2020 hasn’t got off to a great start so far, a lot of companies in different markets are facing difficulties and we don’t even know if or when things will get better. But, there are still some Small Business Trends that can help you and your company get in the right direction.
As a businessman, you’ve definitely had to adapt to change recently, and you’re not only continuing to thrive, but you’re still seeking ways to win in extraordinary times. One of the greatest ways to achieve a competitive advantage is to remain on top of trends so that you can build new opportunities and stay on top of your rivals.
With that in sight, there are five small business trends that all entrepreneurs must follow in 2020 and beyond.
Employee health and well-being will be a priority.
With the struggles that most of us face during the Covid-19 disease outbreak, now more than ever is the time to give priority to the health and well-being of your fellow teammates. There is no doubt that this phenomenon will likely continue for the remainder of the year and beyond — the best talent will actually expect nothing less.
Evidence has shown that engaging in the health and well-being of workers will keep them active, highly motivated and successful. It could also help your company’s bottom line.
The most logical starting point is to make it possible for the staff to work from home well beyond the social distance criteria. If that isn’t an option, at least provide more flexible job schedules so they can then possibly spend time with their children or make the doctor’s appointment.
Artificial Intelligence will keep changing the world of business.
AI has changed the world. It could be used to withstand cyber attacks, and Artificial Intelligence and machine learning could help you manage your staff’s schedules, especially if they change workspaces or activities regularly. Artificial Intelligence could also help decide when you will have meetings by analyzing past records, observing how staff in your company spend their time.
Further than that, this tool can automate tedious and repetitive activities, help with the recruiting process and boost the analytics so you can gain advantages.
Mobile marketing is going to be used more effectively.
“Mobile is a trend that is expected to expand in 2020 even well into the future,” Kalin Kassabov wrote in his recent Inc.com post. It couldn’t ring realer with the pandemic going on and people becoming more linked via their smartphones. In reality, in the next year, it is estimated that there would be 3.8 billion smartphone users globally.
Kassabov advises that you take full advantage of mobile prominence by using “geo-targeting to deliver targeted advertisements to clients who are close to your business.” Another alternative is to make an app for your business that allows you to share promotions and new updates with clients.
Kassabov also states that you may also use SMS or text advertising to keep in touch with your clients should they want to do so. Besides expanding the offer, you should motivate them to make mobile transactions.
You could also use phones to tell a story or livestream videos from your company’s social media. Doing this would help make the company more accessible and reach the video-hungry audience. Mobile marketing is definitely one of the main small business trends this year.
Younger customers are going to launch World War Z.
Generation Z, people who are born during 1995 and 2012, now outnumbered Millennials. Not only do they graduate from college and enter the job market in an unprecedented period of time, and they also represent a huge potential audience. As such, you have to appeal to their particular tastes and beliefs if you want to see your fan base expand over the next decade.
On the basis of my findings, Gen Z seems to want companies to be socially aware. Gen Z members should be more inclusive and diverse. They look for opportunities to learn; even if they are highly tech-savvy, they still enjoy old-fashioned face time with each other. Trying to capitalize on these desires can not only make the business more appealing to Gen Z members, but may also make it more creative overall.
Now it is time to get cashless.
It’s not necessarily a new idea, but the amount of non-cash transactions continues to increase with each passing year. Among 2016 and 2017 alone, there was a 10% rise. With the pandemic going on, I expect that digital transactions will only keep increasing this year.
It’s not to claim that there are no obstacles. Any future cash-loving clients can be removed. You do need to be worried about fees, and there are questions about privacy. Plus, before you make any sudden movements, you’ll want to acknowledge local laws. New York City legislators, for example, signed a bill last January to prohibit cashless companies.
Change is necessary, but it does not have to be bad at all.
Even though you are hosting an e-commerce website, you might want to extend your payment model choices by taking payments through Amazon Pay, PayPal, Google Pay, Apple Pay, Square, Stripe, or even digital currencies. In addition, explore options that enable your customers pay via message. According to one survey, 35 per cent of clients are interested in this alternative, but only 4 per cent of companies offer it.
Change is necessary, but it does not have to be bad at all. Although not all of these developments can help your company during this specific period, it is worth pursuing if you like to see growth — both in the short term and in the long term. So we advise you keep an eye for these 5 small business trends.