2020 Vision:  5 Shifting Business Trends for Visionaries

Let’s face it: The root of every successful business is timely decision-making. The best leaders can anticipate the future by recognizing the most important business shifts before changes become widely recognized by everyone else. These leaders are said to be visionary. 

If you want to be one of those leaders, here are five business trends that are in their early stage.  These will likely mature over the next few years and serve to re-shape businesses in the future. The way that you choose to respond to these could separate your company from the rest.

Five of the most critical considerations to ponder as we step into 2020 include:

1. 24/7 Access – Customers want what they want when they want it. Therefore, businesses are challenged to provide their customers with access 24 hours a day, seven days a week. Fortunately, current mobile, social and web technology supports the creation of customer-centric portals to help businesses deliver 24/7 capability. The challenge is to craft a solution that can evolve and mature to accommodate tomorrow’s latest technological innovations.
2. Customized Products and Services – The next logical step is building the capability to deliver personalized products and services.  Configuration of systems is key to increase customer satisfaction and loyalty. Remember the “Have It Your Way” slogan from that burger joint in the 70’s & 80’s?  That specialization brings the customers back time and time again.
3. Collaboration-Based Innovation – All the above adds up to another trend with collaborative innovation and product development. Think of it as an open, rapidly evolving group of users influencing the R&D function. This type of business model holds great promise because it can lead to the introduction of products with built-in demand. 
4. Cloud Computing – Cloud computing has changed the way businesses use computer technology.  It has replaced the need to buy and maintain computing systems and hardware with a much more cost effective, on-demand model.  When fully realized, cloud-computing promises to level the playing field by enabling smaller firms to compete with their biggest competitors.
5. Balanced Growth and Profitability – In previous years, many entrepreneurs focused on growth at all costs.  In 2020, economists say we can expect to see a return to a more balanced growth and profitability structure.  In fact, we will see more companies with core profitability, balanced growth and solid unit economics have higher valuations.  

The challenge as a 2020 leader, regardless of the industry in which your business currently competes, is to use these 5 considerations to re-imagine your strategic direction and make your business indispensable starting in 2020 and beyond. 

At My Office Apps our Kechie ERP software was designed as a modern solution with these trends in mind.  Are you ready to execute your plan? If the time is now, call us to see how we can help you achieve your goals and meet the business challenges of the 2020’s.