With every disaster comes opportunities. 2020 may have hit businesses hard, but as the economy recovers, small business trends are emerging as a result of learning from last year’s lessons.
These trends might even have the potential to stay and reshape the world for good. Let’s discuss what they are.
1. Remote work is the new normal
As a small business owner, you may get to see less of your employees and customers as you keep your shop operational. This is because social distancing regulations are still in place. Remote working may have been hard at first for most of us but it has proven that working from home is just as effective as working in an office.
Service, food, and retail businesses are expected to do more home-servicing, online selling, and door-to-door deliveries. The freelancing market is also rising. Experts who have worked in corporations that have been laid off during the pandemic are finding a lot of success in online mentoring, life coaching, and blogging.
2. Digitalization will accelerate
Along with remote working, meetings with workers, business partners, and tending to customer concerns will remain to be done in Zoom and Skype. In terms of advertising, everything will be done mostly online because most consumers are still staying at home.
If you plan to do marketing sometime in the 1st quarter, you’ll need to focus on SMS campaigns, your social media presence, newsletter marketing, and email campaigns rather than physical advertising such as signages, posters, or paper flyers.
In the early weeks of lockdown, PayPal, Venmo, and Cash App usage skyrocketed. The majority of small businesses are expected to adopt cashless transactions and more will follow. If you haven’t joined the cashless trend yet, now is the right time.
3. Small businesses have an agile advantage over corporations
Small businesses will find it easy to make quick changes in business models and systems of operations as a means to adapt to these times of trouble due to small teams. Corporations will find it hard to do that. Remember to set good business goals this year, prepare emergency funds, and plan for contingencies.
4. Talent problems
As the economy recovers, all sizes of business entities are hiring talents. Larger corporations take a large pool of experienced teams and individuals which leaves small business owners a few good hires.
Here’s a good solution, solopreneurs can choose to hire zero-experience workers for development and keep them engaged in their business for the long-term.
5. Data are invaluable assets
Big businesses have leveraged their customers’ personal data to make better decisions at promoting products, influencing buying decisions, or addressing customers in marketing campaigns.
These businesses that have been doing this are outperforming their competitors by a huge margin. Small businesses are also starting to adopt these marketing tactics in their social media pages and SMS campaigns.
To copy this strategy of success, pay more attention to customer data and ask them for personal information after every transaction. Then, perform A/B Testing to see which personalization template they’re more likely to open, which content they are interested in, what time of the day, and what day of the week is the best for sending promotional campaigns.
6. Paying attention as a survival mechanism
Last year went south pretty quickly because a lot of people downplayed the virus. However, it has taught us all one valuable lesson: “Be mindful of the present and future. Don’t take anything for granted.”
As I mentioned before, make a plan for contingencies and keep an emergency fund. Listen to the news but don’t let the fear make you panic. Instead, use that fear as a motivator for strategic thinking. Be quick so that you and your business can evolve to remain operational with or without a lockdown.
The pandemic may not be over yet but it’s crucial for a solopreneur to remain optimistic even in trying times. If you believe your business can survive in Q1, you’ll be able to bring success to your business even to 2022.
