The Business environment- a marketplace, which may be virtual or physical where the exchange of goods and services takes place. This holds a monetary transaction being the crux of the transfer and unilateral payment interfaces. The components of a business environment are both internal and external elements.
Following are some of the innovative business ideas that can be adopted by a business model-
Investment in socially impactful sectors
Investment options should become varied if you are to survive the sea change that 2021 will undergo. Create a varied portfolio for your investment options. It should not stick your funds to one particular sector. It may lead to redundancy of your funds upon the arrival of difficult times. Investors should be aware of the social and economic impacts that a business module may have on the functioning ecosystem of society.
Usage of solar energy by setting up a production unit
A production unit must be set up to navigate the power surge sources of Solar Energy so that the energy generated can be converted into other forms of energy sources and can thus be used for large scale manufacturing, construction, and industrial activities. A Solar Power Unit or a business organization must be set up which would primarily use Solar powered cells to harness the solar energy, ensure and establish an adequate storage environment, and would also be able to set up a distribution unit which would help in the segregation of the energy resources among the various sectors.
Create an energy supply control unit of a business model
A business model henceforth would only generate viability and benefit in environmental functioning if it is capable of generating a significant quantum of alternative means of energy. For this process to materialize you would require the creation of an energy supply control unit in each office environment. For example- In an office set-up where more than 100 employees are working, the office space required is large and thus the electricity expenses associated with the office are also huge. To curb the electricity bill the office environment may utilize the energy generated by the energy supply control unit and thus regulate the functioning of the office systems through the use of this alternative source of energy.
Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic
Digital Marketing
With the growing digitization, marketing has become more advanced. Today, we can see new updates on digital marketing in terms of search engine optimization, social media marketing, PPC marketing, content marketing, and more. Digital marketing help business with the maximum reach and traffic to sell their services/product at affordable pricing.
The building of internet infrastructure
The way the business models have evolved, it is imminent that business structures would become highly dependent on the functioning of the Internet as a proper bandwidth would be responsible for sealing business deals rather than physical interaction with the prospective consumers. Thus a company must be active on the Internet, building a foundational base of software infrastructures that would not only strengthen external business communication but would also develop the internal interaction module among the employees of an organization.
E-Commerce niche store
A well-maintained E-Commerce niche store must be set up to identify the areas. It help in modifying business aspects and bring growth in the transportation. E-Commerce models utilizes internet applications for the majority of transactions. This would become important for bringing about conceptual growth and diversification of the business module.
Development of warehouse/inventory management system
One of the most critical functions of new business models would be to develop a viable Inventory Management System. It stores surplus goods and help in rationing them during crisis and shortage. Warehouses should be constructed in each business workspace to encourage this form of management.
Doorstep delivery system
The threat of the impending virus spread still looming large in the psychological makeup of the individual. It can be critical to establishing a doorstep delivery system. The consumers can order goods and services remotely and would be delivered to the postal address.
Mobile payment interface
Finally, the online payment for goods and services through UPI and Mobile Wallets should be encouraged. It reduces the physical exchange of monetary currency and bring about safety in economic transactions.
Conclusion
In conclusion, the world of business is expected to undergo rapid changes in 2021. Fasten your seat belts and get ready since it is going to be a bumpy yet exhilarating ride with business models adapting to sustain in the market.
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