20 Entrepreneurs Share Their One Prediction for Business in 2021
The business landscape is always changing which leaves uncertainty in different industries. Business owners are optimistic that 2021 will see better days, especially with the introduction of COVID-19 vaccines. The new normal might see a return of business and provide better opportunities for people to explore.
Here's what entrepreneurs predict for business in 2021.
#1- The rise in the 3-2-2 workweek
This number sequence is three days in the physical office, two days where employees work remotely from home, and then two days off. It is a nod to how employees were able to successfully embrace working from home during the pandemic: working remote and from home five days a week. I believe there is a lot of good that this new work schedule can provide in creating a stronger work/life balance for employees. If not a 3-2-2 schedule, which admittedly may not be for everyone and every type of work, then there may be a possibility for employers to transition to a four-day workweek as well.
Thanks to Deborah Sweeney, MyCorporation.com!
#2- Economic downturn
Be prepared for an economic downturn beforehand. Preparation for anything does not help you avoid facing a dangerous situation but gives you the courage to face it and cope up with it. Make sure to execute some financial models with recession assumptions, it will help you keep prepared for any unexpected economic fluctuations and might help the business to stay afloat.
Thanks to Stewart Dunlop, PPCGenius.io!
#3- Expansion and business growth
A new vaccine has been approved, and I'm excited for everyone to resume back to normalcy. As small businesses have been the ones impacted the most, it's a nice feeling to welcome 2021 with positive thoughts as we leave 2020 behind.
Thanks to Jason Wong, DoeLashes!
#4- Content Planning
Given that businesses will start to make their services and products available on the digital platform, the need for constant social media posts for higher organic optimization results is also evident. Thus since it's not an actual skill, businesses will start to either invest in templates for content planning or hire people to focus on that specific job. The thing is, businesses will start to have curated content and feeds to attract more consumers, and introduce their services or product to a larger market. With the digital platform slowly turning into the only available platform, businesses are more likely to consider and invest in these things which seemed luxury before.
Thanks to Lianne Sanders, Total Shape!
#5- More innovative projects come to life
As the world turns into a more digital landscape, being a digital marketer leads me to create more innovative projects that come to life. As small businesses have been the ones that are impacted the most, being able to be there and help them come back to a more fruitful year is what I'm hoping to do for 2021.
Thanks to Daniel Snow
#6- Using more telemedicine in our specialty
A year ago, telemedicine was used by some specialties, but after the start of Covid, its use has skyrocketed for many reasons. For example, we use it for new consultations, follow-up visits, and patients love it. Telemedicine has allowed us to bring your doctor's right to your home and that is something that I'm excited to expand for this upcoming year.
Thanks to Dr. Robert Applebaum
#7- Increased demand for more sustainable products
As people start to see the positive effects of living a more sustainable life, we see Bamboo Toilet paper's expansion to continue to rise. Bamboo is very easy to grow and requires less water than traditional trees, making bamboo the best sustainable product to make toilet paper with. Seeing a bigger increase in demand for more sustainable products is what we see for 2021, and we're glad that we are part of those efforts.
Thanks to Derin Oyekan, Reel Paper!
#8- Permanent remote workforce
Not only have COVID cases reached an all-time high but employees have mastered the art of working from home. It is clear that a remote business structure is fully functional and capable of growth in some industries. People are fairing just fine at home so I believe company leaders will be hard-pressed to get their employees to reintegrate back into the classic office workspace.
Thanks to Kevin Miller, The Word Counter!
#9- Support to employees' mental and physical wellbeing
Now, more than ever, it's critical to be proactive about your employees’ mental health. We have already been working to build more collaboration among our employees, so they feel connected. From daily team check-ins to weekly virtual happy hours, it's important that our employees see one another not just as coworkers but also as real people going through this pandemic with one another. We are each other's support system in these unparalleled times. Additionally, we have recently added wellness apps such as Headspace to our benefits package to give our employees more tools they may need to get through these tough times.
Thanks to Aylon Steinhart, Eclipse Foods!
#10- Retail increase on advanced analytics
There is a huge increase in the number of retailers that are relying now on advanced analytics to determine the right items that should be stocked in their stores. This makes AI truly essential in the inventory management of retail stores. Now, with the challenges being faced by retail store owners in encouraging their customers to visit their homes, it is very likely that they would use AI for their marketing outreach. That said, expect that there would be more advertisements from retail stores that would pop in various platforms such as social media in 2021.
Thanks to James Bullard, Sound Fro!
