Already the months of 2010 are marching by.. but as a business woman or entrepreneur, have you taken the time to consider what trends are for predicted for the next 12 – 18 months and what they might mean for you in your business? Well in this four part series we will share with you some of the interesting trends that we can expect to see both personally and in business- and some we are already experiencing.
1. Economic Confidence
Economic stimulus will be driven from the recession. This ‘upside-down economy’ is creating lots of entrepreneurial opportunities if you’re prepared for change and instability. Results from a US job market index (Challenger, Gray & Christmas) revealed that 8.7 percent of job seekers gained employment by starting their own businesses in the second quarter 2009–up from the record low of 2.7 percent during the last quarter of 2008.
Successful business women and entrepreneurs manage change successfully by looking at ways to improve their flexibility and adaptive capacity. Manage your cashflow to help you ride out lows. Make sure your business plan includes a risk assessment and strategies you will follow if particular scenarios eventuate.
2. Re-sourcing
The tide is turning on companies outsourcing activities to developing economies because of cost. Customers are starting to increasingly question the social, environmental and ethical costs of the products they are buying and they are seeking transparency. In response companies are starting to look locally. For example, Steif the German toy maker moved all its production facilities back to Germany from China because “money isn’t everything.” The prediction is that this change will start with companies offering luxury products and services bringing their outsourced components such as call centres and production plants back home.
What are the social, environmental and ethical costs of your products or services? Make sure your customers and suppliers know about the efforts you are making to minimise these costs.
3. Expecting Less
With social, environmental and ethical considerations increasingly central to discussion and decisions, there has been a shift in thinking from the individual to the group where the needs of others need to be addressed. This shift means sharing- so some people will get more and others will get less than what they are used to. To accommodate this change we’re seeing people buying less, learning to make do with less, mending things rather than replacing them. Fad or a long term change – who is to know?
Irrespective of how long this trend is around for, it is useful to consider how you are able to demonstrate to your customers and suppliers your products and services provide value for money and if relevant, their longevity.
4. Conspicuous Non-Consumption
Where with expecting less you do so because you believe what you are doing is right, this point acknowledges some people want others to notice their actions. So a behaviour we can expect to see is of some people wanting to be green and being recognised by others for doing so. They will seek out opportunities to flaunt their ‘good behaviour’ and demonstrate how much of a trend setter they are. Great for others to see more hybrid cars on the road – but the personal conviction needs to be behind their behaviour to bring about significant impacts.
As a business woman can you see an opportunity to appeal to the ‘trendsetter’ with your products, branding and communications?
