Future Trends For Business Owners
At Morley Chartered Professional Accountant, we provide professional accounting services in Gravenhurst and Barrie, Ontario. We also identify future insights and make successful predictions ahead of time by keeping our ear to the ground.
It’s enabled us to create Business Freedom Growth Services that offer clients excellent tax planning and business efficiency solutions. As a result, we’re currently observing three emerging trends that we predicate will affect small business owners in the coming years.
Trend 1: Shortages of all kinds
Have you tried to buy a new car, a new work truck, or even a new box truck recently? These are all items that need to be ordered months in advance as business owners are already experiencing immediate product shortages. The product will become available in most cases if your customers are ready to wait. However, with the current global strife, they must be prepared for products to be unavailable for an extended period in the future.
Trend 2: Shortage of workers
The second trend which made headlines as far back as 2004 is the scarcity of labor. It’s an interesting challenge for business owners to navigate as it’s more complicated than a ‘shortage of workers.’
Trend 3: Product and service delays
The third trend is prolonged wait times for products and services as employees are no longer willing to work long hours. In addition, there will be long waits for government agencies to process paperwork, especially for those who don’t file digitally.
What does it all mean for the business world?
We have lived in a just-in-time society from the 1950s until the pandemic struck. Therefore, clients expect quick availability of products. When it doesn’t happen your clients will grow impatient as these delays will affect their timelines.
The just-in-time mindset of customers will take some time to change, so helping them manage expectations will become an increasingly important skill set for business leaders. With the current shortages and supply chain disruptions, business leaders will need to be more strategic in their approach to sourcing inventory. They will need to invest time in planning and budgeting for the lengthy delivery lead times.
In addition, the long wait time for suppliers, and government processes, due to shorter workdays will be frustrating for customers as they will still need a timely turnaround for their products and services.
Long wait times have become a reality for everyone in the past two years and will continue due to logistical bottlenecks. As a result, business leaders will need to evaluate their processes and look for ways to adopt digital software to be more competitive and improve response times for customers.
Staff shortages will also affect customer service significantly. While there have been many baby boomers leaving the workforce, the millennial cohort aged 28-40 now is a much larger demographic than the baby boomers. It turns out that the worker shortage is more about businesses adapting to the workforce and creating a culture where people feel appreciated. It’s a complex reality for Baby Boomers and Gen X business leaders to get their heads around.
Therefore, a new brand of leadership is required in business today as we are no longer living in a command and control society. We are now in an era of a collaborative approach to work where there is deliberate hiring of talent for their meaningful contribution to the business mission.
To sum up
We are entering an age where modern leadership must embrace a different approach to business than our parents and grandparents. Contemporary business leaders must be adaptable and nimble to the fast pace of change in the post-pandemic world, the workforce’s changing demographics, and open to adopting constantly improving technological hacks.
These changes will move the business world to a place we can’t even imagine today and allow modern managers to grow their skills to become 21st-century leaders.
If you’re an entrepreneur looking to stay relevant, then get in touch with us today. At Morley Chartered Professional Accountant, we are professional accountants in Gravenhurst and Barrie, Ontario, passionate about helping small and medium-sized enterprises make sound business decisions to increase profitability.
Our services include Business Decision MAP, Business FutureSAFE program, Business master control panel, Business Tax Minimizer, and Business pricing model.
We serve clients across Gravenhurst, Huntsville, Bracebridge, Rosseau, Dorset, Orillia, Barrie, Innisfil, and Parry Sound, ON.