Denise Shen, Director or Human Resources, discusses small business trends for 2024.
To sustain, grow, and remain competitive, small business owners need to pay attention to today’s emerging business trends.
Indeed.com points out the following tips to recognize and be aware of emerging business trends:
Pay attention to the news
By following a variety of new sources you will be able to stay current on new and emerging trends. Be sure to pay extra close attention to the trends related to your industry.
Observe what your competitors are doing
Paying attention to what your competitors are doing will give you an idea of what works well for them and what you should avoid. This practice can help you to up your customer service game.
Practice social listening
Monitor a variety of social media sources to see what people are saying about your business and industry. Use social media and keyword searches to gauge how consumers view your business as well as your competitors.
Read industry reports
Industry reports include important data such as supply, price, and demand, as well as market trends and operations. Many industry reports can be found online for free.
Follow industry leaders on social media
Connect with industry leaders to see what they are posting about their business and the market in general. You may see information on new offerings, along with comments to get a better idea of how the public feels about these offerings.
The U.S. Small Business Administration advises small business owners to begin monitoring trends now to stay prepared for challenges and opportunities in the days ahead. They identify the following trends to keep you informed of small business strategy in the coming new year:
Artificial intelligence is here to stay
AI is at the forefront of many sectors, including business. According to Constant Contact’s Small Business Now Report, 91% of small businesses currently using AI say it has made their business more successful.
Don’t forget the human touch
In a world that is becoming increasingly digital, soft skills are more valuable than ever before. AI may be the future, but emotional intelligence is still in demand. A recent study by Redpoint Global found that 77% of consumers believe a positive customer experience still requires human interaction. Remember, customer experience is everything.
Green initiatives
More consumers are becoming conscientious about the state of the environment and will use their buying power to improve it. Look at your current business model to find ways you could have less of an environmental impact.
Cybersecurity is a must in a data-driven economy
As data collection becomes a standard process, consumers want to know their information is secure. Deloitte.com reports that 67% of smartphone users are concerned about data security and privacy on their phones. To stay ahead of cybercriminals, invest in security measures and educate your team about online security practices.