#11- An increased shift towards social media marketing
Figuring out a way to organically engage and formulate relationships within Facebook groups allows you to genuinely market your product to thousands of members. Especially in this time of a global pandemic, when people are spending so much of their time online. It is important to never underestimate the power and need for human connection. Many of us are resorting to spending that time connecting online in forums, chats, and Facebook groups. This type of marketing requires a time commitment, patience, and strategy but ultimately delivers high rewards.
Thanks to Jason Akatiff, Boundery!
#12- Constant evaluation and reactions
I predict 2021 will continue to be a trying time similar to 2020. This time is not about planning, it's about surviving. Being agile, nimble, and quick. Forward-thinking and planning to ensure the survival of our companies. At Whom Home, we are in a fortunate position of having a warehouse located in Mexico, which has allowed us to continue operations throughout almost the whole time of the pandemic. To keep my employees safe and comfortable, I have set up a medical office in my factory. I believe we are taking all necessary precautions, which is proven by our zero virus case number.
Thanks to Jonathan Bass, Whomhome!
#13- Total confusion when transitioning
2021 will bring total confusion to the work from home situation that most companies face right now. As the COVID vaccine becomes widely distributed and regulations begin to lift, companies will likely want to move back to in-office activities, but when is the right time? What if they act too soon and there is another spike? Or what if they wait too long and lose out on gains or new innovations because they are still stuck in a remote situation? Or what if employers are faced with a situation where an employee wants to keep working from home and claims they don't feel safe or comfortable coming back into the office? The laws around forcing employees to come back into work are murky at best right now, and employers don't want to be on the wrong side of a lawsuit.
Thanks to John Ross, Test Prep Insight!
#14- Emphasis on customer convenience
Thanks to the COVID-19 pandemic, many products and services have been built and altered to make life more convenient for customers. And nowadays, people will expect more from stores and service providers, so it won’t be a good look to suddenly take that away from them,
Thanks to David Meltzer, East Insurance Group!
#15- The year of chatbots
Many businesses have faced quite a downfall due to the COVID-19 pandemic and while they had to lay off their employees and went on a remote working model for a time period, they realized that technology can be an extension and in some cases a replacement for the work their people do. More technology implementation is going to happen in 2021 and businesses will get more automated in their operations and processes.
Thanks to Pranay Rathod
#16- More customers' needs
We will have to cater to and provide opportunities to help them solve their problems. In the real estate market, most sellers are not motivated to sell their properties for a number of reasons. Buyers, on the other hand, have issues that keep them from pursuing their intention to buy. As an agent, I see myself and my team listening more to meet their needs and help identify solutions right away, especially now that the pandemic has made the real estate market more challenging.
Thanks to Matt Rostosky, Cashofferky!
#17- Death of the 9-5 pm 40 hour week
With remote work now a mainstay of most service companies, I predict the 40 hour week will meet a fast death. Each employee and company are searching for their new normal in order to find efficiencies and competitive advantages. Typical 9-5 hours are no longer sustainable nor needed. We are discovering the collaborative benefit of shift coverage and longer office hours to provide employees the flexibility to address distance learning and handling long hours in front of a screen. Within our company, we are finding balance in a 7 am -11 am shift followed by a 1 pm – 4 pm shift and finally a third 7:30 pm-10 pm shift. This takes strong project management and communication skills but enables the team to not have to split focus during busy home hours.
Thanks to Jessica Gulick, Katzcy!
#18- Artificial Intelligence will transform the business
Like other fields, Artificial Intelligence (AI) will significantly affect the transformation of businesses in 2021. As the Covid 19 hit the market and industry hard, businesses will prefer to use AI-powered chatbots for communication instead of hiring a human, primarily for customer support. AI is already useful in some organizations, such as to increase sales, detect fraud, improve customers’ experience, etc. According to my prediction, AI will play a vital role in transforming businesses in 2021 because it has a huge potential to boost work efficiency and enhance productivity.
Thanks to CJ Xia, Boster Biological Technology!
#19- Retained visibility
Undoubtedly, 2021 will have a few surprises up her sleeve, so it's going to be more important than ever to retain visibility. Companies will need to maintain a marketing budget and execute well-planned strategies to ensure that they aren't left behind. When the economy in 2021 is showing vast improvements over this past year, consumers will be making decisions on how and where to spend. By remaining visible, it provides your business with an advantage over competitors who took a break from marketing during these uncertain times.
Thanks to Josh Stomel, turbofinance!
#20- Delivery is key
The key to success in 2021 will be all about delivery. Consumer trends will follow the ability to supply in the way that they need. With the changing marketplace, the businesses that will win are the ones that can respond quickly to changing demand. The biggest opportunities will be around taking existing products and services and finding new ways to deliver, regardless of the method. For fitness businesses that might be blended online and in-person classes, but for a local shop it might be packaging items and delivering at home.
Thanks to Tim Green, TeamUp!