July 31, 2020
5 Key Challenges Small Businesses Need To Address Now

Tony Giudici

Running a small business requires entrepreneurs to put on different hats and deal with a variety of business functions. 

But you also must keep a watchful eye on trends. They can change the way your company operates and can also jeopardize your entire organization.

Check out these five trends that are bound to impact small businesses in 2020.

1. Cyberattacks Continue to Run Rampant

Cyberattacks continue to increase. In January 2019 alone, attacks resulted in over 1.7 billion records being leaked in various data breach incidents.

Hackers now target small businesses as well. As a result, most small business security measures no longer suffice. So an attack can prove devastating to your business. 

For example, 60 percent of small businesses that fall victim to security breaches go out of business within six months.

Website settings to increase security

2. Consumers Look for Engaging Content on Social Media

Customers are constantly looking for interesting content on social media. Stories on Facebook and Instagram are among the biggest trends in social media marketing today.

Individuals and organizations are also now using stories in publishing their campaigns and promotions to increase their traffic. 

In just two years, there are now about 500 million people who use Facebook Stories.

3. Stakeholders Want to Be Educated

People now thrive on information so small businesses must be able to effectively educate their stakeholders to keep them engaged. Prospective clients will do plenty of research on the web before buying your products or services.

As such, companies must be able to educate clients in engaging ways. Internally, small businesses should also be able to effectively pass on information between management and staff through reports that are easy to understand.

4. People Want to Do Business with Thought Leaders

Maintaining a strong digital presence should be a top priority for your business. This is the case when it comes to the company’s brand as well as the personal brands of its executive leaders. 

Today’s customers want to transact with businesses that not only have attractive and functional online channels but are also led and managed by reputable and knowledgeable leaders.

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Consumers put a premium on industry and thought leadership. They try to determine whether the company they’re working with has a true visionary at the helm. All this happens before they commit to a purchase. 

5. Customers Demand Fast Responses to Inquiries and Concerns

Small businesses must be able to maximize opportunities to convert leads into sales.

Companies typically only have five minutes to reply to inquiries or else the chances of getting in touch with a prospect drastically decrease. 

Active support channels allow companies to instantly answer inquiries and engage customers. For example, live chat offers an excellent option here.

Small businesses should turn to digital tools to help overcome these common business obstacles. These tools can help you be competitive in today’s landscape. 

The strategic adoption of innovative tools can help your business grow. But it also minimizes the impact of growing pains. 

 

Tony Giudici is a Director of Market Development for Excelerate America, the ultimate resource for modern entrepreneurs and small business owners. Have questions about 2020 business trends? Email Tony at tony.giudici@excelerateamerica.com

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