Top 8 Upcoming Small Business Trends That Will Impact Growth for 2020
Since 67 per cent of small businesses expect their profits to rise throughout the remainder of the year, small businesses ‘ outlook looks promising. 2019 is already halfway over, though, and you should start planning and contemplating next year’s strategies.
We’re going to reveal the top eight emerging trends in this post that small business owners like you should pay attention to and explain how these trends can help you grow.
The Top 8 Upcoming Small Business Trends:
1. Automation Software Is Leveling the Playing Field
While automation technology is still evolving, small business owners are becoming increasingly popular with it. Whether it’s for accounting, data entry, email marketing, customer service, or any number of business processes, it’s because of automation that entrepreneurs achieve more with less. Automation could generate 58 million new jobs by 2022 as well as these benefits!
Artificial intelligence (AI) and other automated technologies may seem too “big” for your business, but investing in them can help you simplify intensive processes and increase the sales of your business. There are endless possibilities!
2. Remote Work Will Become the New Norm
Business owners and managers in the past believed that they would not be productive if their employees were not working from their business location. Yet research shows that the opposite is true. A nearly two-year analysis of Stanford found that remote workers are putting in the work of a full day or more! Rather than being distracted or unproductive, they put in more effort and don’t have to waste time travelling
3. Go Cash-Free
It will be more affordable than ever to start a small business in 2020. Smaller and smarter systems and production methods can reduce business running costs. So, if you haven’t started your company yet, it might be time to do it now.
Even in areas where the cost of business infrastructure is not declining, accessibility to technology will increase. Plug-and-play apps and a variable cost base will provide affordable access to large business infrastructure, even for small businesses.
4. Women in Business Will Thrive
Now, Being a woman in business is an exciting time! Many women assume leadership roles, and over the past decade, the gender gap in earnings has dramatically narrowed. This gap is currently expected to close by 2020.
Another way for women to flourish in business is their commitment to education. They enter and graduate from college at a higher rate than men, and in the coming years, they are expected to have a growing presence in the health, education and service sectors.
5. Social Media Marketing Experts Will Be Key
More than 70% of small businesses used social media in 2018, and this number is expected to grow in the coming years. This makes it essential for your business to be active on platforms such as Facebook, LinkedIn, Twitter, and Instagram.
You can also benefit from hiring a social media influencer in addition to your independent social efforts. These professionals are specialized in increasing engagement rates and can take advantage of their extensive attention to attract attention to your products or services. If you want to get more eyes on your social media marketing efforts, you might want to help study influencers in your industry.
6. Generation Z Will Add to Small Business Success
You’re most likely aware of the need for millennials to understand and participate. The next generation, however, is set to take over in the next few years. Gen Z is true digital natives, and it’s critical that you look at them in your buyer’s men.
Gen Z is made up of 86 million people and is expected to account for 40% of all customers by 2020.
You will examine the hiring processes and understand how you pursue talent when this young generation joins the workforce in order to maximize this audience. Whether you are building a sales team or recruiting technical talent, 2019 is the start of the workplace takeover by Gen Z, so your company should be ready.
7. The Freelance Gig Economy Will Proceed to Grow
Now more than ever, to supplement their income or monetize hobbies, professionals launch their side hustles. Common side hustles, for example, include driving Uber, selling on Etsy home-made jewellery, and teaching skills.
And, if you don’t own small business at the moment, it could be a great way to get your feet wet as an entrepreneur to launch your company as a side hustle. Many successful founders and CEOs, while still working their full-time jobs, started their business as a side hustle. This can make it possible for you to start your company without losing your current source of income.
8. Technology Will Help Businesses Improve Customer Service
It is important to make it as easy as possible for your customers to contact you while considering customer service. They’re busy and they want to get quick answers. Luckily, technology makes serving the patrons simpler than ever before!
57% of customers would prefer to contact online companies instead of calling for help. Nonetheless, the study also found that when coping with complicated issues such as payment disputes, 40 per cent of consumers still want access to voice-based customer support.
This research is a great example of why understanding the needs of your company is so important. It is important to strike a balance between innovation and traditional methods of customer service, but you still need to ensure that you are implementing new approaches.
In order to achieve success, business leaders should be in-the-know about the latest trends in the industry. The small business room is always evolving, but if you take the time to study and implement new trends, in 2020 and beyond, you will be ahead of the curve! Howkya is one of the businesses that will help you stay updated with the current business trends. You will be able to clear your doubts with verified experts and mentors that will give you instant answers. Conduct your market research online with this easy tool.