As the year draws to a close, it is time to reflect and predict which trends will dominate the business world in the forthcoming 12 months.
With the current financial markets still unstable, it is unlikely that businesses will feel confident in employing radical changes at the moment, but there are many technological and societal trends that are too big to ignore.
Trends
Customers prefer businesses who make every effort to reduce their impact on the environment, and there is an increasing realisation that growth often occurs when greener solutions are sought.
Automation of the customer experience, using AI power. It is said that every business should have an AI strategy in place within the next five years.
Augmented and virtual reality technology can be incredibly useful as a means of communication and marketing to customers as well as providing a training tool.
A focus on soft skills such as emotional awareness, communication, and interpersonal problem solving.
Businesses that invest heavily in upskilling their team members, with a focus on role-specific skills.
Personalised products on a greater scale, allowing a stronger connection with customers.
Director Guarantee
With an emphasis on new investment in technology, businesses can ponder how they will fund growth and development in this area.
Finance can often be freed up when a director gives a director guarantee, whereby they declare that they will be personally liable for any unpaid debts that the business takes on if the company fails to keep up with repayments.
Independent professional legal advice should always be sought about a director guarantee or other legally binding agreements. More info should be sought before committing to one.
With some businesses surviving and even thriving after the impact of the pandemic and sky-high interest rates, 2024 will see a trend for resilience.