The business world is changing almost on a daily basis due to the way technology is shaping our lives. The markets have also become truly global and even small businesses need to have a strategy for reaching customers from all over the world.
All of this makes it difficult to predict the trends that will dominate the business world in the next couple of years. However, there are a few broad trends that will affect all businesses of all sizes that you should start preparing for as soon as you get your company up and running.
New funding opportunities
One of the biggest obstacles a business faces is finding the funds needed to run the day to day operations. This is mostly done by taking out loans that the business owners repay for years to come, often much longer than the company itself lasts.
New funding opportunities need to be more democratic and to focus on creating bonds between the business and those who will use its services. Up until this point, crowdfunding was mostly used to fund creative industries and businesses. Now, when almost any company has access to large crowds via social media, it can and will be used to fund companies of all kinds.
A new type of employment
Until recently, companies either employed full-time workers or freelancers working on a particular project. This is starting to change, and in 2019, most companies will have both traditional employees and a remote team working from around the world.
The outer circle of employees will also require a new type of management. Virtual assistants will become some of the most valued employees because there’s still going to be a need to organize this remote work and that takes a whole new set of skills.
Security remains one of the biggest concerns and expenses for small companies. There are two main concerns a business owner should try to cover in terms of security. Since most of the modern businesses are doing their business online digital security is taking over most of the security budget.
At the same time, physical security and surveillance shouldn’t be overlooked. For instance, alarm monitoring from JD Security, uses the latest wireless technology to keep the business owners alert. This is especially useful for businesses where management works remotely and there’s a lot of sensitive data to worry about.
Marketing trends are changing rather quickly, and companies need to stay on top of them in order to remain relevant to their customers. The biggest trend as it relates to advertising is the rise of the campaigns created by the customers and clients themselves. YouTube and social media allow the customers to present their stories about a business and its products they have used.
This kind of market also costs less than traditional forms of advertising. It rallies on the customer network you’ve created over time and it doesn’t have any production costs.
Having a steady income stream is essential for small businesses because that’s the only way for them to stay competitive when they hit a dry spell or an unexpected financial problem. That’s why many small companies plan to dedicate a portion of their resources to creating a B2B sales plan.
This allows the company to sell some of their products in bulk or to charge for some of their services in advance. Even though many companies will try it in 2019, there’s still a downside to the idea – it makes the company more dependent on the business practices of an outsider.
These business trends will dominate the year to come and small companies in particular should prepare for them. Still, have in mind, that quality of service and a good product is still the most important facet of any business.