There are some big changes coming to the business world in the next ten years, and that means entrepreneurs and big brands are going to need to adapt quickly. Being aware of the social, cultural, and technological shifts will make it much easier to position your business for greater agility in the coming years. That’s going to be essential for those brands that have an eye on long-term growth. The real challenge is ensuring that the expected shifts are not tackled as a single entity, but as the dramatic global transformations that they represent. If you want your business to maintain its longevity, here are the adjustments that are set to rock the business world.
Bye Bye Boomers
The first significant change is going to be the gradual removal of the baby boomer generation from the workforce. As those born between 1946 and 1964 reach retirement age, there is going to be a huge skills gap that employers are going to need to address. For those in the finance sector or who work in industries that are reliant on strong economics, this could be a catastrophe waiting to happen. The shift from boomers moving from earners to spenders is going to be dramatic, and brands need to start thinking about how that change is going to affect their profitability.
Vast Leaps in Technology
It seems as if there is a tech development every day that promises to disrupt existing business models, but these are, in reality, few and far between. The real focus for brands is to keep up with those tech options that are effective at improving efficiency. While many are focusing on artificial intelligence and building workspaces that are a combination of the physical and the digital, the onus needs to be on gathering the right tools to suit your needs. When many businesses are still not adopting basic necessities like high-quality task management software, the future looks very positive for the businesses that are quick to integrate emerging tech into their business model.
The Millennial Managers
While the boomers are retiring, an entirely new demographic is entering the management level. Millennials are already starting to take over workspaces, and that shift is only going to develop a stronger hold as they replace the boomers. The next generation, Gen Z, are then going to be following in their footsteps. These are the generations that will expect a digital-native approach to business. That will mean brands need to position themselves as an experiential culture that delegates ownership to the trash can and brings collaboration to the fore.
The Consumer as ‘Fan’
Modern consumers, especially the younger generations, no longer want commodities and products. They want meaning and transparency. This means that businesses in the near future are going to have to solve the problems facing those new consumers. Look at the companies that are already tackling social issues and highlighting the positive values that are at the core of their brand. This is going to mean that brands will have little choice but to take a stand on issues, and although that might lead to a polarized audience, it will also attract entirely new audiences.
The next decade is going to be an exciting and turbulent one for big and small businesses. If you want your business to continue to grow in the 2020s, then it’s time to start addressing your long-term goals and implementing the changes that will reflect what might be one of the most significant transformations in society.