Companies should keep an eye on key trends and new developments if they want to remain competitive and reach more success.
According to the US Small Business Administration, the 28 million small businesses in America account for 54% of all U.S. sales. The number of small businesses in the United States has increased 49% since 1982.
What are the key trends that small business owners should follow?
- On-Demand Business Models Will Become Widespread
Technology companies fulfilling consumer demand via the immediate provisioning of goods and services will become more common.
- New Loan Options Available to Small Businesses
Mobile wallets will become more widespread among retailers and will help them increase their payment options. Small businesses will have new options of getting loans through alternative lending.
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- More Millennials at Workplaces
Millennials are rapidly entering the workforce. Small businesses should focus on attracting millennials.
- Better Protection Against Cyber Attacks
Companies should implement safety precautions and ensure employees abide them. Sensitive information should be better protected.
- Niche Companies Will Have More Success
Small businesses should focus on creating marketing messages taking into account the needs of their niche audience.
- There Will Be More Competition in the E-commerce Space
The global e-commerce market is saturated, and the e-commerce will become more competitive.
- The Number of Freelancers Is Growing
Small businesses should see how they can benefit from freelancers. Since freelancers work on an as-needed basis, they can be paid only for the work done.
- More Video
Video is becoming more and more popular. Small businesses should use more video messages so to succeed in the marketplace.
- Digital Advertising Prices Will Grow
The surge in digital advertising prices will especially impact small businesses as they may not have the financial resources to invest in digital advertising.
- Focus on Virtual and Augmented Reality
Though virtual and augmented realities are more used for entertainment purposes, they can be used in the workplace too. They can provide learning materials and other useful things.
- Plan Well When Offering Benefits
It’s nice to offer benefits to employees, but companies should make sure they can follow through.
- Paper Is Less Used in the Workplace
Offices are increasingly becoming digital. A fully digital office isn’t something imaginable. Everything is stored online. This is more cost effective for businesses.
- The Number of E-commerce Startups Will Grow on the Market
More companies will appear that will take their business online. The number of businesses using cloud-based solutions for online sales will increase.
If you want to stay competitive in the market and attract the right employees, you should follow the key trends concerning your business. Go through the above listed points to focus on the most important for your business.