Small businesses play a crucial role in world economy. Only in United States you can find more than 30 million businesses and lots of them are of course small businesses. If you are a small business owner you need to keep up with the latest small business trends in 2020 so you can serve your clients efficiently and grow your sales.
Although the Covid-19 pandemic has hit a lot of businesses all over the world, but there are still a big part of small business that expect their sales and revenues to increase in 2020.
In this article, we will expose the top eight new trends that small businesses like you can concentrate on and discuss how these trends will help you grow.
The Top 8 Small Business Trends:
Automation apps will level the field of play
While automation and robotics is still emerging, small business owners are becoming extremely interested in it. Whether it’s for accounting, database management, email marketing, customer support, or any amount of business procedures, due to automation techs, these days entrepreneurs do more with less. Besides these advantages, automation could also generate 58 million new jobs by 2022!
Artificial intelligence (AI) and other automated techs may seem too “large” for your company but engaging with them will help you simplify complex processes and improve revenue for your company. The odds are limitless!
Remote jobs will be the new standard
One of the small business trends of the 2020, is the growth of remote jobs. In the past, company owners and executives assumed they wouldn’t be successful if their workers weren’t working from the company location. However, evidence reveals it is just the contrary. An almost two-year Stanford research has found that remote workers are putting in a full day’s work or more! They bring in more effort rather than getting frustrated or inefficient, and they wouldn’t have to spend time going to the workplace.
If you’d rather be a successful boss, you must actually allow your staff to work from home for at least a few days each week. This agile, understanding approach will allow you all to save on expenses; you’ll pay less on running expenses such as water and power, and they’ll save on their travel. You’ll get a healthier, and more efficient working atmosphere for doing so!
Go cash free
In 2020 it will be more feasible than ever to launch a small company. Smaller and cleverer processes and processing techniques would lower the cost of operating a company. And, if you haven’t already begun your plan, now might be the best time to do so.
Also in places where the prices of enterprise services do not decrease, exposure to technology should improve. Plug-and – play apps on a cost-variable model would offer inexpensive connectivity to large-scale enterprise infrastructures, including for small enterprises.
It’s a truly great time to be a business woman! More women take on leadership positions these days, and over the last decade the gender gap over earnings has dramatically decreased. The gap is currently projected to close by 2021.
Another way in which females excel in business is their contribution to learning. At a higher pace than men, they enter and graduate from college and are projected to have a growing impact in the health, education, and service industries in the near future.
Experts in social media marketing will be crucial
More than 70 per cent of small businesses utilized social media in 2018, according to a Clutch study, and that figure is projected to rise over the next few years. Because of this it is important that the company is involved on channels such as Facebook, LinkedIn, Twitter, and Instagram.
You will benefit from recruiting a social media influencer, in conjunction with your own social media efforts. Such professionals are experienced in growing engagement rates and can use their thorough expertise to get your products or services to market. If you are serious regarding getting more attention on your social media campaigns, you might want to research about influencers in your sector.
Generation Z will help with the growth of small businesses
You’re most likely informed of the need to consider the millennials and engaging with them. However, in the coming years, the next generation is expected to take over. Gen Z are true and pure digital natives, so it’s critical that you take a look at them in your buyer persona.
Gen Z contains 86 million individuals and is anticipated to account for 40 per cent of all customers by the end of 2020. Moreover, they have now contributed almost $44 billion to the US economy!
In order to utilize these consumers, you must assess your hiring policies and recognize how you interact with the talents as this new generation tries to enter the labour force. If you are building a sales department or recruiting strategic talent, 2020 is the start of Gen Z ‘s workplace invasion, and your company must better be ready.
The Freelance Job Economy will keep growing
These days more than ever before, experts are beginning their side hustle to increase their income or generate revenue from their hobbies. Popular side hustles, for example, involve working for Lyft or Uber, selling handmade art on Etsy, tutoring or teaching skills.
Doing a side hustle can be incredibly profitable as the contract labour market contributes $715 billion annually to the economy. Even if you don’t own a small business right now, launching your enterprise as a side hustle might be a perfect way to begin as an entrepreneur. Many successful entrepreneurs and CEOs, while still working on their full-time careers, began their company as a side hustle. This will help you to get your company started, without compromising your existing income stream.
Technology is going to help companies enhance customer service
It is crucial to make it as simple as possible for your clients to contact you when taking into consideration customer service. They are stressed and are keen to get fast answers. Happily, technology makes satisfying the customers better than ever before!
As per Nextria, 57 per cent of consumers would like to contact businesses online instead of calling for help. The report, however, also showed that 40 percent of consumers also prefer access to voice-based customer service while coping with difficult problems including payment conflicts.
This research is a perfect example of why understanding of the client’s interests is so important. It’s crucial to strike a balance among technologies and conventional modes of customer service, but you can nevertheless make sure that you incorporate modern approaches.
The Bottom Line
To achieve success, business owners should be in-the-know about the latest small business trends in the market. The small business environment is still evolving, so if you take time to study and introduce new trends, in 2020 and beyond, you’ll be ahead of the competition!