There once was a time when brick-and-mortar businesses were the norm, but in this digital day and age, the rapid advancement of technology has seen the small business market evolve at an almost lightning pace. Small businesses have more reach than ever, without having to spend as much as they thought to achieve it, and can appeal to new audiences and attract new customers.
Tech may lend a huge helping hand, but small businesses still face a massive number of challenges. Below is a discussion of some of the biggest trends in the small business world and how small businesses are overcoming challenges by following them.
Flexible working
Flexible working has become much more popular in the last few years and is helping businesses to find the right talent for their operations. That’s because they’re receiving higher numbers of applicants for job vacancies.
Being more receptive to flexible working is also enabling small businesses to become more productive. Small businesses are taking less time to fill vacancies. Employees who have sought leave on maternity or paternity grounds or because of illness have also been able to come back to work earlier than expected.
Borrowing more
Funding and financial management are major challenges of business, and in some parts of the world, business borrowing has grown to ride the wave of economic uncertainty. To stay in operation, more small businesses are taking out business loans and using their business credit cards more.
Of course, fulfilling tax obligations is another essential part of running a small business. Implementing reliable accounting software and/or hiring professional tax advisors is a good way to keep on top of them. Using pre-printed W-2 kits is a helpful way to report employee wages to state authorities.
Networking
Relationship-building is a crucial business skill, and networking is an important part of that, one which can help business owners to overcome multiple challenges. One is loneliness. Another is the challenge of finding support for the business. Owners can find mentors, other local entrepreneurs and like-minded people who can offer support and introduce them to new resources.
Generative AI
Keeping costs down and becoming more efficient is something many businesses, if not all, strive for. The phenomenon of artificial intelligence (AI) is allowing them to accomplish this and much more. Small businesses are implementing generative AI in their marketing for video creation, text production and other tasks, enabling them to break through creative limitations.
In other parts of the business, generative AI is increasing productivity by allowing owners to automate processes. It’s worth noting, however, that despite the benefits of AI, the output isn’t flawless, and businesses are still having to give the results a few tweaks before going on to make use of them as intended.
Sustainability
Consumers have become much more eco-conscious and are looking to providers, whether small businesses or large ones, to operate in the most sustainable way possible. More and more are basing their decisions to buy on whether the provider follows sustainable practices, and they’re even willing to pay a bit for products or services from those who do.
Naturally, small businesses have noticed this and are trying to do their bit for the planet, some in small ways but adopting more and more impactful measures over time. Simple practices include the use of sustainable stationery and working with companies who use electric vehicles. Reducing water usage, creating more heat-efficient workspaces, getting rid of single-use plastic, and switching to energy-saving lightbulbs are other sustainable practices some small businesses have adopted.
Running a small business is a project riddled with obstacles, but by following different trends business owners can tackle the challenges of their occupation and come out on top. Other trends small businesses are following to surmount business obstacles include connecting more with customers and strengthening the (cyber) security of their businesses. It would be wise for new small business owners to utilize researching these trends.
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