Business Trends for 2020

As we welcome in a new year here at Lucrum (and maybe a new decade depending on how you count them), it’s a perfect time to reflect on the trends that will impact us and our businesses. Here’s a list for consideration and reflection.

Trend #1: Sustainability

Concern for the environment has made the list of many companies’ core values. The way businesses are run can have a huge impact on the environment. While we hear a lot of stories about large companies impacting sustainability, we can also do our part as small businesses. In the accounting profession, many firms have gone paperless, transitioning from staplers, paper clips, and filing cabinets to digital storage which greatly reduces their footprint.

Trend #2: The Gig Economy

Young workers often have multiple jobs instead of the 9 to 5 jobs of their parents. This means there is more flexibility than ever before when it comes to hiring and retaining young workers. They can be employees, contractors, outsourced solutions, remote, local, part-time, full time, temporary, or permanent. Sub-trends in this area include more virtual workers and many more opportunities for veterans.

Trend #3: AI – Artificial Intelligence

This trend is impacting the accounting profession in a big way via smart data entry, smart document fetching, and even smart bookkeeping. Marketing has also been impacted in a big way through online ads, customer service solutions, and marketing technology. In email, Google is finishing our sentences for us, and chat and other technologies are having fairly effective conversations via bots.

Trend #4: Stories

Storytelling is huge everywhere. People want to know:

• The story behind your business and why you do what you do
• The stories about your customers and the experience they have with you and your services
• The stories from your employers and how it is to work at your organization

Digital communication has moved from text to graphics to video as bandwidth improves. Video makes stories even easier to share. Smart companies will leverage both stories and video going forward to get their message out.

Trend #5: Diversity Expanded

The conversation is no longer about race, gender, or even sexual preference. It’s now about authenticity and being the same person at work and at home. No one is “normal.” But it takes courage to reveal our differences, especially if they are outside the “standard.” That courage is more likely to be honored in 2020 than it has in prior years.

Trend #6: A WOW Customer Experience

We’ve moved way past the time of “infotainment,” yet the concept is parallel. As businesses, the challenge is how we can deliver an entertaining, positive, and memorable experience while producing the outcomes the client desires.

Trends #7: Drones

So far, drones have made appearances in photography, special effects at conferences, as toys, in movies, and of course, in war. We see them in use for safety reasons, going where people shouldn’t or can’t. They will become more pervasive in 2020 and there will be more rules, protocols, and court cases on their use.

Trend #8: User Interface

The move from desktop to mobile is nearly complete, with only the laggard portion of the population remaining. The move to voice is still a work in progress, and it will steadily continue to gain traction in 2020.

Trend #9: Actionable Analytics

Capturing information digitally gives businesses a huge amount of data to utilize but small businesses have barely scratched the surface of this profitable information. It’s time they started catching up, and that’s something Lucrum can help with.

Trend #10: Pace of Transformation

New business models in companies like Tesla, Uber, Google, and Facebook will continue to show up at a rapid rate. The business that’s most nimble will be the one that changes the game or at least stays in it without folding.

Which trends impact your business the most? Which ones speak to you? Feel free to reach out to discuss any of these ideas with us.