Small businesses are growing and getting more hold of the market than ever before. 2019 is expected to present new opportunities and challenges for such businesses. As the year advances, small businesses are expected to align themselves along 5 major trends that are targeted at giving them a competitive advantage and setting them on a highway to a strong market establishment.
More Investment in Data Security
In previous years, small businesses have been gradually implementing information technology-based data handling techniques. This investment has presented new challenges, one of which is cybersecurity. The rising trends of cyber theft are expected to push more small businesses to invest in data security this year than ever before. Businesses are expected to train their workers on the larger topic of cyber security and how to practice safe data handling techniques.
Implementation of Sustainable Practices
Sustainability is going to be a major focus in 2019 as small businesses target generating more profits while running under lean operational and management systems. Small business sustainability is expected to be achieved only once such businesses comply with several trends including climate change. The increased calls for harnessing of renewable energy in the world today are expected to push those businesses to exploit alternative options where necessary. Sustainable utilization of business resources including capital and labor is also expected to be emphasized.
More Focus on Workplace Wellness
Businesses will now focus on promoting organizational wellness for workers. Employee wellness and welfare are expected to be highly emphasized on as a way of enhancing the workers’ output. This follows research that shows that workers often experience reduced motivation and output capacity in instances where they are exposed to stress and unconducive workplace conditions.
More Technology in Customer Service
Customer service is also expected to be emphasized this year – with technology taking center stage. Various artificially intelligent customer service tools, such as chatbots, available in the market are expected to be put to use. Technology, however, is expected to serve as a facilitative tool and will not entirely replace the human touch in customer service.
Strategic Marketing and Advertising
As time goes by, 2019 is expected to push businesses to personalize their marketing and advertising initiatives. To achieve this, data will be used to fine-tune business’ marketing initiatives to ensure increased return on investment. Targeted marketing will make digital marketing initiatives more appealing than the conventional channels of marketing, such as mass media.