Customers Want Control Of Data
Earlier this year, the GDPR was implemented in the EU and had a major impact on business that had an international presence. In today’s market, data is more valuable than ever and customers are growing more wary of giving out their personal information because the don’t know what is being done with it and can’t trust that it is secure. This hesitation is only going to increase as other countries follow suit, returning control of personal data to the people. Our Denver business consulting clients are making an effort towards transparency with their customer base to prepare for any changes that may or may not happen in the coming years. At the end of the day, this transparency will ensure our clients can build a long-lasting relationship with their customers that will withstand any data-related changes to the market.
Non-Bank Lending Will Help The Market Grow
This year, more than 80 percent of small business loans were rejected by traditional banks. Our Denver business consulting firm works with a lot of small and medium-sized business who struggle with cash flow and having the necessary funds to grow and scale their business strategically. The boom in non-bank lending is key for many of our clients. Peer-to-peer lending and other sources of alternative financing means that small businesses and start-ups will not have to look too hard to find the financing they need to grow their businesses.
Social Responsibility Is No Longer Just A Best Practice
Social responsibility is a concept that has floated around the business industry for many years now. Previously, this was considered a best practice with many businesses still finding success even when cutting corners. Major brands like Facebook and Patagonia are taking a stand and paving the way for socially responsible organizations to become the rule, rather than the exception. Businesses that do not implement responsible practices will, indeed, suffer. Consumers care about how businesses are being operated and it will affect their purchasing decisions. Well-informed Denver business consulting firms can help you ensure that your business is adopting socially responsible protocols from research to production to sales.
Generation Z Will Take Over The Workforce
One key change in the business landscape happens every couple of decades as a new generation makes their way into the workforce for the first time. Our Denver business consulting firm saw a lot of turmoil as the Millennials made their way into corporate America. Business leaders across the nation struggled to adapt to the new mindset that directly opposed many of the traditional business practices that were in place. While likely to be less dramatic, the influx of Gen Z employees will require adaptation for business leaders.
Remote Work Will Continue To Grow In Popularity
Telecommuting continues to become more and more popular. In previous years, our Denver business consulting firm has worked with clients on effective management of a few remote employees, but with more and more people working outside of the office, businesses may want to consider different strategies to keep their business operation inline with the end goals. In addition to remote work growing in popularity in 2019, we also expect coworking to continue to soar. These non-traditional working spaces will require business owners to find new ways to successfully motivate employees to achieve business goals through behaviors that align with the business culture. In many cases, a Denver business consulting firm can help you do this.
Artificial Intelligence Will Replace Some Practices
Technology will always be something business owners need to consider when navigating the market and their organization’s role within it. Artificial intelligence has started to become more applicable in the business space. From automating simple business processes to more advanced applications of the technology, businesses can leverage artificial intelligence to streamline their model. For most of our Denver business consulting clients, we are seeing great benefits implementing AI with marketing efforts. As the technology continues to expand, we will be keeping a finger on the pulse to best serve our clients, looking at AI from the perspective of our business consulting expertise.
Navigating 2019 With Denver Business Consulting
Now is the time to start looking at what goals you want to achieve in the new fiscal year and how you are going to achieve them. From an ever changing business landscape to fundamental processes that will never change, most businesses could use the helping hand that comes in the form of Denver business consulting. To learn more about how we help our clients stay ahead of business trends to achieve strategic growth, develop their next generation management, and build sustainable value within their businesses, contact Portocol Business Strategies today.