Key business trends for 2020

Adapt Your Business to the Trends of 2020

At TAG Accountants, we see ourselves as more than “just accountants”, such that we can offer our clients wider business advice and guidance in order to ensure growth and achieve success.

To that end, our team of business advisers have been looking at some of the anticipated key trends in the business world for 2020 that organisations need to be aware of and react to in order to succeed.

3 key trends

Research indicates there are 3 key trends businesses need to be aware of for this year:

• the environment – there is no doubt that customers are becoming more environmentally aware
• wellbeing and mental health – people will want to work for firms that take care of their employees in terms of their physical and mental health
• technology – it is a key enabler in allowing us to work flexibly, remotely and more effectively.

The environment

Climate change is now extremely high up the political agenda, with the next UN summit to be held in the UK.
Climate change advocates such as David Attenborough and Greta Thunberg are gaining more traction and, as a result, people are trying to reduce their carbon footprint and are making buying decisions based on the environmental credentials of businesses. 

Following this, more businesses are responding by focusing on their environmental and sustainability policies. Many firms are adapting their CSR activities to include environmental projects in order to help drive the green agenda in local communities and this trend is likely to continue.

It is worthwhile spending time considering how your organisation is addressing environmental issues and whether you can be doing more and shouting about it so that your customers and your people are aware of it.

Wellbeing and mental health

Research shows that younger workers are putting greater emphasis on their physical wellbeing and mental health. Consequently, employers will need to adapt in order to attract the next generation of talented employees. Flexible working and wellness programmes are high on the list of priorities for Millennials and Generation Z employees, in some cases prioritised above salary levels. The businesses that really embrace these new trends will attract the best people, which is vital to future success.

Flexible working, working from home, working part time or job-sharing are all relatively recent developments in the modern workplace but are now being expected as the norm by younger workers. There has even been a recent trend of employers offering duvet days and hangover days where employees can take time off, with no notice, when they do not feel up to doing a day’s work.

This can be helpful for employees who are stressed due to heavy workloads and need a break to recharge their batteries.

Whilst there are positives from these types of policies, you need to be careful not to alienate some groups of employees or encourage poor behaviour and attitudes, so it is worth taking advice before implementing such policies. However, providing more flexible working practices for employees is here to stay and organisations ignore this at their peril.

Technology

On the technology side of things, machine learning and artificial intelligence (AI) are continuing to advance extremely quickly, consequently, businesses now have access to increasingly powerful tools that can be used to create new customer experiences. By way of example, the music-streaming service Spotify makes great use of AI to tailor the listening experiences of every user by creating customised play-lists.

In the accounting world, invoices can be scanned into the accounting system and information read, input and posted automatically with limited human intervention.

The ongoing development of machine learning and AI will create opportunities to provide better customer experiences and allow organisations to work more efficiently. It is worthwhile keeping an eye on developments in these areas and considering if these technologies will be good for your business – no doubt your competitors will be.

As Wolverhampton Accountants, we’re always here to help

In order to build and maintain a successful business, it is important to be aware of key trends and consider the best responses your organisation should make. 

At TAG Accountants, we have quarterly strategic meetings with many of our clients where these issues can be discussed, and we can give an independent opinion from the outside looking in. Why not book an appointment to come and see how quarterly strategic meetings can help your business achieve its potential.

With that in mind, call us on 01902 783172 or alternatively click HERE to complete our website enquiry form and one of our friendly business advisers will call you back to arrange a convenient time for a confidential no obligation chat.