Small Business Survival Trends for 2012


Published: January 24, 2021

Courtesy of Forbes.com

A New Beginning for America

Well, a new administration has taken hold and a new beginning for America. After the ugly scene that took place in our capital that threatens our democracy, a sigh of relief, new hope, and vision are on the horizon. A more diverse cabinet that shows the true embodiment of people who genuinely represent America is part of this new administration that defines America, from the vice-president down.

The pandemic is still with us, but hopefully with the various vaccines that have been developed will provide a cure with the American people’s vaccination. This vaccination goal of vaccinating the American public will not be a small feat, which will take patients, money, distribution, and the people’s inoculation to defeat this virus that has taken over 400,000 Americans before their time.

2021 Trends

Bernard Marr, a contributor of Forbes, speaks about the projected trends for 2021; I will go over a few of them and reiterate how these apply to business professionals and too you as well. Due to the pandemic that has touched all of us alike the makeshift way businesses responded to this global phenomenon, some action will remain our new normal, such as working from home. Working at home turned out to be not a bad idea for those who are white-collar workers or thought workers to be able to work remotely.

Business organization has found this new business process or workflow has brought profits on one side of the coin, and savings on the other, which make one wonder will offices be needed for the future? The organizations that can utilize this new type of work process are supplying their workforce with the proper equipment to administer their new normal employment activity. Thus, it has launched a new workforce that can be just as productive as being in a traditional business-like atmosphere.

Data

The coining of the information age has been a business term for quite some time now, and the usage of data in making sound business decisions is paramount in business today. For the practitioner to understand and interpret this data is key to all business organizations’ success and growth. Business organizations must invest in software and other analytics to better interpret what this data is saying.

The leveraging of this data to better understand one’s customers, the improvement of business decisions, and those who use this information and have the tools to interpret will outperform their competitors. Thus, cloud solutions allow us to acquire knowledge from any database anywhere throughout the world to be applied to our business needs. The securing of this intelligence is as vital as any other asset that business organizations have. Thus, secured through a cloud-based ecosystem that can save this data for the future.

New Business Models

Merchants must find new ways to do the same thing with different results for 2021 and beyond. The traditional way of doing business is giving way to digital transformation and marketing. Restaurants must develop new business models to survive due to the limiting of crowds in each space. Thus, the leveraging of e-commerce as another way of paying for goods and services over face-to-face interactions that we learned to love. The businesses that are profiting during this pandemic have excepted the change and moved on it.

As entrepreneurs, innovation is crucial to survival and more necessary now than ever. The ability to change and go in another direction is vital in 2021. Thus, this ability will bring about opportunities not thought of prior due to this new way of doing business. For example, the restaurant industry, devastated by the coronavirus to survive, made changes to their business models such as delivery services over having people dine-in and others and made other changes in their business models.

Technology

Business organizations will look more into automation and find ways to use technology in the white-collar sector to reduce labor and implement robotic devices to help perform in ways humans could never do. Likewise, these professionals must learn and understand technology in how it can be used in their professions to help them do more through computerization. This direction has already taken place in industries, such as warehousing, supply chains, automobiles, and other sectors that will look into how they can use technology to their advantage.

Finance

Because of the coronavirus, entrepreneurs and small businesses must find new sources to obtain capital due to the capital markets’ nervousness. Thus, it has given birth to alternative financing due to financing caps at the traditional lenders. Small businesses need capital, and alternative financing substitutes such as crowdfunding and blockchain technology have a lower threshold for entrepreneurs to take advantage of and to qualify. This trend in 2021 will provide opportunities for businesses of all sizes to take advantage of capital when these companies have reached the caps on their current financing with their traditional bank.

Virtual Reality

As the stay-at-home order continues, business organizations find new ways to market their products and services through automation. The use of virtual reality to have the customer try on eyeglasses in their homes’ conveniences can be summed up as the new way of getting goods and services in consumers’ hands and into their homes. This marketing strategy has taken effect in the real estate sector where marketers would in the past physically show houses are now doing this process through automation. So is education also using some forms of automation to continue to educate its student body.

From Global Back to Local

The pandemic has interrupted various supply chains, which has devastated or interrupted getting needed supplies to merchants who require it to distribute their goods and services to a consuming public. The use of a locally educated workforce can, in the long run, save the businesses in shipping cost and time to get the needed items to their final destination. Nevertheless, this could cause these same businesses to rethink after this crisis is over to

Consequently, this could be an opportunity in disguise. For years, the cry has been for businesses to make more trade within the U.S. over that of going aboard to do the same. You say you want the economy to grow, why not do more business locally? The saving of money by doing business with foreign countries will bring more national pride back to; this was made in America.

Social Media

The 21st century has brought about changes that were not foreseen in the 20th century, such as social media. The traditional way of doing business has been challenged by digital marketing and the digitalization of paper content into electronic forms. Reaching the customer where they are and using content to alter the traditional way of having people come to stores to shop. All of this is done online, and it is all because of the invention of the internet. Businesses can increase their reach, and in doing so, advertise cheaper than traditional means, such as TV, Newspapers, where the conversation is one way over that of two-way with social media.

Conclusion

With the roll-out of the new vaccines, which would alleviate the death total,  or at least slow it down, which has amounted to over 400,000 deaths of Americans, and scientists say it did not have to happen. Yes, 2021 will be different; the political environment will be different and challenged. Automation will take hold; it is just how much and how often it will be used by business organizations, especially the smaller enterprises. To these ends, change is apparent for 2021; the question is, where do you fall with these various adjustments?

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