The small business should focus on the emerging trends for 2020. Let’s have a glance at some of the trends and see how they will be affecting the bottom line of business.
PROLIFERATION OF REMOTE WORK
According to a survey, as per the last year’s report, the number of companies with a remote workforce is increasing. Also, 66% of companies permit remote work and 16% are fully inhibit remoteness.
The money spent on business infrastructure and space could be saved by allowing for more remote work. Numerous programs and applications which authorize real-time collaboration, truly empower and enable remote workers. Numerous applications and programs that permit real-time collaboration absolutely legitimize and enable remote workers. Consequently, this could mean an item of expenditure in those technologies as well as in training for your employees.
EXPANDING GIG WORK
The terminology gig economy means the workforce surroundings in which short term commitments and autonomous contracting is a commonplace. It is also known as a freelancer economy. The gig work refers to the transit workers that get a temporary position. In Australia, the workers in the gig economy grew between 8.7% and 14.3%.
In business, the enhanced opportunities for the contract with independent employees for short term engagements could result in cost savings. It must always be assured that you follow all tax and benefit rules wherever they apply.
The businesses that offer eco-friendly products, the consumers will look forward to those businesses. The consumers value the enterprises that demonstrate conservation efforts like saving energy, lowering carbon dioxide, increased usage of sustainable materials, and streamlining packaging. So look for that what your business can do to be greener in day-to-day operations.
- Emergency Fund: An emergency fund is the fundamental amount of money that needs to be kept aside for emergencies as these funds can be accessed at the time of crisis for unexpected scenarios. According to the financial advisors, the emergency funds should have four to six months of liquid assets expenses.
- Business Financing: The process of providing funds for business is included in Financing as these funds can be utilized for business activities, purchases or investments. Many financial institutes like banks provide capital to businesses, consumers, and investors also the best time to apply for funds is when you do not need them. Do not wait for things to get worse if you think you should apply for a business loan or line of credit, just do it.