Yes, 2020 was a rather challenging year – one where both individuals and businesses suffered. But it has come and gone! The year 2021 is already upon us, and it is touted to be the year of evolution for small business trends.
Here are the top 3 trends every small business owner needs to know about:
Trend #1 Prepare for remote work
This top business trend should not come as a surprise to you. Most of us have been working from home or remotely and will continue to do so for a while.
As for India, a survey by SAP Concur reveals that 88% of workers prefer to work remotely or from their homes. Several industry experts are already predicting a permanent shift towards remote work. They have also figured out how to collaborate virtually and run their companies successfully in the new normal.
Besides, if you're also thinking of investing in digital infrastructure, now is the perfect time! You can leverage the dropped business loan interest rates and avail of necessary funds.
Trend #2 The year for profitability is here
All businesses struggled to stay afloat amid the pandemic induced economic turmoil. Fulfilling sales quotas and marking profits were put on hold until operations resumed fully. But in 2021, there will be a shift from surviving to thriving!
Smaller organisations will ease out on budget cuts and invest in growth initiatives. They will opt for small business loans to start projects that do not bear immediate returns. The appetite for doing more important things, like launching new products or services, will grow.
Trend #3 Digitisation will not just be a good idea – but an essentiality
In 2020, various small businesses were driven to digitalise their operations to accommodate their customers' safety preferences. Not only will this trend continue in 2021, but the companies planning on going offline will likely suffer serious loses.
Even customers have come to expect that the brands they engage with will have a more significant digital or online presence. Along with getting online, customers will also expect a user-friendly and seamless digital experience.
Don't believe us? Well, the stats are clear on this! A survey by Salesforce reveals that 68% of customers have raised their expectations for a business's digital capabilities. This study included a majority of millennials.
How can you improve your brand’s digital presence? By following the steps listed below:
Offer mobile-responsive portals to shop on, accompanied by seamless delivery.
Integrate your web portal with a chatbot for better and faster customer service.
Provide your products or services through an e-commerce portal or build an e-commerce portal.
Get an app developed for your business.
Engage with your clientele on social media services platforms.
Start preparing
You want to ride these trending waves, not submerge in them. If funds are a problem for taking your business online or for any other expense, check your business loan eligibility criteria with a credible lending institution and avail finance.
You can also use a business loan EMI calculator to assess your potential EMIs before applying. So, why wait? Take a loan if you lack sufficient funds to integrate these three trends into your operations.