Are you a small to medium-sized business owner who's barely been able to keep your new or existing business afloat in the midst of the pandemic? And are you wondering if your business is up to par as far as bringing in future revenue? No need to worry, with fiscal impediments, including some other limitations, it's easy to say that this pandemic has been a real game-changer for small and medium businesses. Many businessed has had to create some clever ideas to sustain a steady stream of fiscal profits.
Trends Impacting Business Through 2022
Businesses are currently experiencing extraordinary challenges, and it's likely to continue well into the near future. Some of the most transformative global factors to steer the future are expected to be:
Flexible Employment: Boosts variety in the workplace and the work performed.
Environmental Issues: Awareness of the world climate and its repercussions.
Workforce Composition: Be mindful of the aging workforce who's working longer.
Sustainable Employment: Provide motivation for employees to work in a workplace.
Globalization: businesses, people, processes, services, and products are functioning on an international scale.
Speed of Technological Advancement: the rapid progress of speed to market leads to better information and ideas, resulting in improved performance and efficiency.
Top 2022 Business Trends to Enhance Your Business's Future Growth.
1. Social Purpose - Market trends show an increase in customer approval in affordable solutions, social responsibility, and innovation. Just being green and fostering social justice internally isn't enough to promote future growth. Companies should opt for transparency with prospective customers about their social purpose. In March 2020, Brand Watch researched online posts around purchases and found a 132% increase in ethical rationale, while local posts about purchases increased by 440%.
2. Virtual Services - Consumers, especially tech-savvy consumers, want a convenient yet effective experience, which is where virtual services come into play. Many consumers have implied they prefer shopping online over a brick-and-mortar store. Did you know that most Amazon products come from small and medium-sized businesses? Amazon is also forecast to maintain its place at remaining a revenue heavyweight for small and medium businesses.
3. Virtual Assistants - Since small businesses are not equipped to offer flexible staffing, you must be responsive to consumer requests and in-demand fluctuations. Consider flexible staffing to handle fluctuating customer demand challenges. A virtual assistant can aid consumers in obtaining prompt feedback, which will free business owners from having to respond to frequent inquiries. Additionally, virtual assistant help is predicted to increase 25% by 2023.
4. Remote Work - Working from home is likely here to stay. Unsurprisingly, 57% of small and medium-sized business owners have suggested they plan to continue offering flexible work alternatives moving forward. Space can be expensive for small businesses, work schedules are moving away from the typical 9 to 5, and more people are participating in the gig economy.
5. Gig Economy - Also known as an independent contractor, entrepreneur, or freelancer, is steadily rising in the workforce. According to a Gallup poll, almost 40% of employees in the US, as well as many businesses, have started to recognize the gig industry. The upside for small and medium-sized businesses is that it provides them with a strategic edge, and saves your company money while still being productive. Take a look at the following gig economy statistics.
Top 10 Most Impressive Gig Economy Stats
57% of male freelancers possess a bachelor's degree.
In 2021, 9.2 million Americans worked in the gig industry.
Freelancers in taxi services grew by 722% from 2000 to 2017.
In 2019, 30 million Americans got their primary income from gig labor.
The asset sector is projected to have a 133% GV growth in the next 5 years.
Statistics show 60% of the American workforce will be independent by 2027.
The gig economy is expected to reach a gross volume of $455.2 billion by 2023.
In the Philippines, 62% of the freelance work market consists of female workers.
Japan has recorded a 513% year-on-year rise in new gig workers since the pandemic began.
Gig economy stats indicate that America contributed an astronomical 44% to the global gig economy.
Bonus Trends
1. Social Media Marketing - According to research, at any given moment, eight of 10 US Americans are actively shopping for something. And, 32% of shoppers often change their purchasing decision due to mobile product information in brick-and-mortar shops. Relevant marketing messages matter greatly and should be distributed through consumer touchpoints. Small businesses need to strive to stay at the forefront of social media marketing as it continues to rapidly change.
2. Alternative Payments - Online e-commerce is expected to rise to $5 trillion by 2025 and consumers want touchless, easy payment options that utilize mobile technology. For instance, SunCash and Kanoo, which are persistently growing in popularity.
Becoming Future Smart
The goal is to empower preparedness and smarter decision-making. By simply adopting a "future smart" attitude, you can enhance concepts and practices from fielding strategic foresight. Strategic foresight is a way of thinking, engaging, discovering, and acting, and is designed to assist in releasing previous beliefs.
Conclusion
If you have the dream, the drive, and the dedication, the team at The Bahamas Entrepreneurial Venture Fund has the venture capital you need, and we're excited about helping small to medium-sized businesses, and startups, achieve peak growth potentials via our investment solutions.
At BEVFL, we provide loans or equity funding to help expand or grow your business or brand. Feel free to contact us today for more details on how you can secure funding for your business. We look forward to working with you. In the meantime, check out our blog over here.