The changing face of business

Whether you’re familiar with the business world or not, each day you’re influenced by the changes that shape it. Half a century ago, factors such as tradition and class dominated work ethics; a far cry from 21st century office life. However, in terms of historical significance, the truth is that commercial developments within the last decade have had the greatest impact, perhaps without you even realising it!

Thanks to incredible technological advances and the emergence of business broadband and phone, companies continue to flourish in today’s fast-paced society. But which areas have encouraged the most impressive changes? Here’s a roundup.

Digital Era
There’s no denying it, the increase for online demand has definitely impacted the way in which SMEs target their business audience. Taking a step back from the high street, in recent years, more and more companies have turned to the internet as a means of promoting their products, changing the business/customer dynamic forever. At the touch of a button, industries can connect with buyers on a global scale, taking the power of communication to whole new level.

Social Media
Working hand in hand with online progressions, social media has certainly taken off within the last decade. From MySpace and Facebook, to Twitter and Pinterest, social media has proved to be a fantastic means of engaging with the online community. Established as a friendlier, more informal platform for businesses to interact with customers, in using the likes of Facebook, companies can not only achieve greater brand awareness, but they can also share information, show personality and establish long-lasting relationships.

Workforce
Another crucial factor which has impacted the quality of SMEs has been the standard of the workforce. Within the modern day, qualifications and academic credentials are more important than ever in order to stand out from the employment crowd. And as a result, the number of students who apply to university continues to grow. Which, consequently provides a workforce of higher skill and intelligence; an obvious advantage for any employer.

Competition
The combination of the previous three elements has inevitably made the business world extremely competitive. With technical resources continuing to advance before our very eyes, unlike ten years ago, enterprises need to be aware of everything and anything that’s happening around them. Within the current climate, it’s those SMEs who utilise current trends and pre-empt future updates that are most likely to thrive within the market, as they not only listen to what the public wants but they also provide the solutions others can’t. Ultimately, this level competition is the driving force behind the changing face of business.