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Against the backdrop of a turbulent 2020, the New Year seems to be just as disruptive, if not more. According to consulting firm Re_Set, businesses will need to adapt on five key fronts to survive and thrive in the next 12 months.

The future of the UK and the global economy in the coming year is fraught with great uncertainty. With Brexit finally closed and UK companies continuing to try to maintain productivity levels with remote workers, the slow roll-out of a vaccine and potentially dangerous new variants of Covid-19 could set off a perfect storm. In addition to the challenges, however, there will also be opportunities in the coming months.

UK consultancy Re_Set has announced a five-point guide to its expectations for the coming year to help clients prepare for the challenges and trends of the next 12 months.

Commenting on the publication, James Bidwell, co-founder of the consulting firm, said, “Our perspective encourages leaders in all walks of life to harness the emerging forces of disorder to create a better future … Our thesis is that disorder can be and in Indeed, it is a competitive advantage regardless of your trade. Properly understanding and responding to the main disruptive forces also strengthens the resilience of your company, your employees, and your business model. “

Activist brands

“Our first force is the rise of the activist brand,” said Bidwell, “a genre created by my favorite entrepreneur of all time, Yvon Chouinard, and his Patagonia brand. This company has a virtue for its proactive, environmental activism achieved enormous commercial success. “

Purpose has become an increasingly important part of brand identity in recent years. While more conservative consumers in the Baby Boomer and Generation X demographics are still primarily interested in value for money, younger shoppers are more concerned about the impact of their purchases. With Generation Z, for example, 87% expect more from their favorite brands than just products. Fashion retailer Patagonia highlighted the potential for this type of activist branding, seeing an increase in sales after launching a voting campaign while using clothing labels that said “Vote the a ****** s out”.

Digital acceleration

The Covid-19 pandemic has accelerated an already well-advanced change. Overnight, the previously optional digital transformations became essential. Looking to the future, Re_Set assumes that digital engagement will be the most important driver of customer benefit in 2021. Many global companies are adopting data, artificial intelligence, and software-driven departments that are “dedicated to introducing disruptive products”.

Bidwell added, “This year we’ve moved ten years forward in nine months, and it’s not slowing down anytime soon. Innovations that take advantage of the extraordinary acceleration of digital dissemination and acceptance [are key to growth]. ”

sustainability

“Sustainability and protecting our biodiversity are now business critical, with climate change, carbon and human impacts on the natural world on land and water high on the agenda. At Re_Set, every project has a sustainability thread, and in fact, most of the time it’s the project, ”commented Bidwell.

From a business perspective, this trend is also quickly making ecological references a must and not a must. Re_Set referred to research by the Big Four company PwC that found the UK’s B-Corps (companies that meet the highest standards for demonstrated social and environmental performance) had average revenue growth of 14% year over year since 2015, while another study did suggested companies were 63% more likely to survive the last financial crisis.

Change of job

Perhaps the fastest companies will have to face the challenges for traditional work that have arisen in 2020 and 2021. In addition to making remote working easier, many companies are planning to reduce office size and offer more flexible work arrangements to cope with financial pressures while retaining some office space for collaboration. In addition, the future recruitment of employees will also depend on companies that, in addition to flexible work, have increased health and wellness offers.

According to Re_Set, the pursuit of flexible working could also lead to a more inclusive workplace. By opening up to remote workers, companies could unlock a much larger pool of potential employees – with employees no longer having to move cities or countries, parents could organize their work around childcare, rather than the other way around, and innovative tools.

Shift strategies

As already became clear in the age of digital disruption, agility is essential for the survival of a company. The pandemic has exacerbated this point, with flexible long-term strategies for dealing with change having proven extremely important. Re-Set found that since March, 92% of small businesses in the US decided to change their business models, while 82% of business leaders said the current crisis had made them realize the importance of innovation in their business. and 78% now believe this could be an extraordinary opportunity – if done right.

“The age of the agreed five-year plan and transition to execution is over,” concluded Bidwell. “Covid-19 has been a testing ground for our leaders, and those who have fared best have adopted principles of agility and flexibility that allow them to pivot their organizations to take advantage of the changing sands.”