As a result of the ongoing global pandemic Covid-19, the economic condition has almost reached the lowest rungs.
10 Best Trends You Should Know to Boost Small Business
The different businesses are suffering to a great extent as a result of the economic situation across the globe. Small businesses have also faced a number of challenges in their operation.
The problem of money management, especially, has wrecked the minds of numerous small business owners. Issues such as going completely digital, establishing a work-life balance in work from home, and conducting office work in the midst of a pandemic keeping the safety measures intact have been various other challenges.
However, here are the 10 best trends to boost small businesses and give you some respite.
Using Alternative Sources of Capital
In small businesses, often loans are not the solution to remaining solvent in the overtly competitive business market. After the severe economic depletion, as a result of the looming pandemic, the small businesses have suffered immense financial losses.
Therefore, just the way students look for statistics homework help, small business owners look for alternative sources of capital such as alternative lenders, grants, venture capital, fintech, crowdfunding, peer-to-peer lending, angel investors, and so on.
The alternative sources of capital will prove to be extremely helpful to keep the small businesses solvent in the market. In addition to that, small businesses would not have the required aspects of traditional funding sources.
Using Social Media Platforms
In the wake of an ongoing pandemic, when every individual is stuck at the house, social media platforms have become an extremely important hub of connection. There are billions of users on social media platforms which is equivalent to opportunities for the owners of small businesses.
As it has been estimated by a firm known as Finaria, social media ads are likely to increase by 15% in the year 2021 as a result of the covid pandemic and the greater engagement of users with the social media platforms.
However, small business owners ought to emphasize a multichannel organic approach in order to build an audience and brand awareness.
Paid Placement Advertising
Just the way a student looks for macroeconomics homework help, small businesses can look out for paid partnerships. Paid placement advertising is going to be one of the greatest trends in 2021.
Small business owners can take the opportunity of using the form of paid advertisements in traditional media, as with the passage of time, earned advertising is getting extremely difficult to gain. Social media influencers can be approached in this regard.
The aim of paid placement advertising is to mingle sponsored and non-sponsored content in such an organic manner that the line between the two kinds of content is blurred.
It is essential that small business owners take workflow automation with greater seriousness. Through the process of automation, small companies can significantly increase the workflow of the organization by simply connecting multiple apps and tools together which can feed information on a regular basis and perform tasks automatically.
Therefore, with the incorporation of automation, if you connect your leading connection app with your email, then every time a new lead is received, a new contact is added and a personalized email is sent to the client.
This not only creates engagement between organizations and clients but also leads to the growth of business in an organic way.
AI Driven Chatbots
Customer satisfaction is a prime factor for every business organization. Meeting the needs and demands of your clients and customers ought to be of great importance to small business owners. However, what is the solution to the problem of customers and clients asking for support and help at odd hours?
The solution is the integration of conversational user interfaces, such as, for example, chatbot and personal voice assistants. Voice assistants do not need any rest, nor does it have any problem in responding at odd hours of the day.
Moreover, the increased pace of work leads to customer satisfaction and happiness.
Up the Phone Game
Small business owners need to focus more on the experiences of mobile phones, and especially smartphones. This is because half of the web traffic is generated by the use of mobile phones. Small businesses, therefore, ought to emphasize more on optimizing their sites for mobile phones.
With the rising numbers of infections and deaths due to covid-19 infection, people are staying at home and using the different features of their mobile phones, such as text messages, video calls, and so on to remain connected and build up communication with other people.
As a result of this, it is highly recommended that small businesses give greater emphasis on easy-to-navigate and faster mobile websites to enhance the phone experience of the users.
Augmented Reality and Virtual Reality
Augmented Reality and Virtual Reality are great opportunities for small businesses that can help them obtain a unique position in the extremely competitive business market. Both AR and VR help individuals experience reality in an altogether new manner, thereby attracting numerous customers and clients.
Small businesses can conduct various experiences, trade show exhibits for their customers in a much more creative and innovative manner, which is also highly affordable. Just the way you search options for accounting assignment help, small business owners can search for better opportunities and options like Augmented Reality and Virtual Reality.
New Technology Adaptation
There is a common misconception that advanced technology is meant to be adapted by bigger businesses. In 2021, the understanding regarding the adaptation of new technology should change for small business owners. It is important to understand that it is easier for small businesses to adapt to new technologies, compared to the bigger business firms.
This is because, in the case of big business organizations, new technology needs to be repeatedly tested prior to its implementation and integration with the firm’s existing technology.
However, for smaller businesses, it is easier to integrate new technology because of its small scale of operation.
Advanced Remote Working Tools
With the advent of work from home due to the pandemic, small business owners must focus on remote working tools in order to ensure that the workstations of the employees are equipped with efficient and effective tools and systems.
They should also have the option of reevaluating everything from the comfort of their homes, ranging from the internet connection of the employees through the cybersecurity tools.
Strong E-commerce Presence
Small business owners are compelled to grow their eCommerce presence due to the problem of the ongoing pandemic. However, small businesses should consider this as small steps towards a strong and proliferating eCommerce presence.
Therefore, small businesses for the future prospect of immense growth should devote more to increasing their eCommerce presence by improving and expanding the experiences of eCommerce shopping.
This can be effectively done through the process of adding new tools and features in order to make it more seamless for the customers.