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Six Small Business Trends Emerging in 2020

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Six Small Business Trends Emerging in 2020

What are the small business trends that will be emerging in 2020?

It’s hard to believe, but 2020 is just around the corner. During the final month of 2019, take time to strategise for the upcoming year by looking at some of the top business trends promising to make an impact in 2020. Here are six rising small-business trends on the horizon for the new year.

1.) The surge of the gig economy

Gig or sharing economy jobs are on the rise. In fact, according to recent research commissioned for the Victorian government’s inquiry into the on-demand workforce, 7% of Australians are now working in the gig economy, across upwards of 100 digital platforms.

This workforce of “non-employees” began gaining traction thanks to ride sharing and food delivery services. It has grown into a free market system consisting of temporary positions or contracts with independent workers for short-term engagements. Additional examples of gig employees could include freelancers, independent contractors, project-based workers, and temporary or part-time hires.

As a small business owner, this trend is a great way to save money. You can do this by contracting out work for various projects instead of carrying the weight of a yearly salary and benefits.

2.) Mobile commerce

Mobile commerce includes any monetary transaction completed using a mobile device. It is an advancement of eCommerce, enabling people to buy and sell goods or services from almost anywhere. It’s all done by simply using a mobile phone or tablet device. Mobile eCommerce sales account for 34.5% of total ecommerce sales in 2017, and that number is growing. By 2021, mobile ecommerce sales are expected to account for 54% of total ecommerce sales.

3.) Pay-as-you-go premises

Flexible coworking spaces are transforming the structure of your typical office environment. Once a niche concept targeted at cash-strapped start-ups and micro-business owners who needed an occasional perch in respectable premises, coworking spaces have become a prominent fixture in the Australian commercial mainstream.

The number of coworking or flexible office spaces has risen from about 78 sites six years ago to more than 400 in Australia’s two main capital cities as employers respond to growth in the gig economy and the demands of millennial workers.

By 2030, 12% of the country’s commercial office space will be flexible, according to 2018 research conducted by workspace provider Regus. This is an appealing way for your small business to keep its options open. Its also a way to avoid a multi-year lease, reduce overhead costs, and boost the bottom line.

4.) Ditching the landline

If you haven’t already, most likely, you’ll be saying goodbye to your corporate landline for good.

Ecosystem data finds that more than 80% of organisations are looking to reduce the number of desk phones they use. Almost a quarter have already done so, some by as much as 50%. While just 3% of organisations have a mobile first strategy in place, 25% have one under development, and a further 24% have partially implemented the model.

5.) Data-driven decision-making

Data analysis has become a key tool for businesses looking for ways to boost their efficiency, increase customer satisfaction, and grow their market share within their industry. Data analytics is also an asset that can be used to answer questions such as when and how meeting rooms are used. It can also answer how much value and ROI is derived from various expenses such as video conferencing and communication apps.

By utilising the myriad of digital insights available and embracing the power of business intelligence, you will have the ability to make more informed decisions that can help lead your business to commercial growth, evolution, and increased capital.

When you implement optimised reporting tools and understand how to measure as well as analyse your data accurately, you will be able to make the kind of data-driven decisions that will propel your business forward.

6.) 5G network

As telecom companies continue to build up the 5G network infrastructure, it’s a good time for you to think about how 5G will impact your small business. What ways can you implement and take advantage of its digital benefits? The increased bandwidth will provide faster internet speeds with a simpler setup process along with a significant reduction in communication delays.

5G will play a major role in fields like automation, AI, machine learning, virtualisation, and cloud computing. However, there will be benefits for every business in varying degrees of operations. This is a vital time to start planning how these fields will affect your workforce and how you do business.

A new year brings the promise of a fresh start both personally and professionally. Take this time to look at areas of your business that can benefit from implementing some of these small business trends emerging in 2020.

Obviously, not all trends will be applicable, but it only takes one to be a game changer in your business’s growth, efficiency, or culture.

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