Whenever we think about 2020, the only thing that comes to mind is the distress caused by the COVID-19 pandemic. The global health crisis soon transformed into a financial catastrophe as most bustling cities were placed under a strict lockdown. The fear of contracting the virus along with the uncertainty of the future led to the crashing of the stock markets and the loss of sales for several businesses which led to layoffs. It was utter chaos, but we managed to bring ourselves out of it with our perseverance to survive and thrive. New Zealand was one of the few countries to become COVID-free while others are still struggling to control the contagion.
Our resilient commercial sector stood firm, and businesses started innovating to reach out to the customers while maintaining social distancing. The pandemic has not dampened the spirit of entrepreneurs who are now more than eager to revitalise their ventures. Thus, it is the best time to invest in a successful business for sale in New Zealand. If you are planning to acquire a small entity to kick-start your entrepreneurial journey, then you must be aware of the latest trends that will help to move the business forward in 2021.
Here is the list of the seven prominent developments that will help you to stay ahead in the post-pandemic world.
1. Remote Working
Although the pandemic forced companies to shut down their physical offices and work from home, it has emerged as a consistent work policy for several employers. The technological advancements have allowed several businesses to opt for remote working, which was earlier considered inconvenient. With a host of tools available online to interact and coordinate, working from anywhere has become a convenience for most workers. It has enhanced the productivity of the workforce as they have the advantage of flexible work hours and the benefit of using free digital tools to stay in touch constantly.
The superior work-life balance motivates them to keep performing better and utilise the time spent in gossiping with colleagues, tea breaks and travelling to office in useful work. It has also helped businesses to reduce the cost of owning massive office spaces, paying the electricity, water and maintenance bills for the workplace, and offering other amenities like coffee dispensers, free snacks, etc.
Many organisations were still toying with the idea of automation when the pandemic struck the country. The pressed businesses had to create a technologically optimised work environment to keep everyone safe and protected. Consequently, the dependency on software offering project management, payroll management, human resource management, accounting, and database management services has increased across organisations.
The digital transformation of organisations has reduced manual labour and work hours. Business process automation has helped several organisations to think big without hiring more employees or spending more on marketing. Businesses can leverage email marketing, chatbots, invoicing, data storage, inventory management and various other tools to streamline their operations and increase the yield. Artificial intelligence and machine learning are further strengthening the foundation of automation across organisations.
3. Pan-Country Recruitment
Before the pandemic, many business owners could not hire talented professionals because they were not willing to travel to far-off workplaces. However, now the culture is changing. Since organisations now prefer employees to work remotely because of the safety concerns, it has become possible to recruit qualified candidates from any part of New Zealand as well as offshore.
Thus, you will not have to look for people in a limited geographic zone and will have more choice in terms of experience and skills. It will help in getting the best and most well-suited employees onboard, and the entire recruitment procedure can be completed online without any hassles.
4. Online Selling
Online shopping is gaining momentum in the country despite the consumers cutting back on spending due to the economic upheaval. Kiwis are hooked to their mobile screens and prefer shopping with their smartphones. It allows them to visit a site, scroll through the products, compare the prices, read the reviews, look at the pictures and descriptions, and make the payment safely. Several customers check the ratings and reviews online even when they are buying products from a physical store to gauge the quality, value for money factor, and satisfaction levels of other buyers.
Thus, e-commerce will bring a significant amount of revenue for businesses in 2021 as the industry is primed for growth and will continue to flourish.
5. Digital Marketing
Spending the entire marketing budget on traditional channels of communication like TV, radio and print will be a waste for businesses as the customer is present online.
Thus, online advertising, content marketing, influencer marketing and social media marketing will be the best platforms to connect with the target audience in 2021. Digital marketing is cheaper than traditional marketing methods, highly targeted and can be measured for its output. It helps the business owners to engage at a personal level with the potential buyers and persuade them with attractive images, posts, blogs, offers, discount coupons, ads and much more. Google Ads and Facebook Ads allow the seller to create a variety of shopping ads and check the conversion rate with quick reports.
6. Community Participation
The current pandemic has made people aware of the safety of their surroundings. They are concerned about the environment, pollution, animal life, water scarcity and various other social problems. They want businesses to work towards these issues and give back to society, which is allowing them to prosper. Businesses have understood this desire of the customers and have taken up several social causes which affect their surroundings.
From supporting local non-profit organisations to volunteering at community events, marketers are becoming more involved in their communities. It helps in gaining visibility, increasing credibility, and engaging with the target audience at a personal level. The pandemic has made it more than necessary to become socially responsible for businesses.
7. Safety and Security
With more and more business operations taking place online, businesses have ramped up their cybersecurity and are planning to hire professionals for the job in 2021. The sensitive information of almost every business is now on the internet and can be hacked. It can not only create negative publicity for the brand but also diminish its goodwill and trustworthiness in the market.
Thus, most businesses are now focussing on securing the data and all the files which are being transferred online. Besides protecting the classified information, businesses are also working hard on ensuring the safety of the workforce, which is operating from the office. They are paying special attention to cleaning, disinfecting, sanitising, social distancing and every other safety measure to avoid contracting the virus.
The COVID-19 pandemic has changed the way businesses functioned and given way to new strategies. Thus, if you are planning to purchase a business for sale in New Zealand, then you must utilise the trends mentioned above to adopt the latest trends and stay relevant.