Growing a business and achieving lasting success is not easy, especially in an era where the economy is unpredictable and changes occur constantly. Factors such as people, society, technology, and even unforeseen global events have a direct impact on trade, imports, exports, and stability. Therefore, entrepreneurs and business owners must be prepared to adapt to these changes at all times, particularly in the following 5 businesses that will require increased effort and strategies to survive through 2020.

1. Manufacturing Businesses

Many have likely heard about the significant layoffs from various factories at the end of 2019. Unfortunately, in 2020, we haven't heard much good news. Many factories are still planning organizational restructuring until the end of next year. Small factories are suffering from the economic downturn, while large factories are struggling with a historically strong Thai baht and competition from production bases in other countries that seem to have an advantage over Thailand. We have yet to see supportive measures from the government, and neighboring countries appear to have various advantages.

2. Medium and Small Retail Businesses

The retail sector is currently in an exciting state. Besides the economy making many reluctant to spend, large foreign companies are opening online stores in our country. Small retailers with weak customer bases are gradually closing down. However, those who manage their customer relationships well and execute excellent marketing strategies will continue to thrive.

3. Tourism Businesses

The tourism industry is another vital sector in our country. Previously, we captured a significant market share from Chinese tourists. Meanwhile, Chinese tourists are exploring new travel destinations, such as Europe and Japan, which have implemented concrete measures to accommodate them, such as public transport in Japan offering services in Chinese. Nevertheless, our tourism still has strengths, but it may need promotional measures to stimulate growth, which could return more easily than expected.

4. Educational Institutions

Educational institutions seem to be the strongest group. However, the growth of technology has made learning and education more accessible. Many affluent families are beginning to prefer home schooling or personalized education for their children, which is a modern educational trend that is growing and causing challenges for schools and universities worldwide. For instance, in the United States, universities are closing down every year. Educational institutions must meet the needs of career preparation and knowledge acquisition.

5. Businesses Overly Dependent on Social Media

Social media has played a significant role in business in recent times. However, the number of followers has also grown, making it increasingly difficult for users to create sales trends in 2020, leaving only genuine entities. Therefore, businesses that rely heavily on social media must establish a clear business foundation, maintain high standards for their products or services to survive, and uphold a trustworthy work philosophy, as those who manipulate trends will gradually fade away.

SOURCE : www.dooddot.com