New Year means achieving victories and conquering challenges which people may encounter with in their everyday lives. In most common businesses, it is different. It was gladly reported that despite the challenges in the aspect of economics conferred in 2019, it was never considered a hindrance for companies to grow in a double digit number if effective practices will be continued in the following years. To assert on to that, what are the possible business challenges and achievements to look forward in 2020?
Obviously, there is no absolute time foreseen when a business will reach its loop hole nor its winning phases, only the coming trend and demand of the consumers can tell.
“Acknowledge the context and know the timing of the situation” are the principles shared by a business consultant namely Francis Kong. “….. investors should take the measures of the government as something beneficial for both consumers and companies”, he added.
Without a doubt, the state is the primary consumer of the large companies before it goes global.
On the other hand, Millennials and Generation Z gets the most population and considered a great resource of energy yet often receives a negative branding.
“Instead of putting the burden by blaming the Gen Z and Millennials with the arising contemporary issues, why not prepare and equip them with long term skills so they can lead the following generation to innovate goods and services that is not out of the market yet?” Kong reiterated.
Those lines from Mr. Kong are convincing the latter generation to believe in the potential of the newer ones that it is now a fair game between the large companies and young innovators to go over the same path and drive beyond the industry.
There is an expected phenomenon called the 4th Industrial Revolution whereas technology is inter-related with businesses in a sense that most companies now prefer to invest with machineries and lessen the manpower. No one would have thought that in the following years, everything that is repetitive in nature will be automated and digitalized.
For Mr. Kong, there is nothing to be frightened of for a reason that there are skills which cannot be replaced by machines. He ended the advice by saying that, “It is now about the ability to a critical thinking, it should be customer-focused and it must always embody the communication skills.”
Now that businesses are booming year after year, the competition is not about defeating your rival company hence, it now requires collaborative approach to address the dilemma and achieve the success of the entire economy.