Business growth trends that are dominating the 2022 landscape
Category News
Any savvy business owner will tell you that sustained growth over a long period is vital for expanding our economy. Development can achieve this by tapping into business growth trends that consider the more comprehensive view and not just increasing one's bottom line. This is a simple mathematical fact.
Regarding business growth for your own company, one needs to broaden their purview from just profits to the stakeholders of your business. Whether that be the economy, the individuals that make up your customers and workforce, or the environment of the country you're based in. Essentially, in that order, adopting the Triple-Bottom Line approach of People, Planet and Profit.
With that in mind, we look closely at the business trends dominating South Africa's scene.
Transformation
Specific to South Africa, every business operating within our borders understands the need for transformative policies and their role in achieving them. Given the history of our nation, these sorts of policies are imperative.
According to significant banking investors, transformation is crucially achieved through ownership. Essentially, they are building our communities from the ground up and ensuring that adequate education and tools are provided to increase one's potential to become a business owner. These people-orientated policies may form various Corporate Social Investment (CSI) and Corporate Social Responsibility (CSR) programs.
Climate resilience and sustainability
While transformation focuses on people, this trend takes a more wholesale approach and speaks to the effect businesses have on the environment and how they contribute to sustainable growth.
Sustainability is much broader than climate resilience as it focuses on preserving the environment and responsibly using our nation's natural resources. Many businesses may see sustainability as an expense, but it is an integral part of business growth.
One thing is for sure; younger investors are particularly interested in seeing the use of alternative and green energies, which tend to yield positive returns while reducing one's overall carbon footprint.
Digital growth with a marketing twist
If anything is true about the direction marketing should go, companies that adopt digital strategies are pioneering growth. Defining your social media presence isn't just about organisational efficiency but also about creating personalised client-driven experiences.
With the rise of social media comes multiple platforms for companies to launch their business and reach a much broader or targeted pool of potential clients. Regardless of the desire, the growing appreciation of being able to shop online and order your goods at the click of a button presents a new avenue to market one's goods, creating a brand presence entirely from effective and targeted ads.
The benefit of additional supply chains
When considering recent events on a global scale and how intertwined global economies genuinely are, having access to a reliable supply chain is paramount. This can also be seen through the geopolitical impact of war on other nations, which puts severe constraints on the effectiveness of a global supply chain.
Experts continue to impress upon the importance of having multiple suppliers linked to separate supply chains from mitigating against loss through unforeseen external factors. The consequence of placing one's eggs in a single basket can put a business in a situation where stocks may end up outcompeting prices.
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Author: Lv Digital
