2016 has ushered in definitive changes in the small business landscape, where entrepreneurs are clearly looking forward to ace the dual challenges of bolstering their visibility in their respective industries as well as leveraging business opportunities to create enterprise-quality products and services within competitive price brackets. Halfway through 2016, the commercial landscape has witnessed major changes in ways in which businesses engage with customers, manage their work, and plan to stay ahead. Digital growth, needless to say, has been at the forefront of all these changes. Staying informed about the latest trends ruling small businesses is crucial to business growth. Here is a look at the same.
A few noticeable changes in small business trends in recent times
Provided below are a few changes that are quickly taking over the small business scenario in the UK that entrepreneurs should be aware of.
The rise of digital advertising
Businesses in the UK are spending a lot on digital advertising. The year 2015 witnessed collective expenditure touching £20.1 billion out of which £8.6 billion was spent on the digital channels alone. It is believed that the digital world is an area of high growth which has swiftly adapted itself to technological modernization. However, a section of experts believes that digital spending has lately emerged more as an area of competition where beating others’ level of investment has become more important than devising a consistent strategy. They have gone on to opine that there is a clear lack of a methodical approach at the core of the digital efforts. If you are spending on something you got to justify that expense. There is nothing wrong as long as you’re doing that. Instead of spending arbitrarily on any channel, you should concentrate on effectively using customer data.
Finances: Broadening horizons
New-age entrepreneurs are clearly looking at broadening their investment horizons. For instance, one of the hottest offers advertised online is that of shipping containers. You can invest in a shipping container or two and lease them to secure guaranteed returns. Needless to say, the fast rise of e-commerce stores makes it a tempting proposition.
Similarly, there are digital marketing agencies that are slowly looking forward to diversifying to digital marketing coaching as well. According to a report, around 40% of the small businesses in the UK are mulling an expansion of their product offering this year.
The fast rise of millennials
It’s time when the oldest members of the group have entered (or are about to enter) their 30s and it is this group that is looking to reinvent businesses by bringing about notable changes in workplace management. This group is particularly known for their comprehensive leadership skills where they seek opportunities for growth in every position they are in. Their entrepreneurial efforts are clearly defined by their ability to adapt to new technologies- thereby eliminating the need for the major adjustment phase every previous generation had to go through. Perhaps this is why they have been so successful in transcending the monotonous “one-way conversation between brands and customers age” to a much more dynamic “24×7 dialogue age”.
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