Top 10 Most Interesting Trends Small Businesses Are Utilizing In 2014

Every day, business owners try to predict the future of their small business markets. However, no one can ever be certain because of uncontrollable elements. But it’s possible to make calculated predictions based on in-depth analysis of past industry performance and the current economic situation. Here are top 10 trends in the small business markets in 2014.

1. Mobile Commerce

It is becoming more difficult to compete effectively for those small businesses that ignore mobile technology. Statistics indicates that there is increased growth of m-commerce. Top 20 retailers according to CNBC indicate that they enjoyed an increase of 55% in their online sales through mobile devices. According to Deloitte, 69% of tablet users and 45% of smartphone users made online holiday purchases. Small business customers continue to enjoy mobile access when purchasing.

2. Crowd-Funding

There are some signs that the traditional lending market is becoming better, but accessing credit for small business remains tight. Therefore, most of the small businesses are opting to use crown-funding. According to the current report from Crowd-funding Industry, 2013 crowd-funding campaigns raised $2.8 billion, and the amount to be raised in 2014 is expected to rise to $6 billion. Indeed, as small businesses are realizing that they cannot be all things to everyone; crowd-funding is doing the same.

3. Outsourced Virtual Workforce

By the end of 2014, 1billion people will be working virtually. Most of the small business owners who are nervous about the effects of health care and the economy will increase their use of virtual employees. This will greatly broaden the access of available talents.

4. Cloud-Based Business Solutions

Initially, small businesses were afraid of cloud-based solution but nowadays, they are jumping for this offer. SMB have indicated that small businesses and mid-sized businesses will rise from 33% to 44% in 2014. Cloud-based solutions costs are based on usage thus enabling small businesses to access greater technology resources without straining their financial resources. This helps them to enhance their bottom line and compete effectively.

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5. Social Media

According to report by PQ Media, the average social media usage among consumers is nearly 12 hours per week. Therefore, even the small businesses that have been viewing social media as a liability to their business are jumping on the bandwagon this year. Small businesses are integrating traditional marketing with social media to boost their sales.

6. Local Collaboration Alliances

Local communities are beginning to collaborate more to reach a broader base of potential business. The effect of collaboration outreach is important because it is relevant and targeted. Statistics from Constant Contact indicates that communities are willing to support local businesses. 54% of the small business owners believe that their customers support them because their businesses are locally operated and owned. This is an increase from the 41% two years ago.

7. Customer Service

Small businesses are now placing a stronger emphasis on providing highly personalized services this year as compared to the previous years. In addition, the nature of customers to complain through social media on the review sites have doubled as compared to 2013 thus making small businesses to be concerned on the need of customer satisfaction.

8. Security

Small and medium-sized businesses cannot afford to ignore security going forward. The 2013 Cost of Cyber Crime Study indicated that the economic impact of cybercrime escalated by 78% this year, and the time required to resolve a problem after an event occurs has improved by 130% in the last 4 years.

9. Disaster Preparedness

Majority of small businesses had to shut down their doors and never to come back to business because of the recent disasters. Due to this, small businesses are waking up to the need of contingency planning. You cannot predict when a disaster will strike, but you can minimize its effect through proper planning. Nowadays, it is easier to acquire resources for disaster planning from online.

10. Fewer Mortar And Brick Locations.

According to statistics from Global Workplace Analytics, the number of people who are working from home is expected to increase by 65% over the next 5 years. Advance in technology has lessen the need for small business teams to work from one location while employees are capable of working from anywhere at any time. Collaboration and remote work are permitting small businesses to offer work schedule, which charms to the 82% of the employees who anticipate having a supple work schedule.

These are the things that are putting some small business ahead of their competitors. To join the club of those at the top, follow those tips.