Updated: Jun 24
Each year, we set our sights on small business trends that may impact our clients, brand, industry, and the economy. We pride ourselves on our ability to predict what’s next to serve our community best. As we rang in a new year nearly nine months ago, no one could have predicted the unprecedented nature of 2020: a global pandemic coupled with an economic downturn and sieging uncertainty certainly hadn’t made it to our shortlist. In business, it is often said that the unexpected should be expected. As such, our team at BrandRep recognizes through such spiraling, 2020 has already provided ample opportunity for massive learnings, pivots, and takeaways. If considered and carried out effectively, such education could lead us into a brighter, better 2021 and beyond.
Let’s take a look.
As an agency dedicated to the success of small business owners nationwide, we understand just how challenging such change has been. In this article, we hope to highlight how businesses can put such trends to work. Our team has analyzed economic reports from Statista and Inc., reviewed copious small business surveys, and worked within our network to provide the following list:
7 Small Business Trends for the Foreseeable Future
1. Employee Health must be a priority
Now more than ever, the health and wellbeing of employees and customers is the highest possible priority for small businesses – a ‘trend’ that will continue to impact nearly every aspect of operations for years to come. From workplace safety to health benefits, internal resources to clear COVID protocols, it’s paramount that your team feels necessary precautions have been taken, and support has been provided. Depending on your business, that can look like reorganizing structure to allow remote work, ensuring social distancing protocols in the office, offering flexible work arrangements, and highlighting your investment towards employee health and wellness.
Such efforts call for transparency, reassurance, and preparation. Your action towards prioritizing employee health will surely benefit your bottom line, enabling your team to do their best work with peace of mind.
2. E-Commerce is finally delivering on the early internet promises of the 90s
According to Statista, global e-commerce will grow to over $6 trillion within the next four years. As such, retailers nationwide have begun reallocating funds and focus from traditional brick-and-mortar storefronts to online efforts. Many small businesses have found that without the standard storefront, their marketing perspective has shifted. Social media and online marketing have taken center stage to better support their e-commerce efforts.