Business Trends to Keep up With

Staying on top of current developments in business helps give you the flexibility you need to manage changing conditions.

Whether your organization is large or small, here’s what you need to know about some of the top trends that leaders in various industries are following.

Making Small Changes to Save Big

To weather lulls in growth, businesses are looking for ways to cut expenses to improve profitability. As a starting point, many offices are severing ties with traditional phone companies and turning to VoIP systems for their communication needs.

Providers like Ooma offer feature-rich functionality at a fraction of the cost of landlines, and they’re easy to scale up or down as required.

Reducing other routine expenses is also helping to boost bottom lines. Businesses are shaving zeroes from electricity bills by investing in efficient devices and cutting down office hours so they can turn off the lights and heat more frequently. They’re also asking staff to only print as needed, saving money on paper and energy in the process.

Maintaining Flexible Work Options

Man working remotely

Changes to schedules and in-person work shifts that were temporarily implemented in recent years are becoming permanent as employees demand greater work/life balance.

With studies showing that alternative work arrangements don’t have a negative impact on productivity, working from home or on flexible shifts are here to stay.

The increase in employee satisfaction and the cost savings businesses enjoy from downsizing office space are proving too valuable to do away with.

Outsourcing to Reduce Payroll

Businesses also recognize they don’t need to pay a full-time employee or team to handle every aspect of operations.

Rather than keeping people on the payroll when their services aren’t required at all times or creating a position to oversee a single task or project, smart leaders realize they can make better use of their hiring dollars by paying an outsider to manage the duty in question.

Everything from call center staff to accountants to human resources personnel can be contracted with on an as-needed basis, freeing up payroll funds for other growth opportunities.

From cutting expenses to continuing with a flexible workforce to replacing employees with outsourced contractors, these are just a few of the trends you need to be aware of as a business owner. Learning from others and trying out the latest innovations and ideas will keep you flexible and ready to handle changing business conditions.