5 Trends to Look at for the Small Business 2018

pexels-photo-541525.jpegWithout question, if you own a small business you must keep up with current trends for small businesses. I’m not advocating that you try everything that seems to point to a good idea – some things may not be right for your business or they may be just transitory. What I am saying is that you should stay on top of what is available and the direction or opportunities that may be there for your small business because of a growing trend.

Once you have a handle on what’s trending, make a plan to strategically incorporate some of the trends into your business. It’s a good idea to explore a few of the trends for 2018.

One of the trends you may consider adopting is outsourcing or using freelancers for some of your workload. You and your staff don’t have to do everything. There continues to be an uptick in home businesses and freelance workers that can handle specific projects for you. According to incfile.com, there are 38 million home-based businesses in the US. And Balance, another popular freelance site, states that in 2014 one in every three Americans had done freelance work within the year. With those kinds of statistics there is someone out there who can manage your special project whether it’s completing a Request for Proposal (RFP) or managing your social media.

Another trend that is not likely to go away is digital payments, both in receiving and invoicing. For example, consider those freelancers: many may work online or remotely. They never see a paper check. Checks are quickly becoming relics. In addition, your mobile device is an increasingly popular swipe for payment at bricks and mortar sites.

Also, stay on top of the demographics of your consumer, as I’m sure you already do. Millennials are a powerful spending block. If your product is of any interest to that age group, it would be wise to understand their values. They don’t want to be sold to and honesty and transparency are important to them, consequently your marketing must be subtle and show the human impact. Think of the Publix commercials with it’s clearly human, emotional aspect. They stress that you are buying experiences, not just products. Building rapport with them is clearly important.

Next on the list is cybersecurity. Hacking and cyber theft are not going away. You must include in your plans ways to protect yourself and ways to rebound if you are hit. Explore the various companies that offer protection. Protect your passwords and make them difficult for others to decipher. The very last thing you want to do is pay a ransom for your company information.

Last, but actually first in importance, is taking care of your employees, whether you have one or 100. Be aware that the minimum wage may change in some parts of the country. Be alert for any changes in legislation that affect your business and employees. This may be more crucial in some states than others. Invest in education; explore inexpensive perks for your employees.  Constantly hiring new people is not a desirable pastime.

This list is just the tip of the iceberg of trends for the small business in 2018. It is imperative that you are strategic when you consider the changes to embrace and those to ignore for the growth of your business. But it goes without saying that you must keep abreast of what new innovations are available, what is changing, and what is becoming obsolete. Do your homework, stay informed, make changes as needed and warranted. Don’t let your small business lag behind because you failed to evaluate the impact of a growing trend.

Don’t forget, at Exceptional we can help you with your load. Don’t hesitate to contact us at exceptionaltbs.com.

And if writing  a book is in your future, a few guidelines may help. Pick up a copy of my book.

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