2020 happened and it was a year of disruption, transition, and opportunities for many. 2020 has been a year of mobile marketing, social media, and AI. Facts became trends and converted into thrusting businesses overnight and 2021 will be a year of recurring and continued evolution. Still, there are lots to uncover, learn and imbibe in 2021. Let’s go through the changes in small business trends and what to look out for when it comes to the strengths and opportunities that can be accessed in 2021.
Before we go on to the Business Trends that have a huge scope, let’s go through the gist of what should be concentrated on in 2021:
- Paying attention to minute changes and market trends which become permanent in no time, becomes a survival mechanism.
- Everything has become easily available and much smaller
- Integrating AI and getting technologically updated becomes practical
- Investment in talent is the key:
As an organization or a thriving entrepreneur, you must keep the following trends and predictions in mind:
- Lending programs along with alternative sources of attaining capital and funding related to COVID-19 will be significant, to meet capital needs in 2021.
- Expenses related to Digital marketing spend will be on a high and the PR and traditional marketing will take a dip in 2021.
- Small businesses will drive technology imbibing AR/VR.
Let’s consider the major areas that will probably revamp their working culture in 2021. Watch out for the same:
COVID-19 pandemic has depleted various financial reserves, and this includes, imposing restrictions, shutdowns, highlighting concerns around cash flow and survival of small businesses. Alternative sources of funding have emerged in the market and are a great business prospect that is beneficial to focus on unmet funding needs. Government Loan programs and small business loans in India will be crucial for the survival of businesses. This will keep them funded in the long term. So, it’s advisable to apply for a business loan to cater to business needs in 2021
Marketing on social media platforms that have billions of users is no surprise, as it has become a rampant and growing target for businesses. This won’t stop in 2021 with a huge effect on traditional marketing hubs like newspapers and media advertising. Marketing through SEO, and social media channels will generate better ROI than traditional press releases.
Augmented reality – AR and virtual reality – VR and of course Artificial Intelligence – AI will be game-changers. 2021 could be the year these breakthroughs make new ground in business adoption. In 2021, it has been predicted that small businesses could take the lead on the trend. All they need to do is apply for a business loan and incorporate technological frontiers into their systems. AI and big data will drive personalization and small businesses will support new tech adoption.
There could be some significant changes in the Human Resources sector of every small business which could also result in major policy changes. Work from Home could become the new regime along with a federal minimum wage that could be increased. Regulatory bodies may step up pandemic-related enforcement. Small businesses will have to provide the required safety protocols and norms for increased monitoring.
5 Small Business Trends for 2021
1. Remote work will be considered as a common strategy
2020 has seen a steep rise in the number of remote workers around the world and this shall remain the trend in 2021. Currently, a huge ratio of people still work from home full time, and this could be a permanent move towards online and remote work. Remote work only becomes challenging when it comes to communication, planning, implementation, and collaboration. But maximum remote workers appreciate and abide by the flexibility of working from home. Remote work also substantially cuts down on the overhead costs for the organization which further helps them to build up company savings or to reinvest money into a business.
2. Digitization will be enhanced
Many businesses and services have been forced to digitize their functions, operations, and services in 2020 and the bar will be much higher in 2021. Digitalization is quite essential which helps businesses get backlinks and brand mentions. A few changes in digitalization that have been incorporated in 2020 and will continue to lead in 2021 are:
- Offer mobile ordering and contactless delivery and create a mobile-friendly website.
- Offer in-store pickup or add a customer service chatbox
- Build an eCommerce platform and expand in-person payment channels and options
- Offer virtual customer support and services
- Develop an easily downloadable app for your business
- Create a self-service portal and expand consumer service beyond phone calls
- Add an online scheduling system to your business’s website
3. Empathy is the key
After the stress and uncertainty of 2020, people are looking for professional compassion and empathy. Customers look for vision, empathy, and purpose in your brand and if they don’t find a strong and identifiable purpose associated with businesses, they disassociate themselves from it immediately.
Small businesses need to focus hard on customer service philosophy, business practices, core values, and user support for social causes. They would need to connect with the mind of the consumer to build trust with them and create brand loyalty.
4. Financial focus will concentrate on profitability
Businesses will take a conservative and traditional approach towards managing their financials in 2021. Many small businesses have still not been able to recover from the budget cuts and revenue losses of 2020, so now they’re focusing on their operations by taking a small business loan in India and optimizing processes to save money. Small businesses in 2021 will apply for business loans and will focus more on products and services that generate the maximum revenue.
5. Customers will be inclined towards shopping small
In 2021, it is predicted that consumers will buy from a small business than a large corporation. Businesses now are investing more in local marketing and community growth and boosting their social media presence.
Experts and researchers will be taking a new level of insight to estimate 2021 business trends. The trick this year completely depends on the behavior of the consumer, the leftover baggage of 2020, new norms and styles of functioning, and a few forced trends that you may have to focus on. So, gear up for a fresh start in 2021 and make the best of it.