Small businesses nationwide will have to adapt in the upcoming decade to keep up with new trends, fads, and technology in order to stay afloat.
The Roaring Twenties was famous for intense changes, especially in business. Beyond the invention of the first ever cheeseburger, the 1920s brought with it the popularization of the automobile, the telephone, and the radio. The 2020s presents new trends and difficulties for businesses to tackle.
According to Andre Smith, an online business expert and journalist at Digitalist Magazine, the next decade will bring about changes in consumer and producer trends for small businesses. Some of the anticipated changes include an increase in online presence and cloud computing.
A survey conducted by Clutch found that over 70% of small businesses in the United States were already using social media in 2018, a huge leap compared to the 24% in 2010. Of the small businesses surveyed, more than half reported posting on their social platforms at least once a day. Small businesses that refuse to take part in social networking could lose the interest of customers, especially young people.
“Having a strong presence on social media is vital for small businesses, especially businesses like mine that don’t otherwise advertise,” says Shannon Cromer, owner of Della Rose Photography located in Fishers, Indiana. According to Shannon, social media has brought her a lot of business since she opened her doors seven years ago. She utilizes Facebook more than any other platform, posting almost every day and sharing some of the best shots from her photography sessions. Shannon says the most important thing she has learned from running her own small business is the importance of working smarter rather than working harder.
Srikant Devaraj, research economist and professor for the Miller College of Business at Ball State University, says social media is useful marketing tool that can help small businesses.
Devaraj says consumers trust people they know who recommend a product more than they would a traditional review or advertisement.
A report released by Intuit, a software company that provides business and financial services for small businesses, predicts almost 80% of small businesses will be adapted to the cloud by 2020. Cloud computing is the practice of using the internet to store, manage, and process data in place of a personal computer or server.
According to Devaraj, cloud computing can actually help small businesses in a variety of ways. “The abundance of data that are readily available in the cloud could help small businesses strategize their decision making sooner and help to efficiently create plans to increase profits and decrease losses,” says Devaraj.
Although it would be impossible to predict every development that could be made in the upcoming years for small businesses, there is no doubt change is set to take place. Between cloud technology and social media, small business owners will have a lot on their plates going into the new decade.
