As a business owner it’s important to keep up to date with different trends in business. The business world moves fast, and not staying abreast of what’s happening can cause you to get left behind quickly. If, however, you follow what’s going on and understand the impact of these trends, you can learn from them and apply the knowledge to benefit your own business. Below is a discussion of the right entrepreneurial mindset for succeeding in a changing environment, plus an outline of six trends small businesses are following to win in business.
The incredible importance of a growth mindset instead of a fixed one
Small businesses must believe they can acquire the skills and knowledge to thrive and overcome the challenges building a business entails. This is a growth mindset, as opposed to a fixed mindset which believes there are limits to a person’s skills and can have a more negative impact on business success.
Adaptability is an essential part of this entrepreneurial mindset and, according to an article published in Harvard Business Review online, is the new competitive advantage. If you and your business understand your environment and position it to change, your business is likely to weather the storms that come its way.
Social media as a brand-building tool
There are billions of social media users around the world. That’s a lot of potential eyes on your business. Social media is a powerful marketing tool small businesses are using to help build brand awareness, engage with customers, generate leads or sales and create user-generated content (UGC). It’s just part of a more comprehensive approach to digital marketing that uses search engine optimization (SEO) as well to improve online visibility.
Innovative payment solutions
So many people prefer to use contactless payment, digital and methods of payment other than cash to make payments, that small businesses are offering more options to conduct transactions. The provision of a wider number of payment options can help them to attract more customers.
Of course, businesses themselves must also make payments. The more secure, the better. Secure plus voucher checks are one option and are designed to help the business protect itself against fraud. Businesses can use them to pay vendors and for payroll.
Sustainability
Awareness of social and environmental issues is growing. Small businesses are understanding that consumers want to reduce their impact on the planet and want businesses to do the same. Businesses are trying to operate more sustainably, which brings benefits such as attracting and retaining customers, reducing costs, enhancing the business’s reputation, and increasing innovation.
Flexible working
Remote working and flexible working are enabling small businesses to enjoy a range of benefits. Higher productivity is one. Larger volumes of job applicants are another. The trend has also helped businesses see employees return to them earlier who have left temporarily to study or on the grounds of childcare. Then there are the obvious benefits of achieve balance between work and life that come with running a business, not to mention saving time and money on the daily commute. Some businesses have chosen to try and get their workers back into the office however more studies are showing this may not be the best option.
Cybersecurity
As businesses digitize their operations more and more, they’ve also ramped up their cybersecurity. Unfortunately, small businesses have become heavier targets of online security breaches and are taking greater steps to protect themselves. Investing in strong cybersecurity and educating employees about online security to protect sensitive data are measures business can and should implement.
Forming small business networks
When it comes to dealing with the pressures of running a business, developing a small business network can provide businesses crucial support. Businesses are creating support networks online and offline, which is placing them in contact with other businesses, who are likely to understand the challenges of running a business and can give advice and encouragement.
Building and running a successful business is a journey that places many obstacles and challenges in your way. Staying on top of trends in business and following them, however, can help you to overcome them so that your business thrives.
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