5 Business Trends in Q4 That Can Guide Your Company
As 2019 comes to an end, it’s time to look at the business trends of the final quarter, Q4. The year has seen some new patterns, but many are continuations of trends that have been snowballing for the past few years. Social responsibility, advanced customization, comprehensive digital platforms, and more are all trends that have gained momentum in 2019 as a whole and in Q4. As we wrap up this decade the CFO Squad will cover some of the major trends, we saw shaping business over the past few months.
Here are five of the major business trends of Q4, 2019:
1. Personalized packages
Q4 has seen many accounting firms trying to create more personalized packages for their customers. Some are choosing to do this through AI and machine learning, which is a smart move. Businesses that can implement AI and machine learning into their management and customer support systems will have a big advantage over those who don’t. An AI platform is ideal for creating personalized packages since it can comb through each customer’s history and personal information and create a customized package in seconds.
2. Subscription services
Consumers are crazy about subscription services, which is why the trend has continued to grow in Q4. Subscriptions for food, beauty, books, apparel, lifestyle — you name it — became popular a few years ago, and they continue to intrigue and attract new customers. Businesses that can offer some sort of subscription service would do well to jump on the bandwagon. However, surveys show that even if businesses can’t dream up some sort of subscription, they can attract customers by dividing a yearly payment into monthly payments.
3. All-inclusive digital platforms
There is a high consumer demand for comprehensive services on company websites. Prime Trust is one example of a company that provides a one-stop-shop for business owners who need financial and infrastructure solutions. If an accounting firm can offer comparable all-inclusive service, it will have an advantage over those that don’t. Bear in mind that any website that supports various services and transactions needs to be completely secure, and at the same time, user-friendly.
4. Social responsibility
Companies that practice social responsibility and highlight worthwhile causes are viewed more favorably by consumers. In today’s world, it’s not enough to offer an outstanding product or service, but you must be morally responsible. Companies that go green, for example, are considered more attractive than those that haven’t. This is a trend that’s been going on for years as the entire world becomes more environmentally aware, and in Q4 the trend continued to grow.
Whereas outsourcing was once seen as a liability, this year has seen more and more companies viewing it as an advantage. Outsourcing various business tasks can free up full-time employees and allow them to focus on their areas of expertise, as opposed to spreading themselves thin while focusing on areas they don’t excel in. Additionally, more companies have turned to outsourcing to get an outsider’s objective view, which can lead to fresh ideas. The areas of outsourcing are expanding as well. For example, many companies used to outsource their bookkeeping needs, but today, they’re hiring outsourced CFOs such as the CFO Squad to get a handle on the entire financial department.
2019 — A generally good year for small businesses
According to a recent survey, the Small Business Confidence Index reached an all-time high in Q4. In fact, 71% of small business owners in America feel confident about their businesses and financial future. While the going is not always easy and there are always new trends to follow, Q4, and 2019, has been a good year for business. We are looking forward to continued growth in 2020.