Home > General > Trends That Will Shape Small Businesses in 2020

Trends That Will Shape Small Businesses in 2020

Written by Contributor, on 14th Oct 2019. Posted in General

article headline

Admittedly, the end-of-the-year frenzy is not yet upon us, so it might seem a bit early to talk about trends for 2020.

However, small business owners know that in order to thrive in this increasingly competitive market, they need to stay on top of the game – which inevitably means adopting future trends early.

Here is what we can expect to shape the SMB landscape in the coming year:

Remote is the new normal

Last year, we saw nearly two thirds of all US companies have employees who work outside the office. With technology continuously becoming more and more widely available and internet connections speeding up, it’s no wonder the modern workforce is ready to drop the commute, and work from home.

And while you, as an employer, may think that remote work means more slacking off, the opposite is actually true. A study has proven that remote employees are not only more productive, but happier in general.

If you are to survive in this environment, allowing your staff to work from home (or the beach, for all you care) at least part of the time should be your top priority.

The continued rise of the gig economy

While we’re on the subject of remote work, let’s not forget the increased allure of the gig economy and side hustles that a lot of today’s employees are tapping into.

With platforms like Etsy or YouTube, companies like Uber, or even platforms like Skillshare or Upwork readily available and accessible, it’s getting increasingly easier to find a part-time job to supplement a regular income – or even to turn a hobby into a career.

What this means for you as an employer is this: you may have trouble retaining some of your more ambitious and creative talent, as they pursue their dreams elsewhere. You will also be faced with different kinds of competition, springing out of the gig economy and onto the big stage.

Automation as the norm

Automation in small business is nothing new, but it is steadily turning into the new normal. Those looking to close tasks in the fields of data entry, social media marketing, customer service, email marketing, and even accounting, are increasingly relying on software and AI developments to get the job done.

If you fail to adopt some of these trends, you might easily get left behind. Simply put, you’ll remain stuck in the age of manual labor, while other companies carve out more time for innovative and creative work, leaving the busywork to machines.

Keep in mind that although not all processes can be automated (and neither should they be), you can rely on more than just technology to make your day-to-day easier. For example, you can reach for templates that can help you get a task done faster, without having to put too much effort into designing something from scratch. ExcelTemplate.net has great Gantt chart templates, and you can download one of their free examples to gauge how they can fit into your process.

Try to create ready-made files for all the repetitive work you do around the office. That will save you the time and effort, bringing you one step closer to automation.

A Gen Z takeover

While we’ve been marketing to millennials for years now, a time is slowly coming when Gen Z, the first truly digitally native generation, will become our main target market.

Not only are they set to become one of the largest consumer groups in 2020, but they’re also reshaping the way we do business by entering the workforce and demanding that we do things differently.

Over 60% of Gen Z-ers believe salaries are very important, and over 70% of them demand healthcare as a part of their compensation package. More than 75% of them feel their career is in their own hands, all of which makes them a very driven, competitive, and hands-on generation.

If you hope to cater to these new rising talents and consumers, it’s time you reconsider a couple of crucial things. That includes how you market your business, what your company politics are, and how you do your work on the daily. There is plenty of research to help you tap into the minds of these youngsters-no-longer-youngsters, and thrive in the new environment we’re set to enter.

Survival in the world of small business (and nature, oddly enough) translates to adaptability. If you can’t go with the flow, learn to change your ways, and adapt to the changing times, you can’t hope to make it. At the risk of sounding like a cliché, I’ll conclude by saying we live in very exciting times: times when the landscape of business is undergoing some profound and dynamic changes as we watch. Let us all hope we come out the other side not only wiser, but more satisfied with the world as a whole, and the parts we play in it as well.

More articles from General

image Description

Choosing the Right Time and Attendance System for Your Business in Ireland

Read more
image Description

The Benefits of Choosing a Payroll Bureau in Ireland with Online Payroll Software

Read more
image Description

Tips for Building a Successful Travel Business in Ireland

Read more
image Description

How to Improve Your Business Writing: Simple Tips That Work

Read more
image Description

Leveraging Digital Platform Integration is the Key to Driving Competition Among Businesses

Read more