As the COVID-19 pandemic still hits hard
within the UK, we are now beginning to see a glimpse of light through the
tunnel, enabling many business owners to be hopeful about future plans and also
how this has transformed their mindset when it comes to their business workflow
and management.

In this article, Forbes Burton
are here to help business owners reflect on their own potential success from
the pandemic, but also help in terms of where companies may be struggling due
to COVID-19.

The pandemic is beginning to impact the UK
less, but it is still present.

What
Should I Do As A Business Owner With My Revenue?

If business owners haven’t already, then need
to highly consider transforming their revenue profile, which can actually be
done with simple tweaks to your business workflow.

Reconsidering how your business works is
extremely beneficial, as this can help position yourself for financial comfort
for the long term and stay ahead of your competition.

Here are some techniques that can be easily
implemented into your business

Your
Colleagues Matter

If you have a business that consists of happy
workers, then you are going to receive maximum productivity.

Whether you are working from home, furloughed
or back at your business premises, take the time to include encouragement and
check-ins to help boost your staff’s productivity and maintain a higher sense
of normality and communication. This could be completed through a daily or
weekly check in, where you can review on every individual, as well as the
prospecting areas of your business.

Adapt

Many companies at the moment will need to
rethink the whole of their operational model, basing on how best people work.

As many people have now had to adapt, you may find
that productivity has increased massively since they have been at home. In
fact, it is becoming more widely known that new, remote based sale models are
proving to be more effective.

Furthermore, considering more remote workers
within your company, could mean a higher opportunity for recruitment, without
the additional costs in terms of business space and expenditure. Plus, these
people are the vital step you need to further progress your presence and
overall income from sales and work output.

Never
Stop Being Organised

Identifying and prioritising your revenue
opportunities is vital, no matter the circumstance of your business.

It is important to identify the primary
resources of your overall revenue, and take the leap of faith with the ‘now or
never’ move, as this pandemic can actually be the perfect opportunity to try
different techniques within your business.

For example, you could decide to launch more
targeted campaigns that can enable the wins of repat and loyal customers, as
well as developing areas that can target new areas of your business, changing
around prices and promotions for increased interest, finding areas where your
business can grow and providing increased flexibility to your workforce and
payment terms.

There are countless ways you can transform
your business, so why not take this opportunity to transform your business
model for the better?

Be
Urgent

During this current pandemic, it has made
business owners realise the full potential of their workers, as well as releasing
how important it is to keep on top of their mentality and workload.

As a business owner, if you maintain that
sense of possibility, then it will ensure a great, competitive advantage, as
well as seeing your workers complete tasks faster and better than you ever
dreamed of before, with the push of possibility and positivity.

I Think
There’s Potential Changes That Might Improve My Business – What Should I Do?

Successful companies take a chance with areas
of their business, but you need to make sure that if you are considering any
changes, then they are fully researched, discussed and approved within the
whole of the operations and top-tier side of the business.

With the adaptation of certain companies, it
has created a whole new level of visibility, agility and customer connectivity.
So, the questions you need to ask yourself as a business owner whilst
considering changes is: How can our performance maintain its current flow, or
how can it be improved? What is the new normal? What ways can we reinvent our
company and the way we work?

Is
Changing The Work Pattern From The Office To Home Balance A Good Idea?

In terms of more office related businesses,
you may find that either your workforce has decreased or increased in
productivity. However, many businesses have actually found that since their
staff have been working from home, it has increased their overall working speed
and mentality, as in some cases it does provide a higher sense of freedom in
terms of travel costs and time etc.

If you have full trust in your company then
why not incorporate a more home and office balance? As this will not only
provide a higher sense of freedom from your staff, but it will also help them
maintain a better mentality, which in turn will increase in productivity and overall
increase in sales and revenue.

Is
Digital A New Way Forward?

In terms of general digital use during the
pandemic, many business owners and employees have realised the easy navigation
and use of video calling software. Which, is now said to be continuously
popular after the pandemic is over, due to it creating easy meetings in terms
of clients and customers who may be located further afield.

Also, with adaptations of companies during
COVID-19, it is now more apparent that incorporating new data and creating now
models for real-time decision making is on the increase, alongside using
analytics that need to be reevaluated constantly now and should carry on to be
after the pandemic.

