4 Major Trends That Will Shape The Small Business Industry In 2020
January 29, 2020
Small and medium enterprises (SMEs) help boost the economy of most countries around the world. They account for 90 percent of businesses worldwide and employed 50 percent of the total workforce all over the world. The World Bank also revealed that formal SMEs supply approximately 40 percent of the national income of developing countries. This is the reason why the US government established a dedicated agency called the US Small Business Administration to provide small business grants in the country.
If you are running a small business, you need to know all the latest trends that can help improve your business. It includes digital innovations to improve the marketing campaign for small businesses. Here are some of the most important trends that you may apply to your business for 2020 and the coming years.
Adapting To Green And Socially Responsible Practices
More customers prefer to support businesses that act under sustainable and socially responsible operations. A recent survey found out that Millennials and Gen Z customers are particularly concerned about how businesses help save the environment. If you want to incorporate sustainable practices in your small business, you can opt to get local suppliers for your raw materials. For example, you can get your supplies from local farms if you run a restaurant or food-based business. You may also lessen your packaging use by asking your customers to bring their own recyclable bags to carry the items home.
Learn How To Take Advantage of E-Commerce
Most budding entrepreneurs believe that they can only get small business grants if they begin a brick-and-mortar business. However, you may still apply for government funding for your online business if you know the process. You may also venture into ecommerce if you are already running a traditional business for a while. By setting up an online shop, you can expand your business without the need to rent a new property to operate. It will also allow you to reach a wider audience without leaving your city.
Pay Importance To Customer Reviews
Online review forums existed for quite a while. But they became even more crucial nowadays for the reputation of small businesses. Most customers count on reviews from fellow customers over ads or any other promotional materials from the company. If you want to take advantage of this trend, you can list your brand on Yelp, Google My Business, or other review forums so you can invite your clients to give feedback on your products or services.
Businesses Can Take Advantage Of Stories And Livestream
Aside from your regular posting on Facebook, YouTube, and Instagram, you can also post live stream videos to make your business more visible. It can also increase your social media engagement. When you upload this kind of transitory content, you will have a more spontaneous and genuine connection with your audience. Apart from these advantages, posting on Facebook or Instagram Stories does not require you to create long content. As long as you can drive your message across in the shortest possible time, your post will make its intended impact on your target market.
These trends on small businesses possess one thing in common. They all expect businesses to pay attention to the needs and wants of their customers. Since the current market usually uses mobile devices, you can expect your target market to send their orders online. They would also assess if your business is sustainable before availing any of your products.