2017 has passed, 2018 is almost over and while much has stayed the same; there are a few things that have changed for the better. Post the elections, there were certain uncertainties that were observed in the business community. the focal factors contributing to the economy are strong, world forecasts have been set, monetary policy is yet to be tightened and the overall confidence of the consumer is high. Let’s see if this trend will continue, here’s our pick of the top 5 trends in business management.
- Millennials come to the forefront
Millennials are slowly becoming the pioneers in the market. Since it’s peer to peer marketing, they are trying to make a deeper connection with their age group, this translates to better experiential sales and marketing, less emphasis on old-fashioned marketing and a push towards deeper connect with the brands than just mere consumption. Here are the key differences between experiential and activation marketing.
It is obvious that technology is the focal point of this tilt towards digital. Entrepreneurs and body corporate alike are gaining increasing access to data to make improved information based on real-time facts, and not just instinct. These smart analytics therefore now enable enterprises to identify new growth opportunities, better sales channels, better means to drive sales, ways to increase profitability, ways to increase productivity and generate improved customer experiences. SMEs now have the access to these technologies at reasonable prices and are getting the desired results when implemented right. It’s quite likely that these businesses will implement at least some of these technologies to improve returns.
- Skill Shortages
Labour shortages continue to be an issue in 2018, particularly when it comes to highly trained, educated workers. A majority of businesses rely on outsourced workers. The policy on this is yet to be ascertained after the election.
Companies try to solve this shortage by employing short-term contract and freelancers as opposed to hiring top talent at a premium rate. They are also opting for automating certain roles through augmentation and are outsourcing more and more work through sites like Fiverr, Upwork and Freelancer. This does raise the question of occupational safety for now.
- Remote Working
It is believed both the parties – the employees and the employers benefit from remote working; these benefits are yet to be ascertained through research. However remote workers derive benefits such as improved work-life balance and improved job satisfaction. Whereas employers save up as they don’t have to invest in a larger office space or spend on desks and other utilities. The geographic area from which you can source talent increases exponentially. The top issue that arises in these working conditions is to maintain and improve productivity which needs to be addressed.
- Subject Experts in Demand
More and more companies and clients are relying on new technologies to increase sales and drive growth. There is a sudden spike in the demand for subject experts who can manage, guide, train employees and institutions alike on the use of these technologies. They are the best resources when it comes to educating employees and corporations about the industry trends, sharing best practices and coming up with unique solutions in this digital age.
Now that we’ve looked at some of the trends, it is now time to look at which industries are on a rise in 2018.
Agriculture and Dairy Farming
This is one of the most thriving occupations out there, it is a sure-fire money-spinner in NZ. With the trend shifting towards organic consumption, the result is increase in organic farming, and there is a huge demand for organically produced agricultural products, these are due to both ethical and lifestyle choices on the part of the consumers. One can start with a small scaled farm and grow to produce – fruits and vegetables organically and can cull out a substantial profit as these goods are in a huge demand. This extends to meat and dairy as well, hence starting a dairy farm in New Zealand is a good option as well.
Since the occurrence of global awareness towards the fact that NZ is a very good place to conduct business; various new businesses are popping up all over New Zealand especially those owned by immigrants or foreigners, this has resulted in a rise in solutions and service providing businesses, as these new enterprises require experts to help them set up their commerce, settle down and rapidly connect with their consumers. This has resulted in new opportunities for professionals who offer different services that help new businesses thrive. So if one is a business consultant, a marketer or a strategist they have a good scope to grow in New Zealand.
Every year, thousands of tourists arrive in New Zealand on vacation and on business trips, and this continues all through the year. So there’s no specific cause that is resulting in this steady flow of tourism. Investors and businessmen have an opportunity to tap into this vast market and cater to the tourists. This can be done with regards to hotels, B&Bs, homestays, transportation, guide services, cafes, restaurants, and many others.
The health sector has been on a steady rise year on year rise in New Zealand, however recently the focus has shifted from demand for health care services to that on the demand for healthcare equipment, machinery, and devices. So anyone with a medical or healthcare background can start a business to cater to this demand and sell healthcare services such as medical software, equipment, diagnostic devices and much more, in addition to this, one can render these services as well.
Retail stores are always in demand and profitable even in countries when there is a steep competition. Hence, starting a retail business in NZ, where the competition is scarce is a smart move for anyone, which can reap your long-term benefits. The latest trend or one can say more of a necessity is e-commerce offerings, which allows customers to engage with your brand without any physical presence. This is also a low investment option with high returns.