10 Small Business Trends for 2020
I firmly believe that the true scarcity in business today isn’t knowledge or different growth options or even good intention – it’s CLARITY. And clarity on trends that can help your business is imperative.
Lots of businesses conduct competitor research. This is a defensive move — you look at your competition so you can make sure you still have a share of the market.
Looking at trends is an offensive move. You have the chance to execute before your competitors can, and that just might get you more sales. Or maybe it will make you more efficient or help you become an early adopter for important technology. You get the idea.
I always keep an eye out for different perspectives and points of view that can help my clients achieve. Connecteam is an employee management app that connects everything field to office, all in one place. Their mission is to provide managers of all business types and sizes with the tools they need to communicate, operate, engage and run a deskless workforce. They have an interesting perspective on 2020 business trends.
Don’t stay in the dark about what’s happening. Instead, take some time to look at these trends. Your business will be a lot better for it. Read their article for full details:
- It’s all about user reviews – Purchasing a new product involves many steps but recently, users have started to focus on a single aspect above all others, the reviews.
- Mobile-first employee communication – Currently, millennials represent 50% of the workforce and are projected to represent 75% of the workforce by 2025. And if there’s one thing everyone knows about millennials, it’s that they’re very tech-savvy and mobile-driven.
- Remote work is growing – As a small business, infrastructure and space can eat up costs. Real estate doesn’t come cheap and businesses must grow, however if you’re drowning in costs then you’ll struggle far more.
- Gig work is growing too – According to Gallup, around 36% of workers in the United States are in the gig economy – which trends with the rise of the remote worker. Gig work is becoming popular because people like the flexibility and enjoy being their own boss.
- Employee happiness matters – Employees don’t just want a big paycheck or promotions, they want to be happy at work and that means feeling like they matter and that the work they do contributes to the bottom line. Employee happiness is crucial and is directly tied to their productivity levels.
- Non-monetary benefits and perks need to be focused on – Once upon a time, it all used to be about the Benjamins, however that’s just not what employees want anymore. “Employees today are seeking an experience, not just a job.”
- E-commerce is dominating the game – Statista reported that global e-commerce will grow to about $5 trillion within the next four years. With these numbers, tons of retailers are moving investments from brick-and-mortar storefronts to online stores.
- AI isn’t taking over – Yes, AI helps customer support representatives deliver top-notch experiences to customers, however it isn’t going to replace the human worker.
- Voice recognition is developing – Alexa and Google Home are smart speakers that have gained huge popularity over the last couple years. Garnter reported that almost a third of web browsing will be voice activated by 2020.
- Stories are more important than a news feed – Stories are short video content that disappear after 24 hours – this kind of “in the moment” content makes a stronger connection to an audience. Stories are growing 15x faster than news feed. In addition to live streaming, stories are the primary way that brands should convey their message.
Can you use these 10 considerations to rethink your strategic direction and make your business indispensable in 2020? Contact me to discuss how your business can leverage these trends.
All the best
© 2020 David Paul Carter. All rights reserved.