Business trends change every year almost. With more competitions, day by day people has to come up with new strategies to cope up with the changes in the business environment. They try out various things without knowing whether these steps will be effective or not. Here are some interesting facts about business in 2016.
- 95% of new products that are introduced every year in the market fail. Most companies fail to address the customer needs before coming up with a new product. The companies should conduct thorough market research before launching a new product in the market.If there is no demand for the product then it won’t sell.
- By adopting new technologies, you can automate 45% of your business activities. It is a misconception that only low-skilled jobs can be automated. Many high skilled jobs can also be automated and save a lot of money for the company as the company will then need to hire fewer employees. The productivity of the business will also increase due to automation.
- Most companies are planning to grow by reducing business costs rather than introducing new products or services to the market. So, reducing costs is the business trend this year.
- Employees in an organization spend about 31 hours every month on meetings that are unproductive. So, companies should think of ways to better utilize their time and stop wasting the company resources.
- It takes 21 times to learn a new behavior. Getting used to a new habit isn’t easy. You need to have lots of patience. But changing to good habits can impact your health and performance positively.
By knowing these facts, you will be able to take a better decision about your business this year and avoid the mistakes that others have done.