One of the most challenging aspects of any small business is the ability to remain one step ahead of the economic curve. In this manner, freelancers and entrepreneurs face even more hurdles due to the fact that they are often required to take on many different roles. They might need to exude the prowess of a marketing expert in order to create an advertising campaign before changing gears to cater to the needs of a disgruntled client. Still, knowing what might be looming over the not-so-distant horizon is the best way to be prepared so that the right steps can be taken at the appropriate times. What does 2019 have to offer? What are some trends that businesses should be following? Are there any suggestions which can help to boost your current revenue generation? While no one possesses the proverbial crystal ball, there are still some important takeaway points to keep in mind.
How Might the 2019 Small Business Landscape Change?
2019: The Rise of the Entrepreneur could be a perfect film title for what we can expect to see (and indeed what has already been witnessed). While major corporations still dominate the landscape, challenger firms and so-called "unicorn" companies are enjoying a larger market share. There are two main reasons behind this interesting paradigm shift:
- The millennial workforce is growing at a breakneck pace.
- Individuals have more access to e-commerce tools and solutions than ever before.
The end result result of this scenario can likewise be viewed from two different perspectives. Consumers are presented with more choices than ever before; allowing them to be quite selective in regards to the products and services which they prefer. In the same respect, businesses will be forced to negotiate with a more competitive environment. This is even more relevant when discussing the prevalence of online startup firms.
Another major issue is more generalised and yet, just as important. Some analysts feel that the markets might be reaching a "bubble". The technical term for this scenario is called a recorrection. In other words, what goes up must and will come back down. If this prediction of a global economic downturn comes to pass, some organisations might find it difficult to cope. While we are not necessarily referring to the economic meltdown of 2007/2008, we could very well witness a slight pullback in consumer spending and confidence in general.
How Can Online Businesses Remain Prepared?
Much like in the past, small businesses in 2019 will need to take a proactive stance in order to remain ahead of the curve. In other words, it is always better to enquire "how are we performing?" as opposed to "how did we perform?". This is why it is critical to compile a great amount of ideas to make money in 2019 employing modern e-commerce tools so that the proper analytics can be gathered at the appropriate times. Still, let's not become too involved with overly technical jargon here. The main takeaway point is that owners and similar stakeholders should try to maintain a clear picture of how their venture is performing.
Another issue that is entirely relevant in 2019 involves the rise of the mobile application. In the past, these clever apps were mainly used to browse social media portals or to check emails while out and about. However, their market share within the world of online sales is beginning to grow exponentially. There could very well come a day when the majority of online purchases are completed via a mobile platform. This is why online businesses must adopt a mobile-responsive website. Mobile-friendly pages provide customers with a quick and seamless means to appreciate what it is that the business has to offer. Not only is this extremely convenient, but such an approach is bound to increase brand loyalty over time.
The final suggestion involves the ability to connect with customers on a more personalised level than in the past. The days of generic emails and messages beginning with the phrase "dear sir or madam" are certainly no longer viable. Consumers are now looking for a more targeted and "organic" shopping experience. They wish to be shown relevant products as opposed to a slew of unrelated items which generate little interest. They are beginning to expect to be kept up to date in the event of a sale or a specific discount that is relevant to their previous spending habits. Businesses which are able to embrace this interpersonal form of communications are bound to remain at the top of their game throughout 2019 and well beyond.
2019 could very well represent a make-or-break year for firms which are able to appreciate the numerous possibilities at their disposal. This is why formulating an insightful and proactive strategy today will have a profound impact up tomorrow and into the foreseeable future.