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The dynamics of business in the 21st century are being affected by many factors. Wars, geopolitical confrontations, economic sanctions, crises, resource shortage, technological advancements, global warming, and other forces shape the way business is conducted. Ten years from now it was hard to imagine that the introduction of the first smartphone will shape the image of the modern mobile industry and put Nokia, which was the leading mobile company in 2007, out of commission. While the emergence of new products that would alter the face of the modern market is relatively difficult to predict, it is possible to foresee which factors would be the most prominent in the following decade. The purpose of this paper is to outline the future trends that would affect business in the next ten years.
The first and most important trend that might affect businesses worldwide, especially the financial sector, is the fact that globalization would continue its decline due to various economic and political events happening around the world. The decline of globalization began after the financial crisis of 2009, which showed that the interconnectedness of the markets and the banking sectors could cause a cascade failure (Beinhocker, Davis, & Mendonca, 2009). Ever since the governments have taken protective measures in order to secure the domestic markets. The ongoing sanction campaign between Russia, the EU, and the USA are likely to continue as well, undermining globalization.
Technology advancements would remain among the defining trends in future business practices, as advancements in communication, transportation, and production processes would significantly alter how the products are made, processed, and delivered. Companies that would have access to new technology, as well as means of researching and developing their own, would have the decisive advantage (Grandy, 2016).
Lastly, management would continue to evolve into a respectable academic science, necessary in both large-scale and small-scale businesses. As it stands, while the demands for academic knowledge of top managers are high, at low and intermediate levels it is still considered a bonus, and not a requirement. At the same time, the knowledge of advanced management strategies, such as TQM, Sigma Six, and others would be required to optimize efficiency at all levels of the organization (Gabor, 2013).
If I were to open a business now and determine a strategy for the next ten years, I would prepare for these trends to become dominant factors in the future. I would invest in quality management on all levels now rather than later before it becomes mainstream. I would also implement cutting-edge technology that would help me produce quality products and operate efficient management and supply chains. Lastly, I would conduct business in politically and economically stable countries, where I can be sure my assets would not be lost due to an economic crisis or a political coup.
While business trends change one year after another, one constant trend that does not change with time is the basic customer demands for the product. Customers desire products that deliver results at affordable prices on time (Grandy, 2016). These four criteria for product success remained unchanged for hundreds of years. My primary goal would be to deliver a product that adheres to these four basic qualities before I could think about marketing, management, and other matters of running a business. No honest business was ever built by selling a bad product. In ten years, this trend will remain the same.
Beinhocker, E., Davis, E., & Mendonca, L. (2009). The ten trends you have to watch. Harvard Business Review, 2009, 55-60.
Gabor, R. (2013). Global trends and their influence on future business performance. International Journal on Business Performance Management, 14(1), 95-110.
Grandy, T. (2016). Business trends: Past, present, and future. Reeves Journal: Plumbing, Heating, Cooling, 2016, 12-13.