5 Reasons Why the Future of Business is Going to Be Rad
Business ownership is almost a right of passage in the United States. Over 30 million people have answered the call of entrepreneurship in America. There’s simply something about being your own boss that aligns wonderfully with the freedoms promised in the American charter.
Not only can running a business today be a rewarding experience, but the future of business and how it will make running a company tomorrow could be even better. There are five key things we’re predicting the future will bring to fruition that has us entrepreneurs excited.
Here they are, in no particular order.
1. Fewer Barriers, More Customers
Globalization is here to stay and will pick up momentum in 2021 and beyond. It used to be that your customer base was whoever was in driving distance of your organization. Now, thanks to the internet and improved logistics infrastructures, you could have a hot sauce stand in West Hollywood that has “regulars” in Manila.
Look for more businesses to explore selling in developing markets globally, thanks to lax trade laws and improved communications.
2. Lower Payroll Expenses
This is a big win for the future of business if you’re an entrepreneur. It’s not so great if you’re a worker. In any case, good or bad, the need for employees is going to take a downturn as tech experts create more automated work solutions.
We’re already seeing Chatbots do fantastic jobs of informing customers on websites and through automated phone support. Expect machine learning to get better and automated tasks to increasingly catch up to what a human can do.
3. Better, Cheaper Accounting
If you’ve run a small business before, keeping up with taxes and bookkeeping has probably ranked among your least favorite things to do. After pouring through hundreds of articles on Freshbooks vs QuickBooks, what self-employment taxes are, quarterly taxes, etc., things can feel overwhelming.
Fortunately, we’re seeing automated financial services get better and many great programs offering free tiers to new businesses. Also, accountants are having to offer their services at better rates to stay competitive which is a win for you!
4. Lighting-Fast Wireless Internet
If your company is set up like most, when you’re able to access the internet, you’re able to do work. The trouble with that is many areas don’t give your 4g connection the kind of speed it needs to do many of the tasks that are integral to your operation.
With the advent and spread of 5g, that’s going to be a thing of the past. Expect global WIFI-quality connections while you’re on the move!
5. Personalized Marketing
Personalized marketing is already a business reality with the way ads are targeted at consumers online. Expect to see this targeting carry over into the physical world where billboards will change during times of day, signs will switch based on who is looking at them, and more.
The Future of Business Is Bright
The speculation we’ve shared regarding the future of business barely scratches the surface of what’s to come. What we hope you’ve taken away from this post is that there are a lot of exciting advancements that are going to make becoming profitable easier. So, start building your company today and prepare to reap incredible benefits tomorrow!
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