Challenges for Monaco established businesses in 2020

 January 14, 2020



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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 and political changes in particular.

Political changes

2020 promises to be an exciting year in global politics, from the impact of Brexit to the United States presidential election in November. 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 “rendez-vous” added to all virtually unexpected and unforeseeable political changes would definitely represent a challenge for Monaco established businesses in 2020.

 Other 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 2020?

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 2020, 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 2020. 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.

Do you have a question?

Monaco Wealth Management is working with the some of the most experienced advisors in the Principality of Monaco.

Since 2010 we gained a member base of 9,000 Monaco residents, and our trusted partner, VK*P business advisors have over 3,000 people informed and guided on business and residency matters. If you have any questions about Monaco residency, business formation or business development we are happy to assist you in English, French, Italian and Spanish. Please feel free to contact us.

E-mail: hello@vkp.mc

Website: http://vkp.mc

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