Ensuring your business can ever be one step ahead of the curve first requires it to be absolutely located within the present. Businesses might not be present in their aesthetic or theming, but in their practical running and development, they need to be. Even businesses that pride themselves on the age of their product ingredients such as decades-old whisky will never used decades-old solutions to business problems that are considered today. It’s put simply in the phrase: modern problems require modern solutions. This means that if you ever hope to push forward, you need a solid base from which to push.
As a business leader, it can be hard to keep your finger on the pulse. The trends of business often seem to flow around us, and it can be hard to decide if we want to jump into this tide or to try to follow this while also dictating our own unique spin on things. With the following advice we should help any new business keep on top of the pressing current trends:
Changing Consumer/Business Relationships
The business relationship has started to shift between the customer and the business they hope to interact with. While the same time-honored laws of interpersonal trade still apply, that is consumers will likely offer you money to purchase your good or service, you have to provide a sense of immediate aftercare for this transaction. Complaints should be recorded efficiently and capably, and acted on if they have any merit. Bringing your support context to them through the use of social media IM features is one of the norms that more and more companies have started adopting, because it reduces the load on your call centres and can help the client feel as though they’ve been given a wise and fair speed of treatment.
Some businesses offer a money back guarantee if the customer isn’t happy with the good or service, and social media has given people of all kinds the power to denounce or appreciate that which your business does. If you look at any online review website, you’ll see the business trying to carefully respond to negative reviews, perhaps apologising for their experience and offering them a better time if they come in next. The power has absolutely shifted in favor of the consumer, but that’s not necessarily a bad thing. It simply means that more departments need to operate with PR in mind, and any business decision must be made in the light of the consumer, as they have more power to affect your bottom line than ever before. It just takes one highly-followed person to positively or negatively tweet about you to affect your share price slightly. For this reason, pay attention to this changing relationship, and do what you can to preserve it.
Data management is essential to consider in the modern day. Not only are vast amounts of data created in the daily functioning of your firm, but not all data is created equal. Some is simple and basic, some is highly sensitive. Some is generated by the activities your firm embarks upon, some data is freely given to you in order for a customer to interface with your firm accurately. Some data is relatively useless and simply a by-product of the IT functioning of your office, some can be analyzed in order to predict spending patterns and just who you should be advertising to.
Data is perhaps too vast a term to gain any immediate definition of. But handling all of this data well, adhering to the most present data collection policy and ensuring a privacy disclaimer on your website and sales contracts will ensure that you are both trusted and held to the standard necessary to function with this at your side. Using a service such as the Gartner master data management report can help you learn sustainable methods of handling data, taking a quite intimidating proposition and turning it something you will thrive in.
Corporate espionage seems like a silly thing, as if it was only localized in noir movies in the late 50’s. We think of a long shadow against the wall in a smoky office, as a spy ruffles through the papers to find out just what his neighbouring business is up to. Unfortunately, this quite attractive image isn’t the reality in the modern day, but corporate espionage does still exist, and is much more refined than you might know. It all takes place in cyberspace.
While staff vetting is of course important, most system trespassing is now done online, and can be prevented by using VPNs, ensuring staff exercise a high level of personal security over their workflow modules, and that high-profile messages within the top levels of your firm are on a need-to-know and encrypted basis. Keeping tight control of the narrative at the top can ensure that your business is always in control of that it hopes to keep secretive.
Innovation seems to happen at rocket-speed in the modern day. This is great for consumers, but sometimes worrying for businesses. Businesses often worry that their competition will somehow develop a new method of crafting their product that will cut costs significantly, undercutting the price of the competition to a strong degree. Sometimes a company releases a product so successful that its actual presence becomes the moniker of what that product category is – such as how ‘iPhone’ became more than just its brand name in common parlance.
The only counter to this you have is to invest in your research and development, to constantly experiment and generate your take on the winning formula. But also, to become known for the brilliance surrounding your effort, such as your excellent customer support, or your willingness to be a positive player in your industry, or to care about ethical standards.While modern solutions are always important, sometimes it’s the timeless ones that have the most impact.
With these tips, you’re sure to keep on top of the shifting tides of business modernity.