Challenges for Monaco established Business in 2021

15 January 2021


Being the 2nd smallest country of the World (situated just behind Vatican City), Monaco has to be, by definition, looking towards the outside, the international in order to survive and blossom. Hence, for example, the 139 nationalities represented in the Principality of Monaco.

Being very international oriented makes Monaco and its entrepreneurs very sensitive to international evolution, political changes or sanitary crisis such as the Covid-19 crisis completely disturbing last year and the beginning of 2021 so far.

Should this article talk about Covid-19? As a matter of fact Covid-19 has been more than a challenge in 2020, and will remain as such for 2021 for everybody, not only entrepreneurs and more precisely Monaco established businesses. Lots of literature has been written about Covid-19 and its impact on global, national and even regional economy and eco-system.

This is why we decided that this article should focus on other aspects, other challenges, those that would last and outlast (hopefully) that Virus. The article you are about to read will focus on international political changes, on evolving customers’ expectations and on the necessary limitation of the use of communication tools.

Interested ? Let’s get started

 

Political changes

Whilst 2020 was the year of big changes in global politics : confirmation of the Brexit and election of a New US President to name only the two most resounding, 2021 should be the year in which those political “shifts” would have a real impact. Good or bad, only time will tell.

An uncertain political climate can often impact business, as it can lead to fluctuations in the economy that can affect things like consumer spending. Those two major political evolution added to all virtually unexpected and unforeseeable political changes would definitely represent a challenge for Monaco established businesses in 2021.

A new international trend lies on new customers’ habits and expectations. The ever-increasing use of smartphones has revolutionized the way people consume with that, customers demand fast responses to inquiries and concerns. How does it represent a challenge for 2021?

 

Customers Demand Fast Responses to Inquiries and Concerns

Small businesses must be able to maximize opportunities to convert leads into sales.

According to recent studies, companies typically only have five minutes to reply to inquiries or else the chances of getting in touch with a prospect drastically decrease. Active support channels such as live chats, allow companies to instantly answer inquiries and engage customers.

For our last challenge we decided to address for 2021, please allow us to contradict ourselves. How? Why? By suggesting you to limit the use of communication tools while we just wrote above that live chats and other support channels could help you to build and increase customer loyalty.

 

Limiting the Use of Communication Tools

Most people you meet online and offline, will tell you the benefits of communication tools and they are right too. Communication tools have their advantages but if you go overboard with its use, they will start to cast negative shadow on your productivity.  Use them as what they are: a tool, your tool and make sure not to become their slaves …

To conclude, those are obviously and unfortunately not the only challenges entrepreneurs will face in 2021. Most importantly, everyone of us, entrepreneurs will have to address different levels of challenges: global international challenges, global national challenges and specific challenges directly linked to the core activity of the business. Lots of challenges but lots of possibilities and opportunities as well. Let us remember that well addressed and managed challenges always become opportunities and clients.