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The Top Emerging Trends That Could Benefit Your Business

June 6, 2024

From the transformative power of AI to the rising importance of soft skills, the growing focus on sustainability and more, we explore the top future business trends, offering a roadmap for businesses seeking to innovate and thrive in a dynamic market.

Staying aware of the latest trends in your industry can help you identify gaps in the market and develop new products or services to meet the demands of your customers. ¹ In our article How Staying Up to Date with Trends Could Help Your Business we shared the why and how behind keeping up with business trends. But what are the future business trends everyone is talking about right now?

AI

This year, AI is predicted to change how companies market to customers while transforming worker productivity. ² AI can create personalised content and advertisements at scale - offering your clients and customers content more applicable to them. ² It can also generate job descriptions, improve customer service communications, generate search engine optimisation elements, and extract insight from data sets. ⁴ It’s clear that AI is increasingly moving “from a replacement for human labour to an enabler of human potential.” ⁵ According to a Freshbooks survey, 2 out of 3 small business owners plan to try out generative AI in the next 12 months.⁶ To read more about how AI could help your business, see How AI Could Enhance Your Business.

Upskilling and Soft Skills

As AI improves at automating tasks like coding, research, or data management, soft skills are becoming even more important for providing a human touch. ³ This year could see organisations investing more in nurturing and developing soft skills such as “communication, interpersonal problem-solving, emotional intelligence and high-level strategy.” ³ Data from Reed Recruitment and Bloomberg shows that more employers have been looking for candidates with “excellent communication” skills since the start of 2024. ⁷ To harness this future business trend, companies should consider upskilling managers and employees in conflict resolution through dedicated training and coaching opportunities. ⁸

Business Sustainability

Another emerging trend for businesses this year is sustainability. Research shows that customers increasingly prefer companies with a solid commitment to reducing their carbon footprint. ³ According to Visa’s Global Back to Business Study, 68% of consumers reported that business sustainability practices have “at least somewhat of an impact” on their purchasing decisions. ⁹ Many companies acknowledge the need to adapt to environmental challenges because they face environmental risks or regulations that impact their business operations. ⁵ For more on Business Sustainability, see What is Business Sustainability and Why is it Important?.

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Remote and distributed work

While adopting remote work may not be possible for every business, those who embrace remote or hybrid working practices could have a competitive advantage. ⁴ Remote work is no longer about the pandemic it's about flexible working arrangements and harnessing the power of the global workforce. ² A Flexjobs survey reported that 96% of employees want to work remotely at least part of the time, meaning businesses that offer remote work are likely to see an increase in employee satisfaction and loyalty. ¹⁰ Companies looking to attract and retain talented employees can look to find the perfect hybrid working strategy that reduces the time, energy, and financial costs for employees commuting to the office. ⁶

As a business owner or manager, it’s important to evaluate which emerging trends to prioritise over the next 12 months. You might base your decisions on the impact a trend could have on your organisation, which trends could give you an advantage in the market, and which could pose a threat to your strategic goals if you don’t act on them. ⁶ The four trends above can give you a starting point for future growth and innovation. For more insight into growing your business, check out Five Tips to Help Grow Your Business.

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The Top Emerging Trends That Could Benefit Your Business