Trends come and go, even in business. There is a huge difference between the paradigms of the 20th and 21st century. Back then, product, price, sales, and marketing were the elements businesses needed to thrive. Today, those four elements still apply but only as one part of four new pillars. The 21st-century business paradigm places all of these elements in one business model. The three other pillars are the social impact, media considerations, and political landscape. There are strategies you can apply to further prepare your business to the ever-changing trends including the requirements of this new paradigm.
Adopt Sustainable Development Strategies
The United Nations set sustainable development goals for various sectors in able to protect the planet and make the world a more peaceful, prosperous place to live in. Sustainable development, when applied in business refers to protecting the human and natural resources while meeting the needs of an enterprise. Experts believe that sustainable development in business offers great opportunities. How does it work in businesses? Sustainable development works in many ways and one of its best practices is using renewable energy technologies to reduce greenhouse gas emissions. Adopting sustainable development strategies can be a bit challenging and requires tremendous efforts on the part of enterprises. This is the reason why more than half of all businesses ignore UN’s development goals. Entrepreneurs should consider that the goal is for long-term.
Implement an ERP System
Enterprise resource planning automates many technology-related back office functions. ERP System is presently used in various enterprises. In architecture, for example, entrepreneurs can take advantage of ERP for fenestration or the design and construction of building openings. A fenestration software can help builders work without growing their headcount. It can be useful in tracking in-depth inventories and managing automated projects.
Business owners back then, do everything on their own because of a limited budget. These days, outsourcing the small things is quite a fad because more and more business owners see the benefits of it. Online businesses these days find growth and save time by letting outside firms handle some tasks. More importantly, outsourcing allows entrepreneurs to focus on the core business and set priorities straight. Compared to in-house sourcing, outsourcing is also more cost-efficient. Entrepreneurs can reduce their expenditures by half because outsourced workers do not need much time training. Besides, businesses will not have to worry about the cost of software, technology, and other upgradations when they outsource.
During the 20th century, marketing in the digital world is limited to website building. Now that we are in the 21st century, website building alone no longer works to attract your target market. The spotlight is now on social media. In fact, participating online is no longer an option these days. It is more of a necessity since almost everyone are active on social media. Social media is a powerful tool to market products and attract new communities. Many business owners these days, small or big, even hire social media managers to stay active on Facebook, Twitter, Instagram and other popular social networking sites. An effective social media promotion involves creating interesting content and identifying the target audience.
It goes without saying that technology is one big factor that affects businesses as a whole in the present century. Business owners can take advantage of new technological advances. They can save more time and money as manual operations lessen. The emergence of ERP system and online promotions are two of the things to consider nowadays. A business thrives with the help of these creative innovations and welcoming these trends into your business surely wouldn’t hurt.