Keep an eye out for these small business trends and forecasts this year.
COVID-19-related loan programs are essential, but not enough. In 2021, other sources of funding will also be needed to meet the capital needs of business owners.
Digital marketing spend is expected to increase with the overhaul of traditional marketing and public relations in 2021.
Small and medium-sized businesses will drive the adoption of development technologies and AR / VR will be introduced on its own as the COVID-19 pandemic continues through 2021.
This article is for entrepreneurs who want to start the New Year right away, taking advantage of trends and forecasts that will affect the industry.
In 2020, small businesses are optimistic that 2021 will be a brighter year. The COVID-19 pandemic has yet to disappear from businesses across the United States, but the distribution of the vaccine is raising that optimism. The outbreak has been at the forefront since the start of last year, but there are other trends entrepreneurs should note.
Business News Daily connects you with experts in finance, marketing, technology and human resources to find out what small businesses should expect in 2021 and how to take advantage of these trends.
The payroll protection program will support many small businesses.
The economic impact of the COVID-19 pandemic has depleted the cash reserves of many businesses. While many states have resumed after the initial shutdown, some states have reapplied restrictions, raising concerns about cash flow and the survival of small businesses. A recent $ 900 billion stimulus package included additional funding for the Payroll Protection Program (PPP) passed under the CARES (Aid, Relief and Economic Security) law against the coronavirus last year.
Courtney Lawless, venture capitalist and Amazon Prime Wolf PAC series co-host, said, “Small businesses should try to take advantage of new stimulus packages, including new P3s [loan applications].
PPP loans can be canceled later depending on how the funds are used. Read this article to learn more about new financing for your PPP loan program.
Alternative sources of capital will meet unmet financing needs.
For many other business owners, loans may not be an option, especially if they have suffered significant financial losses during the COVID-19 pandemic. In these cases, other sources of finance, such as lenders or alternative investors, can be important for many entrepreneurs to secure the funds they desperately need.
Other sources of capital will also play a central role in keeping the business solvent,Lawless said. Alternative sources include grants, fintech, venture capital, angel investors, peer-to-peer lending and crowdfunding. This is important because many businesses that are in real need of capital cannot meet the following requirements: [COVID-19 outbreak] Is a traditional source of funding due to its negative impact on the balance sheet.
Key Implications: Government loan programs will be essential for the immediate survival of small and medium-sized businesses, but other sources of finance will be essential to finance businesses in the long term.
Marketing
Spending on social media will increase.
There are billions of users among the major social media platforms. So it's no surprise that social media is becoming a target for marketers. This rapid growth will not stop in 2021. According to estimates by insurance company Finaria, social media ad spending will increase by 15% in 2021, bringing the total amount spent on social media advertising to 150. billions of dollars. This is nearly double the total social media ad spend of $ 55.4 billion in 2017.
Ari Zoldan, CEO of Quantum Media Group, said, “Spending on social media is increasing year on year, and this year has grown significantly.” Everyone has had to pull out traditional offline marketing. They have been digitally forced and a lot of people know that it works great.
We will boost digital marketing spending in 2021, Zoldan added.
Social media advertising is becoming more and more im
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