Forbes Middle East
Forbes Middle East

Entrepreneurship

5 Tips For Thriving In Business in 2020

David Ndichu
5 Tips For Thriving In Business in 2020Courtesy of Shutterstock

The same forces working for you in your business could also be working against you. Technology is a good example here. You have at your disposal the tools to transform your business in novel and effective ways, but so do your competitors.

Here we outline five tips you can adopt to take your business to the next level in 2020.

Network and Learn

It's not just about what you know about the business; it's also about who you know in the business. Although social media can, and should, augment face to face interaction, it should not be a replacement for human interaction. According to a survey by Forbes Insight, an overwhelming 84% of the respondents stated that they prefer face-to-face meetings when it comes to establishing business relationships.

Dubai plays hosts a mega-event next year, Expo 2020. This is an excellent opportunity for business owners in the region to engage some of the most innovative organizations and countries in the world.

Leverage disruptive technologies

Disruption is everywhere. Companies like Uber and Airbnb made a mockery of established business models and toppled existing market leaders. Leverage the latest technologies to make sure your organization does not fall victim to disruption. Emerging and advanced technology such as AI, Blockchain and IoT can help keep your organization ahead of your peers and emergent competitors.

Adopt new media

Social media has leveled the marketing playing field. A viral video that cost a few hundreds dollar to create can be more effective than a multi-million advertising campaign run by a global conglomerate. Social media, done right, can have a dramatic effect on a company's marketing strategy, and ultimately, its bottom line.

Upskill employees

"Train people well enough so they can leave. Treat them well enough so they don't want to." So says Richard Branson. Amazon trains its employees for jobs that have no relevance to Amazon as a company - in health, transportation, among others. What organizations such as Amazon have realized is that the opportunity to grow is of inherent value to all of us. Invest money and time in training your employees and the attendant rise in productivity and motivation will be a significant boon to the organization.

Utilize employees talent and creativity

Many businesses fail to tap into one of the most valuable sources of inspiration: their employees. Studies have shown that when organizations allow more employees to contribute their own ideas and energy at work, companies benefit in both the near- and long-term. Innovative organizations have created internal sandboxes where their employees can suggest and try out ideas that can be adopted company-wide if successful.

David Ndichu, a Kenyan native, is the current Technology Editor at Forbes Middle East. He has more than seven years’ experience in technology writing and reporting in the region. Ndichu is passionate about emerging technologies and their potential for disrupting existing business models. Away from his computer, Ndichu enjoys a good run, with a few marathons and half marathons under his belt.

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