The global pandemic has introduced extra challenges to business firms in 2020. Many businesses and also start-up owners didn’t expect that their goals for this year would receive a severe hit because of COVID-19 contaminations worldwide. However, even if the pandemic would not have occurred, akin to every year, companies would have witnessed many other challenges.
The business challenges for 2020 by Eric Dalius
As a leading entrepreneur, Eric Dalius highlights the following business challenges for 2020. If yours is a start-up or an established business, you can address and also resolve these challenges to perform your best.
- Data security
There have been changes in data security in the past few years. The GDPR (General Data Protection Regulation) has altered how business houses manage data, which poses a considerable challenge for global firms. Hence, for 2020, cybersecurity and data protection needs will gain prominence, and also organizations should use a safe hosting platform.
Many businesses are slightly unsure about the current economic landscape. Despite that, it’s essential to give importance to innovation to stay relevant in your industry. Currently accepting crucial changes like using big data, urging better idea management, and also developing flexible work environments are essential for business and also organizational progress.
It’s going to be a massive challenge for 2020. Several companies have found the desired innovation that helps them stay ahead of other market players and also gives them a competitive edge.
3. Job automation
Automation will impact a fraction of jobs, which sums up to 3% worldwide. And also in the coming 10 to 15 years, this percentage can increase with machine automation. By the middle of the 2030’s the majority of workforce jobs are likely to become automated. Do you want to welcome this change? Or you wish to retain the human touch? Companies and also organizations need to make this decision in 2020 and also ensure that they don’t fall behind their competitors.
4. Global workforce
Most business houses and also firms have employees from multiple locations and also time zones. According to an Upwork study, 75% of the teams worldwide will possess remote workers in the next decade. It indicates crucial cultural shifts. Also, as and also when remote work becomes the order of the day, businesses will have several advantages:
- Increase in employee satisfaction
- Have an extensive candidate pool to cater to roles
- Maximize employee productivity
- Salary savings since worker’s don’t have to pay for their commute
Similarly, with a remote workforce, there are several challenges as well. For instance, an organization will have to work extra hard to ensure proper teamwork. It’s also essential to make sure that every employee is working at their best. Technological tools are making it easier and also simpler to overcome most of these challenges. And also there will be situations where face-to-face contact and also work will be essential.
Every decade and also year brings specific business challenges. Organizations and also corporate houses need to align their objectives in a way that addresses the challenges and also syncs in with the business trends. Companies must stay aware of the problems of the current year to overcome them.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com