The nature of business is continually evolving with different trends taking over year on year, paving the way businesswill head and shaping the future of our economy. With an influx of millennials making their mark as customers and workers, the business environment is soon set to drastically change with some changes already in full swing.
For the most part, businesses are unable to have an impact on these changes, particularly small businesses. With that in mind, the best approach would be to predict these trends ahead of time and adapt before it's too late. To keep you one step ahead, we have compiled a list of 5 future trends that we think small businesses should be aware of. Moreover, what companies should take action towards in order to have a successful future full of growth!
5 Future Trends
Personalised marketing has been a popular approach for businesses for some time now. With the way, this trend is going for your business to really stand out everything that can be needed to be personalised. Research has shown customers prefer working with businesses that offer personalised experiences and 86% are willing to pay more. Take advantage of this and make your customers experience as personal as possible! With the abundance of data available online businesses can target down to a granular level, improving ad quality and return on investment.
In recent times businesses are becoming increasingly more mobile, expanding their operations to countries thousands of miles from where they started, contributing to the globalisation of organisations. Take a look at some of the businesses who have set up base here at Mill Studio, a self-serviced office in Ware, offering their services to customers all over the world! Globalisation is impacting recruitment opportunities also as businesses find they can hire staff internationally without the need for anyone to relocate.
This trend of globalisation can be of huge benefit to small businesses. They can utilise this to expand their business to have a global reach without the need for multiple international offices and hundreds of staff.
To coincide with the future trend of globalisation and international recruitment opportunities comes the rise of remote working. Many businesses are beginning to allow their staff to work remotely, whether this is from home for convenience to staff working internationally on the other side of the world. Employee expenses and fixed costs such as renting an office space large enough to encompass the whole business collective can be reduced. This can be extremely beneficial to small businesses looking to maximise their profits. If you're looking to delve into this trend and introduce remote working to your business, read our blog posthereon how to manage a remote team effectively!
Customer communication has always been of extreme importance for any business. This is especially true for small businesses and start-ups who are paving the way for their customer base and businesses success. With the rapid growth of digital platforms, particularly social media, the way business is now able to communicate with their customers is diverse, extensive, and often available 24/7.
Breaking through last year, the use of Chatbots for basic interactions has risen in prevalence. Facebook now allows businesses to set up an automated chat for basic communications, which can be used 24/7. Future trends predict further development and capability of these bots, providing an in-depth customer experience with real-time engagement.
Millennials now make up a significant percentage of the active workforce, especially within small businesses. As a result, an innovative shift in the working environment and offerings has begun to take place to drive engagement amongst employees. Many businesses have made a move towards material benefits. This creates a distinct office culture, transforming the office into much more than a place of work; think Google's office slide or an early finish on Fridays.
This future trend focuses on employee wellbeing, encouraging sustainable work habits and a general improvement towards employee attitudes of the workplace. For a small business, exciting work perks can be the difference between stagnant business growth and a stable environment to a thriving hub of innovation that both customers and employees will be desperate to become a part of!
Mill Studios Business Centre provides the perfect location for you to create your own dream work environment full of unique additions and perks. Contact us by filling out this form or give us a call on 01920 460000 and surround yourself with success at our innovative community.