Seizing Opportunities: 5 Small Business Trends in 2023
What are the latest small business trends in 2023 you should watch out for? This post will shed some light on five of them to help you.
It is no secret that businesses all over the world have had their fair share of challenges over the last few years. From ever-evolving work models to fast-changing technologies and the uncertain economic landscape. These challenges may be a source of worry to entrepreneurs regardless of their location or industry.
One way to stay afloat despite the challenges plaguing business is understanding the latest trends. When you know about the latest small business trends in 2023, you can find new ways to improve your business. This is because you have access to information that transforms your mindset and modus operandi to suit the changing demands of the market.
Small Business Trends in 2023
Staying abreast of the latest small business trends keeps you ahead of the curve. You can easily make switches to the way you operate to improve your chances of business success. Here are five small business trends in 2023 you should know:
Employee-centric work models
Topping our list of small business trends in 2023 is employee-centric work models. Remember covid-19? Barely a few years ago, this pandemic introduced us to new ways of running the workplace.
During the pandemic, many companies suffered from the “great resignation.” This event saw companies lose staff who resigned voluntarily due to several factors. Some of these factors include inflexible work policies, job stagnation, and a lack of benefits to mention a few. It also birthed the “new normal,” which is redefining the work culture.
Today, there is an employee-centric work model that focuses on the whole employee, not only their output. Because of this, team members are now safer, more creative, and sometimes, challenge processes they aren’t comfortable with. Here are a few benefits of adopting these work models:
- Better talent acquisition and retention.
- Productivity boost due to happier employees.
Collaboration in the workplace is more important today than it has ever been. Every business must invest in reliable collaboration tools for their team members. Team members should have access to these tools to make it easy for them to thrive in both in-person and remote environments.
With the fast evolution of technology, it is paramount that businesses find tools that will centralize communication and operation processes. These tools help team members to own tasks more since there is easier access to information. There are several collaboration resources that you can take advantage of. However, ensure that you carry out proper research so you pick the tools that suit your business the most.
One of the most important small business trends in 2023 is cybersecurity. Did you know that small business employees are more prone to cyberattacks? A report by Spear Phishing reveals that cybercriminals prefer to attack people working for small businesses. Why is this so?
Small businesses don’t have sufficient funds to invest in the workforce or resources to install sophisticated cybersecurity frameworks. What most of these small businesses don’t know is that it is more affordable to invest in taking cybersecurity measures. Attackers charge very high ransomware fees, usually higher than what it takes to install cybersecurity systems.
This year, consider investing in operating systems that are less prone to attacks. You should also consider improving your data security by contracting your frameworks to reputable data security companies.
Over the last decade, sustainability and climate change have become very popular in business discussions. Companies across industries are in search of the best ways to impact the environment positively while reducing their carbon footprints. These actions are a result of changes in client demands and behavior. More customers are becoming conscious of the environment and prefer to patronize eco-friendly businesses.
Big businesses may find it easy to make the switch, but for smaller ones, it might be quite challenging. How can your small business take advantage of this trend in 2023? Here are a few pointers:
- Embrace digital contracts instead of paper.
- Go green at your offices by prioritizing renewable energy and working with eco-friendly landscaping.
- Present clients and employees with sustainable souvenirs.
- Send digital presentations and proposals instead of paper.
Set clear and realistic goals outlining the sustainability changes you want to adopt at your company. Start taking the right steps toward achieving these goals.
Immersive customer experience
One of the factors that determine a client’s continual patronage is customer experience. This factor also determines if they will recommend you to others. Immersion, as pertains to customer experience, refers to how a brand handles the customer’s journey as they move through channels. The aim is to improve customer experience and relationships.
Examples of an immersive customer experience include:
- Leveraging the benefits of the metaverse to offer a better experience via virtual environments.
- Offering a mix of different traditional communication channels like websites and emails with in-person experiences such as live chat or calls.
Many brands are making an extra effort to personalize their customers’ journeys through their sales funnel. Joining the bandwagon puts you in a pole position to strengthen your brand and increase revenue.
This post has introduced you to our top five small business trends in 2023. Which ones are you already working with? Share with us in the comments section below. Meanwhile, check out a few other exciting articles on SME360 to improve your business.