Top 10 Small Business Trends For 2020

Posted by Karen Erdelac on Dec 27, 2019

Top 10 Small Business Trends For 2020As a small business owner, it is important to keep abreast of growing trends within your industry.  Not every trend is a lasting one, but jumping on the right ones early on can make or break your business. Here we outline ten of the top trends to look for in 2020 and beyond.

Remote Workers

While it may not be a fit for every industry, offering remote work has become one of the best ways to improve employee satisfaction and draw in top talent. As the unemployment rate continues to decrease, offering remote work will become essential to attract and retain quality employees.

Going Green

This is a trend that has been growing for some time now and is showing no sign of slowing down.  Going green helps the environment, reduces energy costs and can significantly improve the reputation of your company. Many consumers seek out environmentally conscious companies to do business with.

Employee Wellness

There has been a tremendous movement toward health and wellness in the U.S. and employers that offer wellness programs are seeing a myriad of benefits. Wellness programs help with employee morale, lowers absenteeism and reduces insurance claims.

Unique Benefits

Offering non-monetary benefits like gym memberships, education opportunities and employee advancement programs have become just as important as pay rates and bonuses. These types of benefits show your employees you care about their well-being and quality of life.

Personalized Customer Service

The internet has caused a dramatic increase in competition for small businesses over the last two decades.  With that has come the need to find ways to differentiate your business. Offering top notch customer service is the best way to ensure repeat business and maintain a loyal customer base.

User Reviews

Consumers trust online reviews and small businesses need to keep up with them to ensure the health of their online reputation. Responding to reviews and doing your best to rectify complaints will play a major role in your ability to draw in new customers.

5G Launch

Technology always plays a role in the trends affecting small business and the launch of 5G will be a big one. 5G has the potential to speed up communications and will make video and even more important marketing asset as download speeds are sure to be much faster.

Cash Free Businesses

While cash may never completely go away, more and more businesses are only accepting some form of electronic payment. These payments make accounting much easier and lower the risk of theft.

Women Thriving

The number of women owned businesses continues to rise and with far more role models to look up to, more women are taking the leap into small business ownership. The number of women receiving degrees in business also continues to rise and it is expected the number women owned businesses will draw even with men owned businesses within the next decade.

E-Commerce Domination

E-Commerce is an essential tool for small businesses looking to compete with larger box stores and online marketplaces like Amazon. The convenience of being able to shop from home and receive your goods in a timely fashion is a major selling point and small businesses that embrace this trend stand the best chance at thriving in the future.

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Topics: Small Business