What Are Top Small Business Trends for 2021

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Business Trends for 2021

If 2020 was a year of change and transition for small businesses, 2021 will be a year of continuous development. To help you prepare, we talked to a handful of economists about what to expect in the coming year. The number of remote workers around the world has been growing steadily for years, but the biggest increase was in 2020. By 2020, 42% of the US workforce was working remotely, up from 29% in 2015, according to the Bureau of Labor Statistics (BLS).

The consultancy, which helps companies plan and implements growth strategies, says it has seen a steady trend towards online and remote work. Many companies have figured out how to run their businesses successfully, and that is why this model will continue after COVID 19.

Remote work can be challenging when it comes to collaboration and communication, but the majority of remote workers appreciate the flexibility offered from home. Besides, remote working means less effort, so it is a good option for small businesses.

Over the years, many companies have digitized their processes and services to serve customers, but by 2021 the bar will be higher. Build on these savings by updating software, increasing digital marketing, and building on your company’s strengths.

Customers expect companies to have a bigger online presence by 2021, but they also expect a seamless digital experience. This is especially true for millennials and Gen Zers, the majority of whom put convenience before brand, according to the report. 

Customers surveyed in Salesforce’s State of the Connected Customer Report said COVID-19 had raised their expectations for the company’s digital presence. Choosing to offer online is no longer just a good idea, “said David D’Agostino, vice president of marketing and communications at Digital Marketing Strategies, a company that helps companies get brand mentions and backlinks.

To provide a pleasant experience for customers in 2021, it is crucial to work on a Digital First mentality and offer options. Customers are more likely to buy or recommend a company with a strong, recognizable goal. “If a brand lacks empathy, vision, and determination, consumers will not support this goal and will look for competitors,” Moser said.

The purpose of a business must be because it encompasses not only the business but also the customer experience, customer service, marketing, and customer service.

To achieve this, you may need to tailor your products and services, rethink your customer service policies, and use a more compassionate voice in your marketing materials. To build trust with your customers and build brand loyalty, to build brand loyalty, you need the ability to connect with the head and heart of the customer. Making that connection is about showing empathy, says Diamond: “Showing empathy is about addressing customers” needs and fears. Customer loyalty is the only way your company’s future can survive and thrive.

Many entrepreneurs are pursuing a strategy that will allow companies to recover from revenue losses and budget cuts by 2020. In recent years, we have focused on growth initiatives, “said David D’Agostino, founder and CEO of the Small Business Development Center (SBDC).

Companies tend to take on projects that do not immediately have a positive ROI, but instead focus on these activities and take stock of where processes can be optimized to save money. Financial transformation projects, he said, can help reduce costs and keep cash flow stable. Consider the impact of a new business model, such as a business plan, business strategy, or business development strategy.

Companies will also focus more on the projects and programs they will implement in 2021, Davidson said, than in any other year since 2010.

With so many popular local stores facing closure in 2020, many customers will be changing their priorities. Today, more than half of the consumers surveyed in the Salesforce report prefer to shop at a small company than a large one. To remain flexible and profitable, they may need to reduce their offerings and focus only on the services and products that generate the most revenue.

To capitalize on this trend, entrepreneurs need to invest in local marketing and community growth, said David Moser, senior vice president of sales and marketing at Salesforce. Consumers recognize the importance of relocating their local economies from states, counties, and cities, “Moser said. To strengthen your presence on social media with local hashtag campaigns, consider donating to local causes or participating in virtual fundraisers and community events.

Regardless of how your company is doing in 2020, it is crucial to start preparing for 2021. To prepare for success, take the time to evaluate what works for you and what doesn’t in terms of marketing, sales, customer service, and business development for your small business.

If you need to free up cash flow or cushion your savings, consider a fund box or credit line. The application is simple and the decision can be made within minutes, so don’t be afraid to ask for help on the go.

Jason Ellis

Jason Ellis

About MySource

MySource empowers any sized businesses by putting more time and money back into your hands. Your MySource virtual assistant or team of professionals are dedicated to your business and always available when you need them.

MySource is a leading BPO in North America with operations based in the Philippines. We have a proven track record and provide service to a variety of companies in the US. MySource provides Outsourcing solutions for different companies throughout the world. We help our partners get more done, faster.

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