It is also good for companies to improve their
IT productivity in terms of lowering their cost base and funds, with the use of
flexible digital, solution developments. This consists of reducing IT related
costs where you can, involving future implementation of IT-product platforms
and establishing roles that can sustain this and upgrade your organisation
model.

What To
Reflect On As A Business Owner Currently

For a majority of business owners, this
pandemic is currently difficult to deal with, but is now beginning to ease.

It has never been so important to focus on the
future and seeing ideas that can help you outgrow your competition once the
pandemic is over, or at least extremely minimised.

In terms of coming out of this crisis, every
business should always answer the important questions about their growth and
look at new prospecting areas that can help them grow, for example,
relationships over digital platforms, adapting to the new technology based
business models and encouraging the importance of possibility.

Blockchain technology itself has become a revolutionary breakthrough in many industries and especially among financial institutions. Although the adoption and use of the technology will require some time and effort, the blockchain can bring a considerable number of advantages to a traditional business. According to many experts, almost all markets that use a significant amount of daily operations will be able to get the maximum benefit from this promising technology.

What does the future of the high-tech look like?

To roughly imagine the level of influence of this technology in everyday life, it is best to consider the prospect for the next 10 years. Currently, companies are striving to create the maximum level of security and provide instant data processing speed. Therefore, it will be most rational to look at those types of businesses that are already ready to apply the innovation from a revolutionary technology. Secure advanced technology is one of the conditions of industries’ growth, credibility, and survival. AI in finance has the greatest potential. Implementing AI and machine learning lead to improvements to routine processes like making credit decisions and minimizing risks. 

Using digital ledger for large tech companies

Perhaps the most promising area of technology development in 2020
is the implementation of Blockchain as a Service (BaaS). Put merely, BaaS is a
universal cloud service that offers startups and existing businesses to create
their own digital products based on blockchain.

If it comes to financial transactions, then it can be:

• Smart contracts.
• Decentralized applications.
• Other types of services that require detailed configuration of the process infrastructure based on the Blockchain.

Applying the technology in online casinos

Using cryptocurrency to deposit funds on the Bitcoin gambling sites is one of the main trends in 2020. Please note that players can now reload their accounts using Bitcoin or Ethereum and manage their finances with a high level of security. As a result, the user can be entirely sure that the data on financial transactions or personal information will not be available to third parties. Moreover, the deposit operation will be carried out without any interruptions.

Active development of Federated blockchain market

Today, experts classify blockchain technology as three main
groups:

• Private.
• Public.
• Federated (Hybrid).

The most relevant and promising area is Federated blockchain. This
is a modernized form of the standard blockchain model, which has more precise
settings depending on the scope of use.

Using the high-tech to solve problems of social networks

The number of social networks users is only increasing annually.
In 2019, more than 2.77 billion users around the world were active participants
in the most popular social platforms. However, along with an increase in the
number of users, developers began to face problems that were associated with
violation of confidentiality, copyright and fake news.

One way or another, the owners of social networks have come to the
conclusion that the use of blockchain will become one of the main trends that
will be actively introduced in 2020. Using this technology can ensure that data
published on social networks exclude tracking or duplication, including after
its deletion. On the other hand, followers will be able to witness a higher
level of security
of personal data.

Unhindered use of digital ledger in financial markets

Unlike most traditional businesses, financial companies and the
banking industry were among the first to see the incredible benefits of using
blockchain. The point is that a financial institution does not need to
radically change the bulk of the processes to use the technology.

Having received very positive reviews about the use of blockchain
in the sale or exchange of crypto, even conservative banking institutions began
to think about introducing the technology into everyday activities. Using
blockchain for financial companies will allow:

• Provide faster international transaction speeds.
• Improve the security of financial and personal data.
• Reduce the level of bureaucracy and so on.

Using revolutionary technology for data identification and
electronic key management

Blockchain technology can also be used for faster identification
of a user. This applies to such parameters as adulthood, the presence of a
driver’s license or the right to own a particular cryptographic key. For the
blockchain technology, each person can be represented as an asset that has
specific data. The safe storage of such information, and instant processing of
the verification process, demonstrate significant prospects for the development
of the blockchain in this field.

Integration of the distributed ledger with artificial intelligence

Like blockchain, AI has become a real breakthrough and continues
to amaze the world with its prospects and application possibilities. Combining
these two areas, experts plan to improve the blockchain technology using
appropriate applications. The use of artificial intelligence will help make
blockchain simpler and more understandable, especially when it comes to machine
learning.