The Hottest Business Trends for 2023
The year is barely into its second quarter, but there are already several identifiable trends taking shape in the business world. Which ones will survive until 2024 is anyone’s guess, but it’s still essential to review the top developments in several bellwether sectors, like accounting, transportation, non-profits, and more. Most consumers have already discovered the massive number of changes taking place in the financial arena.
Likewise, electric vehicles are starting to become more common in commercial fleets everywhere. Owners in multiple business segments are choosing to minimize office space by encouraging the work-from-home trend that gained steam during the height of the COVID pandemic. Another concept that’s picking up followers among founders and startup entrepreneurs is employee ownership. As the non-profit niche continues to expand, consumers and merchants see a totally new landscape in the business world. The following trends are among the most significant developments for this year.
Virtual Accounting and Law Firms
Lawyers and CPAs (certified public accountants) were among the first in the professional world to embrace virtual business models. Nowadays, it’s as common to encounter virtual firms as it is traditional ones. In the past decade, huge numbers of law practices have gone paperless, set up work-from-home arrangements for everyone, and transitioned to a fully virtual operating style. Even solo practitioners in accounting and law are opting to work from home-based offices, only meeting clients in person at the courthouse or in coffee shops. Look for the virtual business model to spread into all professions within the next few years.
Electric Vehicles (EVs) for Fleets
Commercial vehicle fleets are turning away from expensive, high-maintenance combustion cars and trucks and opting for EVs whenever possible. Fleet managers in many industries tend to choose vehicles based on a combination of price, range (the number of miles a single charge can propel the vehicle), and other features. While the trend is still in its beginning stages, large numbers of municipal and private car and small truck fleets already can benefit from the switch to clean, inexpensive electric power. To gain a full understanding of how EVs can play a major part in a company’s long-term profitability, review a guide that explains all about the vaious kinds of chargers, EV features, and the pivotal role played by miles-per-charge or range. It’s best to stay ahead of technological changes, and a comprehensive guide on the subject is an excellent place to begin.
Employee Ownership
For smaller businesses and startups, employee ownership is growing in popularity. The phenomenon has gone through in-and-out phases since the 1960s, but the computer age has made it easier to set up and manage worker owned companies. In a typical arrangement, a company with 100 or fewer employees offers buy in opportunities to anyone who has been on the payroll for more than a year. Team members can purchase equity incrementally out of their paychecks over periods ranging from one to five years. The advantage of employee ownership is that everyone has skin in the game and is incentivized to give their best effort to the cause. The model suits smaller organizations well but can be unwieldy for larger ones.
