2018 Small Business Strategies

With 2018 upon us, it’s time to revamp and rethink strategies for your small business. Align your goals with what’s trending to ensure you meet, or possibly even exceed, expectations.

I came across a great article with 10 small business trends written by SEO (search engine optimization) and content specialist Heather Long, Washington Post economics correspondent, that should be kept in mind when setting your 2018 goals: 1) Marketing & Customer Service. Use micro-influencers to help you market your business. Influencer marketing has been an effective method of personalization for potential customers in recent years. Small businesses should find influencers who have fewer than 100K followers because they have a more attainable lifestyle. 2) Target Generation Z customers through personalization. Generation Z (those born between 1996 and 2010) will soon account for 40% of consumers in America. Gen Z has a buying power that exceeds $44 billion. They seek a more personalized experience and like to be targeted through social media and email. 3) Invest in technology. By 2020, artificial intelligence (AI) is projected to be a top five investment priority for chief information officers, according to NFIB. As a small business owner, you should begin investing in data collection, integrating AI into your small business and training your team for AI that allows you to anticipate your customers’ needs and identifying your most profitable customers based on their behaviors. 4) Cyber security grows more complex. Cyber security became a hot topic in 2017 after the Equifax hacks. In 2016 alone, 55% of data breaches were targeted toward businesses. Ninety percent of small businesses don’t use data protection for their businesses’ and customers’ information. Get protected. 5) Cashless payments expected to grow 80% by 2020. By 2020, it’s projected that 56% of customers will use mobile payments. While cash currently remains the most popular means of payment, non-cash transactions are increasing. Adopt mobile wallets like Apple Pay, Samsung Pay or Google Pay. 6) Hiring – Outsource where needed. Outsourcing is expected to continue growing in 2018. Cloud-based outsourcing is one popular method. It offers fast scalability and pay-as-you-go methods. And consider outsourcing the areas of your small business that you’re not as well-versed in. 7) Gen Z has different desires for the workplace. Gen Z is more independent than millennials. Gen Z can adapt to technological advances more quickly than generations before and is also more likely to be in pursuit of a steady paycheck instead of millennials, who are more likely to pursue happiness. 8) Company culture. Allow your employees to work remotely. Did you know that 60% of employees believe they can do their jobs remotely (and 72% prefer working at home!)? Remote work can actually save your small business some funds. Studies show that businesses save an average of $20K a year for these full-time remote employees, see 22% increases in employee productivity and see a 50% decrease in employee turnover. 9) Make your small business a place where people love to work. You should also aim to make your small business a fun place to work. Try offering a variety of workplace perks, big or small, to boost positivity around the office. You can also offer outdoor workspaces, free snacks, dress-down days or once-in-a-while free bagels. 10) Show that you care. One of the best ways to improve your company’s culture in 2018 is to show that you care. Show compassion in the personal lives of your employees, gratitude for their accomplishments and encourage their new ideas and innovations.

With the right strategies, you can attain or even exceed your expected yearly goals. These 10 small business trends will help you stay ahead of the game (and your competitors) in 2018.

  melinda clarke