Digital technology is changing the way we do business across every industry. Business Insider recently released predictions for some big ways digital technology will disrupt six major industries in 2020. Let’s take a look at 10 front-and-center possibilities:
Prediction: European neobanks and U.S. neobanks will grow at the same rate in 2020.
Neobanks, or 100% digital banks, reach customers on mobile apps and on desktop platforms. The most successful European neobanks, Monzo and Revolut, and domestic neobank, Chime, are similar in size and know how to successfully grow and scale. These banks are also offering incentives including overdraft protection and early wage access to attract new clientele.
Prediction: More banks will offer mortgage loan applications via digital channels.
More and more consumers are opening loans digitally. The digital process is more efficient and less paper-intensive. Between 2013 and 2018, fintech-issued personal loans increased by 33%! Borrowers are looking for loan application processes that are quicker and less clunky. This demand will cause an increase in the number of banks that offer a “Digital Mortgage Experience” similar to what Bank of American now offers.
Connectivity and Tech
Prediction: Smart speaker sales to first-time owners will decrease in 2020.
On account of excellent marketing and a comfortable price point, nearly half of Americans already own at least one smart speaker so the pool of first-time smart speaker buyers will dwindle. However, because of their versatility and interconnectivity, sales will continue to increase as many U.S. households purchase subsequent speakers.
Prediction: Midtier cell phone sales will increase.
With the integration of 5G technology, the cost of high-end smartphones will keep going up. There are also some technical issues with the 5G integration. In response, chipmaker Qualcomm recently announced its plan to add 5G chips to midtier phones which will drive midtier phone sales in 2020.
Prediction: The U.S. government will address healthcare cybersecurity.
After numerous cyberattacks including a couple of crippling ransomware attacks on healthcare data this past year, 2020 will be the year the government is forced to act. This will come through government-funded minimum cybersecurity measures or funds hospitals can access to beef up their cybersecurity protocol.
Prediction: Largest e-health record companies will pursue M&A to combat competition from Google.
In response to a recent video Google released displaying an EHR tool, Epic and Center – the industry’s leading EHR software platforms – will acquire smaller EHR vendors in order to combat the rise of Google’s system.
Prediction: Spotify will grow to own 25% market share of podcast listeners and Apple Podcasts will struggle to maintain its hold on the market.
Spotify will expand personal playlist suggestions with their proven algorithms and appeal to their audience with exclusive content offerings. Meanwhile, Apple’s indexing emphasis will prove less effective at putting shows in front of on-point audiences and they have yet to secure exclusive content.
Prediction: Facebook will continue to lose young app users and its two new apps for young people will fail.
In the fall of 2018, Facebook launched Snapchat copycat app, Threads, and in the fall of 2019, they launched TikTok copycat app, Lasso, in attempt to retain younger platform users. U.S. users under 24 years of age continue to leave Facebook in droves while international markets and their Instagram platform are Facebook’s surest bets for engaging young people.
Prediction: Funding for fintech in South America will reach $1 billion in the first quarter of this year.
A large number of unbanked consumers in a climate without a lot of financial competition and with widespread smartphone usage paves the way for a fintech surge.
Payments and Commerce
Prediction: Amazon will expand POS financing opportunities across its website.
In order to retain more customers – particularly Gen Zers and millennials – when it comes to big-ticket purchases, Amazon will be offering more point-of-sale financing opportunities. Amazon may even enlist third-party providers in order to minimize the financing risk.
Please give us a call, if you find yourself overwhelmed by these technology predictions and need help determining which one(s) to incorporate into your business!
At ActionCOACH Team Sage, we are passionate about sustainability – the sustainability of small businesses and the sustainability of the earth. We love rolling up our sleeves, getting our hands into it to invest in our local community and abroad. And now we can organize and track our efforts thanks to two powerful organizations – the United Nations and B1G1 – Business for Good. As we move forward in 2020 and deepen our commitments, we’d love to share the lens we’re looking through.
What Are The UN’s 17 Sustainable Development Goals?
