Experts in the commerce industry shared with Fin24 journalist Carin Smith the fact that education and training are going to be two of the biggest challenges in the future. By tending to these two elements business owners might be able to stay ahead in 2020.

It has become evident according to the experts that you can not merely complete a single tertiary academic course and expect to be financially set for the rest of your life. According to Valérie de Corte, alumni director at Ecole Hôtelière de Lausanne (EHL), a hotel in Switzerland that has been a leader in the hospitality industry for the past 100 years, training and education is of cardinal importance in all industries.

A way in which companies can ensure long term success and growth is by offering their employees refreshment courses as well as the chance to develop new skills.

Millennials and business growth

The millennial generation will be the decision-makers of the future and according to de Corte, it is important to focus on their work method. A method which is ever-changing and fast-paced because there are no boundaries to the vision of millennials. Something that is at the centre of millennial interaction is the value attached to the ‘human factor’. And by ensuring that an individual is continually developing their skills, businesses will be able to reach success because chances are slim that employees stagnate in their positions.

Gender equality

According to de Corte, gender equality is another important issue African companies ought to change, stating that: “ Africa still lags behind on this front and would have to push hard as a priority to catch up.” Research done by Development Economics on behalf of Facebook found that if all South African women who have a need to start their own business did so, the country’s economy will be boosted by R175bn by 2022.  Creating in a time span of 5 years approximately 972 000 jobs. Another possible contribution to the economy could originate from extensive use of technology which is supported by the trend of ‘lifelong learning’.

It is the most effective way of reaching success as an entrepreneur. Continuous learning provides entrepreneurs with a way of keeping abreast with new trends and methods in commerce.
According to Fin24, it will be beneficial for female entrepreneurs to take advantage of online courses like Microsoft’s Professional Programme. As well as Future Females Business School and GirlCode, an entity empowering women through its SMME Accelerator, workshops and training programmes in software development. All these development programs will help to assist business owners with staying ahead in 2020.