New Trends to Grow Your Business
Understanding business trends can one of the best ways to grow, whether you’re new to your industry or have been in the trenches for several years. With over 30.7 million small business in the U.S., competitors are bound to come up no matter your niche. Paying attention to new business trends, especially those for 2020, is crucial if you want to understand what can help grow your business – think customer preferences, employee loyalty and more.
Now that 2019 is wrapping up, it’s a great time to start thinking about the strategies you want to implement for the upcoming year. Here are five business trends for 2020 you’ll want to consider bringing to life.
But First, What is a Business Trend?
Business trends involve looking at historical data over a time frame and noting any progression. For example, if certain patterns emerge where there are consistent numbers (like increases or decreases), then that’s where experts will generally agree there’s a trend.
It can even be data you derive from your own business, instead of from your particular industry or of businesses in general. For example, if you notice that certain types of marketing efforts account for increases then moving forward, you use that data to help shape some of your business plans.
What are the 2020 Business Trends?
This is by no means a comprehensive view of all the business trends you’ll see popping up for 2020. However, these are probably the most prominent ones that will helep move your business forward. Take a look below and see how you can apply it best to yours.
1. More Demand for Remote Work
Remote team members can put in just as much work as they do in a physical office. Think about it: there are fewer opportunities to get distracted by co-workers and no commute to worry about.
Plus, when given more flexible work arrangements (which can feel especially important to parents of young children), team members may see this as a perk worth staying for. Having team members work from home can also save you money by lowering your operating expenses.
In the same vein, the gig and freelance economy won’t go away anytime soon, so if you’re still in the early growth stages and aren’t sure if you can take on a full-time team member, hiring freelance or contract workers can save you money on expenses, and the person you hire can continue to enjoy their flexible work schedule, creating a win-win situation.
2. Automation Demand Continues to Increase
Automation technology has already helped many small businesses with various tasks like bookkeeping, customer service, email marketing and other processes. The great news is that with more startups entering the space alongside evolving technology, business owners can achieve even more with less.
Just think what more you can achieve if you can further simplify processes or eliminate tasks from your team to concentrate on other high-priority tasks.
3. There’s No Ignoring Social Media
It seems that social media gets cluttered with posts from businesses clamoring for attention. But with more small businesses using social media to market their brand, being active on platforms and rising above the competition will continue being a trend many businesses will want to get in on.
This could mean hiring a social media strategist to help you make the most of your efforts. These professionals can help you put together things like influencer or brand awareness campaigns to bring more attention and credibility to your company.
4. Personalization is King
Generally speaking, many customers would rather work with businesses that offer some sort of personalized experience. Don't think of it as an elaborate tailoring service. Rather, think about companies that let you choose customized meal plans or ones that work with customers based on their location preferences or past purchases.
This can also involve customer service. For example, you allow customers to choose how they want to communicate with you. That could mean a live chat option, social media channels, a dedicated phone line and/or more responsive email times.
5. Consumers Wanting Access to Their Personal Data
Since the European Union’s General Data Privacy Regulation came into effect in 2018, there has been more talk about how businesses can better protect their customers’ data. Even the U.S. has taken it more seriously, with a few states passing laws that include tightening how businesses can use and sell student data.
What does this mean? It means businesses need to increase their level of awareness by how customers feel concerned about their privacy. It could also mean tightening up your cybersecurity efforts, vocalizing how your company securely stores client information, or surveying your customers more so that you can get insights into their preferences.
What Will You Need to Grow Your Business?
Now that you’ve seen some of the small-business trends to watch out for in 2020, it’s natural to feel overwhelmed, or for those who are super ambitious, totally pumped to carry out new strategies. Whether you’re part of a large enterprise or a small business looking to secure more capital to help you grow, consider using personal loans to support your cash flow along the way while you "crush 2020" and make key investments.
Cheers – here’s to your business and its trending success in 2020 and beyond!
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Preparing Financially for 2020
If you’re not happy with where your finances are, then now is the perfect time to begin setting some new goals. Read our guide to start planning for financial success in 2020.