Small businesses are a breeding ground of constant change. The growth and operations of a small business shift and bend based on the needs of customers, what is trending in society, and the economy. To be a successful small business, topics like finance, marketing, and technology are very important.
For many business owners, taking out a loan might not be a viable option, especially for those that incurred a significant financial loss in the tumult of the past few years and with the rise in interest rates. In those cases, alternative sources of funding, such as alternative lenders and investors, might be the path taken. “Alternative sources of capital will likely also play a pivotal role in keeping businesses solvent,” said Courtney Lawless, venture capitalist and co-host of the Amazon Prime series Wolf PAC. The alternative options are important for businesses that aren’t able to meet the qualifications of traditional funding sources.
Social media marketing is one of the main marketing strategies that businesses are using and will continue to use this year and beyond according to experts. An estimate from ad agency Zenith Media predicts social media will increase from 55% to 57% of overall global ad spend next year. While this method has become more increasingly important, it has also become more competitive as well. Focusing on a multi-channel organic approach to build an audience and brand awareness is a good approach for small businesses so they have a better return on investment. Also, enlisting in user generated content with your biggest brand advocates can help spread positive word of mouth and is cost effective as well.
Generative artificial intelligence is the ability for software to produce text, music, images and other creative work from a brief description. Though this is still a newer idea for mainstream business practitioners, it can serve as a very helpful tool in the areas of writing material for marketing, handling customer support requests, and product design as well. There are programs and applications being developed that promise small business owners ways to revolutionize their operations.
By keeping an eye on these trends and anticipating their impact on your business, you can stay competitive. We live in an ever-changing world where technological innovation and an unstable geopolitical climate are all around us.