When you own a small business, you need to have your finger on the pulse of trends and stay on top of what others in your field are doing to innovate and disrupt in their own businesses.
In an evolving, fast-moving market, it can be challenging to know how your business should grow in order to be successful in the future. We know it is key to be proactive and innovative and take note of the trends so that your small business can be ahead of the curve, but what do business experts predict will be in store in 2018?
Check out these 5 small business trends that will continue to change the industry in the year ahead.
Encourage a sense of work-life balance for clients and staff
Why do you spend hours in commuter traffic or on the tube every single day when it really doesn’t matter what time of day that you do your work? The archaic 9-5 structure is slowly melting away to pave the way for a more flexible working structure. Small businesses can please clients by having a more responsive outlook, and staff members are often happier with a more enjoyable work-life balance.
Consider organisational restructuring
To grow your business, you may need a greater skill set in order to keep your business agile and flexible. In order to do this, look to outsourcers and freelancers rather than growing your in-house team. Freelancers can offer your business much more support than just a one-off project, and they can save your business from costly recruitment fees and human resources expense.
Focus on data and look for key ways to make changes
Until recently, there has been no easy way to collect, store and manipulate data effectively. We now have the tools and capability to conduct in-depth analytics to help your business and your clients. Use data effectively for insights into your business and how you can grow based on the facts in front of you.
Knowledge is everything – learn from trackers, sensors and virtual information
Humans are knowledge-thirsty beings – this explains why we love gadgets, from fitness trackers to virtual information. Knowledge needs to be instant, obtainable and succinct. From augmented reality to live streaming to biosensors, the more information you can obtain and share, the better for your business.
Focus on buying power – what demographics should you pay most attention to?
Targeting the right customers is essential for the success of every business. The key sector with the most buying power is now the older generation. If your business can adapt to the senior citizen market, now is the time to do so and reap the rewards of high spending and an improved bottom line.
Similarly, you should also pay attention to students and millennials – they tend to have an increased amount of income to spend on luxury items, tech innovations and new, exciting products.