In 2015, the United Nations named 17 sustainable development goals, a brief description is “The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate change, environmental degradation, peace and justice. The 17 Goals are all interconnected, and in order to leave no one behind, it is important that we achieve them all by 2030.”
Below is a list of the 17 UN Sustainable Development Goals:
- No Poverty
- Zero Hunger
- Good Health and Well-being
- Quality Education
- Gender Equality
- Clean Water and Sanitation
- Affordable and Clean Energy
- Decent Work and Economic Growth
- Industry, Innovation and Infrastructure
- Reduced Inequalities
- Sustainable Cities and Communities
- Responsible Consumption and Production
- Climate Action
- Life below Water
- Life on Land
- Peace, Justice and Strong Institutions
- Partnerships for the Goals
How Are Businesses & Organizations Supporting the UN’s Goals?
B1G1 embraces these goals as a fresh way of looking at the projects they endorse. Each project listed on B1G1 contributes to one or more SDGs. ActionCOACH Team Sage is proud to partner with B1G1, a social enterprise and non-profit organization that embraces these goals! This globally impactful program resonates with us as our entire mission revolves around improving the world through the context of small business. These sustainable development goals are an inspiring and useful way to organize our efforts.
Our Role In Making A Difference
As Coaches we love to celebrate both ours and your successes and at Team Sage we have so much to celebrate! When we work with the B1G1 platform, they track our impacts. For example when we bring on a new client, we give two goats to a rural family, generating a year’s worth of sustainable income.
As of today, B1G1 has identified 160,237 impacts ActionCOACH Team Sage has generated! We are humbled to know that while we are making a difference at home, we are also making a difference around the world. While we give to many projects at B1G1 the UN Sustainable Development Goal we’re operating through in working with our clients is #8. And we are not alone in this effort. Here are a few stories of businesses committed to the UN’s Sustainable Development Goals:
Examples Of Other Businesses Who Are Making A Big Impact Too!
Goal 1: No Poverty
Indigo Drones in Costa Rica provides aerial data to farmers. Their mapping and crop monitoring services help farmers to improve yields, reduce waste and reduce fertilizer overuse.
Goal 5: Gender Equality
HERproject educates women in the arenas of financial inclusion, gender equality and health, cultivating improved financial and family planning practices for more than 800,000 women in 14 countries.
Goal 10: Reduced Inequalities
SevaExchange is a platform that reinvents time banking services for the modern digital economy, incentivizing otherwise undervalued work.
Goal 12: Responsible Consumption and Production
Eletrobio is an online platform allowing users to donate, buy, or sell used electronics and components. By prolonging the life of products, resources are conserved and electronic waste is reduced.
Ready To Make A Difference With Us?
We would love to share with you more about our sustainability experiences! Connect with us at 305.285.9264 or email us at email@example.com. To learn more about B1G1 – Business for Good, check out their website here!
According to AARP, one of every six U.S. employees serves as a caregiver for a relative or friend, devoting at least 20 hours per week providing care.
Why is Supporting Caregivers Important for Business Owners?
As a business owner, this is an important employee circumstance to think through. Supporting your caregiving employees is central to employee retention, and employee retention is a vital contribution to productivity.
Caregiving Responsibilities Are on the Increase
As life spans increase, so do chronic illnesses and disability. Soaring costs and increasingly difficult to navigate systems of healthcare and insurance are translating to an increase in caregiving from family and friends rather than professional clinical settings.
It takes something to balance one’s own career efforts with caregiving responsibilities.
Your employees may be responsible for caregiving activities ranging from administrative help like organizing doctor’s appointments or transportation, to hands-on care such as assisting with bathing, eating, dressing and more. Some caregivers take on skilled medical services like administering injections and caring for wounds.
The increase in working people providing caregiving is a universal reality, leaving no industry, profession or business immune.
Caregiving and Workplace Productivity
Caregivers may require flexible work hours, or to engage in phone calls to coordinate care and need to run errands during typical business hours. They may also experience significant anxiety and stress related to the circumstances which can impact them both personally and professionally, especially if they’re concerned about losing their jobs because of these additional demands on their time.
