Five Small Business Trends to Watch in 2020
By Tatyana Parham
This year, the global pandemic has caused multiple challenges that have completely transformed the business landscape, creating new trends that impact all industries nationwide. By staying on top of the latest business trends and innovations, and incorporating them into your business model, you can quickly adapt and remain competitive. Although many small business owners are experiencing a variety of COVID-19 related obstacles, embracing some of these trends will create new opportunities to secure short and long-term business growth.
Read on for five fastest growing small business trends to explore for success in 2020.
Remote Work
For several small businesses, remote work is becoming the new normal. Advancements in technology such as smartphones, laptops, video conferencing and team messaging enable remote employees to maintain high productivity levels from home. This shift challenges the need for physical office space for many companies, and can potentially save business owners money on rent in the future. This can look like a small team agreeing to meet up at a co-working space twice a week (post-pandemic), instead of renting an entire office to use daily.
Employee Health and Wellness
With growing levels of uncertainty as a result of COVID-19, your employees’ physical and mental health are of paramount importance. As your company shifts to a virtual work environment, employees may need more flexible working arrangements to offset any personal hardships they may be experiencing. If your company continues to operate at a physical location, it is essential to prioritize the safety of your team, while abiding by all local social distancing guidelines. Employees’ health and wellness have a direct correlation to your bottom line, as healthy individuals are more motivated, engaged and productive.
Gen Z
As they begin moving into the workforce, Gen Z, people born between 1995 and 2012, are becoming a large percentage of the consumer market. Small businesses are now taking notice, and directing their marketing efforts towards the younger demographic. This includes an emphasis on digital platforms to appeal to the highly tech-savvy generation. Gen Z generally has a unique set of preferences and values, so marketers are strategizing how to be more inclusive and socially conscious in their advertising.Mobile and Digital Marketing
Lately, many businesses have repurposed their marketing budgets to prioritize initiatives in digital marketing. Growing a digital presence allows your company to target specific groups of consumers and increase brand visibility in a time when face-to-face interaction is scarce. Furthermore, the amount of time users spend on their phones daily is at an all-time high, which creates the opportunity to consistently connect with potential customers via apps and social media.AI Advancement
Artificial Intelligence has the capability to vastly improve the consumer experience by increasing operational efficiency. This has virtually changed the business world, as it automates organizational processes, supports niche audiences and completely transforms customer service. Gain a competitive edge by learning how your business can benefit from utilizing AI, as it pertains to your industry.
Watch a free webinar A Look at the Hottest Business Trends in 2020.
