jobs. When possible, many companies are continuing to promote working from home in order to keep employees happy, reduce time spent commuting, improve productivity, discourage employees from coming into the office while sick, and many other reasons.
4. Changing Organizational Structures
Many companies are moving away from the more traditional top-down hierarchy in favor of one that is more flat. Benefits of a flat organizational structure include:
- Greater decision-making by employees at all levels of the company
- Less bureaucracy and more communication between executives, managers, and employees
- Greater employee satisfaction and motivation
- Greater efficiency as layers of the hierarchy are removed
While not all businesses benefit from changing their organizational structure, particularly small businesses with only a handful of employees, there is a general trend toward migrating to a flat structure.
5. Investing in E-Commerce
E-commerce continues to be profitable for businesses. E-commerce allows a company to ship products to a wider area and reach more people than a company with only a brick-and-mortar location.
If you own a business, think about whether or not any of these five trends would benefit you.