Today’s most valuable international enterprises began as start-ups. In the past, it was difficult to create a successful business without a huge capital injection, for example, to open a factory or to buy trading vessels. However, today, innovations can happen in a garage, a college dorm or a basement.
So, thanks to technological advances and the evolution of the business sector, start-ups are appearing every day worldwide. But, for every incredibly successful start-up, referred to as “unicorns”, there are thousands of failed start-ups. For example, as of 2018, the highest valued start-up was Uber, a ride-sharing app, which was evaluated at $68 billion.
Although some business factors such as the need for consumers, acquisition of new client, and the need for marketing, are the same as 10 years ago, others have transformed. So, to compare how running a business today is different, here’s a list with the 5 main changes across a variety of segments.
Communication Is Different
According to The Marks Group founder, Gene Marks, the popularity of social media has changed how people communicate. People have had to develop new communication skills to get their message across. For example, if a brand’s message doesn’t reach its prospects where they are, then it’s irrelevant. A company must be consistent in its messaging across the social media platform’s it’s leveraging. So, the message must be customized to suit the specific social media platform to achieve the best results.
Virtual Offices and the Internet
10 years ago, companies were buying or leasing office spaces for their employees and acquiring furniture and office equipment. But that’s no longer today’s reality. Thanks to the advancement of the internet and special software programs which enhance and enable communication, people can work from home. Team members can use special platforms such as Skype or Google Hangouts to communicate with each other. Accounts payable software and marketing apps now perform tasks, which humans used to do.
Thanks to cutting edge technology and innovations, you can keep distribution costs on the low. The best parcel delivery companies are accessible online and offer fully integrated solutions for cheap parcel delivery. The booking process should be done through a broker, which will find the best rates available. All you need to do is type in the pick-up date and location, the delivery date and the dimensions of your parcel. The online delivery broker will analyse companies in your area to find the best cheap parcel delivery provider.
The Labour Force
According to the Motley Fool, the high rate of workers over 55 years old requires attention. These workers account for 22% of the labour forces, up from 17% 10 years ago. Some employers are hiring workers of this age, which involves late retirement or part-time employment. The trend could also solve some issues related to talent shortages in specific industries. And it can help businesses employ part-time workers during heavy loaded periods.
You won’t find the “out-of-office” message applicable anymore. You’re expected to respond to emails, tweets, and calls within minutes of receiving them. You can access them through your smartphone, tablet or laptop anywhere you may be. That’s thanks to a wireless connection being available everywhere. 10 years ago, that wasn’t the case. Despite online communication and social media, clients still expect to see you. So, business owners travel frequently and stay at various hotels, which they can book online.