Four things businesses need to survive in today’s world

four things businesses need to survive in today’s world Bachelor of Commerce Honours

The world around us is constantly evolving. If you’re in the middle of a Bachelor of Commerce Honours degree, you’ll know that this presents a few interesting changes for modern businesses. In order to thrive, organisations need to adapt and embrace the characteristics of a dynamic world.

From business management to updated branding and even leadership, there are a few things that corporations need if they’re going to make it in the modern context. We’re venturing into this below.

An understanding that branding is everything

When every brand has an identity and they’re all competing for the same audience’s attention, businesses need to do all they can to stand out. Those studying a Bachelor of Commerce Honours will know that a “brand” is what an organisation sells to the world. This means that it needs to be easy to identify and even easier to link to the business that it belongs to. Think of Coca Cola for example, you could see the colours or the logo and know straight away who they belong to and what they stand for. Through branding, businesses can set themselves apart, something vital for survival in a saturated market.

A strong focus on what customers and employees have to say.

Part of business leadership is controlling what is said and how things are said to those who come into contact with the organisation. From an employee and customer standpoint, social media has allowed each person to be an important tool for company marketing. This presents a certain degree of risk for businesses who don’t respond to complaints and provide effective feedback. Businesses in the modern context need to listen, think and then respond with great haste to shorten the window of opportunity for any negative press.

A commitment to flexible work.

This has fast become a true characteristic of businesses in the modern context. The wonders of digital and the ability to work remotely has led to more flexible working hours. This in itself has triggered a shift from inputs to overall outputs. In a nutshell, bosses are no longer looking at time spent sitting at a desk. Instead, they’re focussed on the quality of work that is completed regardless of where and when it is done. This approach helps to produce impressive end results and much happier employees. Although it should be noted that some businesses are resisting the adoption of flexible working hours. As a result, many are losing staff to companies who offer “flexi-time” structures that allow employees the best of all worlds.

An understanding of social media

Gone are the days where businesses could exist off the grid. Today, success can lie in the hands of social media platforms like Facebook and Instagram. Without them, companies can’t observe their competitors, engage with their followers and build greater brand equity. The promotional aspects of these platforms cannot be ignored either as brands fight it out for the attention of audiences around the world. It’s also an ideal way to get feedback, settle disgruntled consumers and conduct impactful advertising.

Modern success needs a qualification to match

The IIE Bachelor of Commerce Honours in Management was created to meet the demands of the modern business context. This means it’s a recognised and relevant qualification that helps graduates take life to the next level. If you’ve got aspirations that involve making your mark on the world of business, why not make sure you’re qualified? To stand out, get noticed and take life to the next level, please click here to visit our website and learn more.

Varsity College is an educational brand of The Independent Institute of Education (The IIE). South Africa’s leading private higher education provider that’s registered with the Department of Higher Education and Training and accredited by the British Accreditation Council (BAC).

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