All these factors can put a lot of pressure on employees. Some may drop out of the workforce entirely, while others may dial back their efforts and ambition. Some employees may succumb to chronic illness, depression, loneliness and social isolation – even substance abuse making matters worse.
Caregiving Employees Need Real Support from Management
Employees need to know that management supports them during this challenging time and As a business owner consider implementing policies which ensure that caregiving employees feel fully supported, and that caregiving employees will not be penalized with negative attitudes, such as assumptions that they are less committed to their jobs and responsibilities.
7 Key Ways To Provide Meaningful Support for Employee Caregivers
- Establish an Employee Assistance Program (EAP) with caregiver resources.
- Actively embrace the Family Medical Leave Act (FMLA), help employees understand its provisions, and assist them in completing forms.
- Offer paid family leave and flexible paid sick days or time off which they can use to care for their relative.
- Maintain an up-to-date caregiver resource list, including directories of home care agencies, community-based services such as adult day care, financial planning and elder law assistance.
- Establish a health advocacy/navigator program for employees and their parents/dependents. These outside vendors assist with selecting doctors, scheduling appointments, getting second opinions, resolving benefits issues, and explaining diagnoses.
- Establish in-house stress-reduction programs to help caregivers who are dealing with burnout or anxiety. This could include onsite yoga, meditation, or massage, or discounts for such modalities.
- If our company is large enough consider an In-house support group for caregivers, led by experts or fellow employee-caregivers, to help employees share resources and mutual support.
As business leaders there is a business case for providing these resources and considerations to our team proactively. And the reality of it is, I’m personally living this right now as are many of my clients and their team members. Creating an environment where people know that they can weather the inevitable crises that life brings without worrying about how to pay the bills or losing their jobs is good business and humane.
If you want to find out what other strategies you can put into place to help retain key employees, please give us a call at (305) 285-9264. We’re here to help!
As I set up for the Q4 planning session with my client and her team, there was something unusual in the air – a kind of buzz. Typically, when I work with them on their quarterly goals, the team meanders in. On this particular day, however, they were eager to get started. My client and her team had achieved EVERY SINGLE ONE of their quarterly goals for the first time in years. They’d knocked it out of the park and they couldn’t wait to share that with me!
You see, most times at these quarterly meetings, we’d go over what got accomplished (typically somewhere around 50%), what didn’t get accomplished, what didn’t work and what displaced their word. We’d clear the space and reset the energy. Then we’d discuss what to carry over into the next quarter and what else they wanted to achieve. You might be tempted to think that this is a slacker team but that couldn’t be further from the truth. This is a high-performing, world-class interior design firm of very talented people.
At our last planning session, we did something very different. The team committed to taking on realistic goals in light of their workload and they self-selected teams using their Clifton’s StrengthsFinder results. They were intentional about forming teams with members that would complement one another’s natural talents and strengths. Then they went to work on the initial steps they needed to accomplish in the first week of the quarter and scheduled time to work together for 45 minutes each week on their goals.
Teams that focus on strengths every day have 12.5% greater productivity. (Gallup)
When I drilled down a bit deeper into what they believe had made them so successful, they said they operated above the line with ownership, accountability and responsibility and gave up blaming, excuses and denial. They had a display that showed the teams, the goals and where they were each week and at their weekly team meeting, they shared the status of each goal. In short, with the display and weekly communication, they kept the game alive over time. They had well-formed teams and they had realistic goals that they committed to and that were meaningful to them. The excitement in the room was palpable. Something had shifted for this team in a very positive direction! It was a proud moment for this owner and a proud moment for me as well.
Employees whose managers involve them in goal setting are 3.6x more likely than other team members to be engaged at work. (Gallup)
There’s a lot we can all learn from the story of this interior design team! If you’re looking to transform your annual and quarterly planning process into one that really works and generate momentum in a more positive direction, schedule your complimentary business health check and be sure to check-out our team engagement services!