Monday 4 January 2021

Top Small Business Trends for 2021



Wasn't it an interesting year? A fragmented election season is upon us, schools are still online, and businesses big and small are grappling with the changes brought about by the COVID-19 pandemic. A few months ago there were completely different problems such as: B. how you can attract the best talent for your company.

What hasn't changed is the competition. Therefore, companies still need to be informed about the latest Small Business trends in their industry. This is especially true for smaller companies, which were so badly affected by the coronavirus this year that many did not survive the blow. Small businesses  trend need to keep track of everything from small business credit trends to competitor activity to market trends. This article will help you understand what is trending now and in the months to come.

Which trends will stay the same from 2020 to 2021?

Granted, what to expect is a bit unpredictable. For example, we just don't know how the November elections will go or how the current pandemic will affect businesses as the cold and flu season approaches. However, there are some trends that small businesses can rely on through 2021. For example:

User reviews will matter. If you ignore the reviews of social media users, your business is already falling behind. You probably already know that today's consumer knows about the products and services you sell. Did you know that 85% of consumers do their research online before buying? One of the most powerful tools you can use to influence decision making is online customer reviews. There is data showing that 92% of potential customers won't buy your products if they don't have an online review. (You can imagine what that number looks like if your reviews are negative!) Having a flagged online review with customer comments is critical to any business. For small businesses, however, the customer review process should be particularly attractive due to the inexpensive marketing tools. Online reviews on sites like Yahoo! Yelp or Google My Business nothing. The traffic on these websites is high and it helps build trust and your reputation without spending any money on paid advertising. For all of these reasons, this trend is not going to go away anytime soon.

Small business trend  finance will continue to be a necessity. Whether you're relocating your business, hiring, increasing your marketing spend, or investing in e-commerce, small business lending remains a one stop shop for businesses in all industries. Alternative finance like 401 (k) is just as important to businesses as traditional finance is to small businesses. The good news this year is that the current level of low interest rates is expected to last through 2021. Better interest rates combined with the inflow of funds from this year's salary protection program have helped many small businesses get through a difficult period.

Social media marketing is crucial. If your brand isn't on social media, you're missing out on the best place to reach customers today. One investment to consider is hiring a social media influencer to bring your brand to a pre-curated audience. If you are unfamiliar with the idea, imagine using a social media influencer as a celebrity product promotion. Social media influencers are followed by thousands, sometimes millions, of people on these digital channels. When you get these celebrities' attention (or attention) on social media, your followers will notice - and sales usually follow.

Freelancing stays hot. In 2018, 57.3 million employees worked freelance in the gig economy. Lyft and Uber were two of the first companies to take advantage of freelance work. Thanks to technological innovations, these workers have been able to use part-time or full-time jobs to increase their income and manage their schedules. Since COVID-19, some of these employees have seen productivity improvements such as: E.g. grocery or grocery delivery while others (e.g. car pooling) have suffered a financial blow.


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