The unexpected has forced many to reevaluate plans, practices and procedures, yet one of the advantages of being a small business is the ability to more easily lean into, embrace and adapt to change. For many, the short- term alternate plans or adjustments are fast becoming the realities of the foreseeable future.
they’re calling for leading-edge tools that can help them navigate the logistics. Woman-owned businesses are often primary customers for financial management tools - studies show they’re 43 per cent more likely than male business owners to be concerned that limited access to funds could hurt their businesses. Many small businesses plan to expand through digital and related technology as a response to COVID-19. In fact, many businesses have already added ways to deliver products and services digitally.
Here are five trends that have impacted small business.
Businesses are diversifying.
Freelancing has surged.
Many small businesses have devised new offerings as previous income streams dwindled. For example, hotels are now offering day-rate rooms for people who need to work remotely, distilleries are producing hand sanitizer in addition to spirits and restaurants are offering better, easier take-out options. Difficult times often lead to changes in the way the world operates. Develop products and services that not only solve today’s challenges, but will also thrive in the new, post-difficult- times world.
As people rely on contract work to replace lost jobs, the number of freelancers is growing steadily. Studies also show that women lost jobs at a faster rate than men during 2020, and are more likely to pursue full-time freelance careers due to autonomy and flexible schedules.
Cashless commerce is growing.
To reduce person-to-person contact, businesses of all kinds are discouraging or completely eliminating cash payment options in favour of card or digital payments. Ongoing shifts toward e-commerce, digital payments (including contactless), instant payments and cash displacement have all been significantly boosted in the past year. As consumers seek efficiency and convenience, there has also been a boost in digital payments via payment platforms such as Square - a crucial assist to help small businesses stay competitive.
Virtual experiences are expanding.
Companies have transformed in-person events into digital experiences. From virtual happy hours, to podcast product releases, to YouTube customer videos, everything is going online. The real opportunity is to somehow provide the experience and connectivity of a former live event to a virtual one that actually can sustain itself over time, even after the end of the pandemic. As consumers, we have a responsibility to support locally-owned businesses during exceptional circumstances like the past year. When you shop locally, everyone wins!
Demand is up for digital tools.
As small businesses lean more on online business functions and/or e-commerce during social isolation,
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