As a business owner, it’s vital that you keep on top of the latest industry trends, not just within your industry but in the world of small- and medium-sized business as a whole. After all, being aware of the latest trends can help you stay ahead of the competition, identify new opportunities, and ensure that your business is operating as efficiently and effectively as possible.
So, what are some of the most important small business trends that you need to be aware of right now?
1. The rise of the ‘gig economy’
One of the most important trends affecting small businesses right now is the rise of the so-called ‘gig economy’. This refers to the growing trend for businesses to use freelance or contract workers, rather than full-time employees, to get work done.
There are a number of reasons why this trend is on the rise. For businesses, it can be a more cost-effective way of getting work done, as they only have to pay for the work that is actually carried out. This helps them to build a leaner organisation with fewer HR requirements, saving time and energy as well as money.
2. Investing in Financial Advice
The current economic climate is one that is increasingly uncertain, which is why good financial management is more important than ever. If you don’t know how to manage your money well, the chances are that you’re wasting a good chunk of it.
One way to ensure that your business is making the most of its finances is to invest in financial advice. A good financial advisor can help you to understand where your money is going, where you could be making savings, and how to best invest your money for the future.
A financial advisor will also help you to understand how cost-effective your organisation currently is and enable you to get to grips with your numbers. From there, you’ll be able to make decisions to increase your profitability and overall financial health.
3. Short-form video content
Like it or not, short-form video content isn’t going anywhere. Apps like Tiktok and Instagram have popularised this format and, as a result, people’s attention spans are shorter than ever before.
If you want to reach your target audience, then you need to be creating content that is easy for them to consume. That means making videos that are short, punchy, and to the point.
4. The importance of data
Data is becoming increasingly important in the world of business. Having access to the right data can help you to make better decisions, understand your customers better, and improve your overall performance.
However, collecting and managing data can be a challenge, especially for small businesses. This is why many businesses are now turning to data management services, which can help you to collect, organise, and analyse your data more effectively.
5. Hybrid Work
In the wake of the pandemic, many workers are returning to the office – but they don’t want to do so every single day.
Working from home and in office each has its pros and cons, so the answer for many businesses is to find a happy medium with what’s known as a ‘hybrid model’. This involves a mix of office-based and remote working, giving employees the best of both worlds.
This approach also saves businesses money as they don’t need to provide office space for every single employee every single day. They can move to a smaller office and introduce hot-desking, or even take on a flexible contract with a co-working space, depending on the size of the business.
As always, there’s a lot happening in the world of small business. To stay ahead of the curve, it’s important to keep up with the latest trends and developments. By doing so, you’ll be able to adapt your business to the changing landscape and make the most of new opportunities.
Book a free consultation here, to discuss your needs and how we can help you manage your business finances, including small business trends.