Small Business Ideas, Strategies & Preparation for the Rest of the 2020s
Small businesses have long faced an uphill battle against corporations due to globalization and consumer demand for convenience. In times of economic recession, small businesses would suffer more, while big businesses would stagnate or take a hit. However, the COVID-19 pandemic introduced an unprecedented discrepancy in which small businesses were largely erased while big businesses thrived.
In the United States, small businesses account for 99% of all businesses and employ 48% of the country's workforce. After the Great Recession of 2007-2009, small businesses took an average of six years to fully recover.
With this context and data, it is clear that small businesses play a vital role in the country's economy, and their survival and recovery from the pandemic are crucial. The long-term effects of the pandemic on small businesses remain to be seen, but it is essential to provide support and resources to help them adapt and thrive in the changing business landscape.
What does the future look like, or at least the rest of this decade, for businesses? We have an idea. And it starts with the people.
Employees and the “WFH” Revolution
It may not be a great decade for commercial/office real estate holders.
The debate on remote work has led to numerous meetings among managers and employees venting their frustrations and desires to each other, and it has also resulted in many resignations. It is evident that business owners who value in-person interaction and brainstorming should prepare well-articulated talking points, whether they will be delivered through email, meetings, Zoom or one-on-one conversations. Writing them out beforehand and practicing them, while demonstrating empathy, can enhance the chances of success and cohesion.
And what about genuine sickness? The pandemic may be over, but there remains a heightened awareness that working under the weather, in the office, was probably…unwise.
There were whispers at a point that the new normal for work was to be fully remote; that ship has probably sailed. However, three years removed from the world essentially shutting down, it’s probably just as clear that a full return to 40-hour office weeks is improbable as a consensus choice. You can opt for that as a business, just know recruitment may be harder.
Advertising the High-Tech Way
A friend’s kids were playing a game in front of us, and the ads within it were strikingly effective. It really got me down a rabbit hole, and the trend is quite a window.
Advertising in video games has become a lucrative strategy for companies to reach younger audiences. In-game ads, sponsorships, and product placements can generate significant revenue for game developers, while advertisers can benefit from increased brand exposure and engagement. However, the use of ads in video games has also sparked controversy, with some arguing that it can negatively impact the player experience and immersion. As video games continue to gain popularity and become more integrated into our daily lives, the debate over advertising in this medium is likely to continue.
Creative advertising has also migrated into other popular platforms, such as podcasts or streamers or powerful influencers. An astute advertiser would recognize the need for a fresh strategy to engage consumers effectively, and these avenues are just that. The small enterprises that can efficiently employ technology and high-quality content around comprehensive planning, are poised to achieve significant revenue growth in the 2020s.
The Business Website: A 24-Hour Salesperson for the World
A business's website serves as an essential introduction to consumers, similar to how a cover letter is crucial for impressing employers.
An outdated or confusing website can quickly lead to business failure, while a well-designed and informative website is crucial for engaging with consumers. To achieve this gold standard of interaction, businesses should not hesitate to outsource website design to professional freelancers, as the cost is well worth the investment.
While there will be many topics to refresh after the COVID pandemic, updating a business website is one of the most important. In the realm of websites, there is a strong desire to keep up with the competition, so business owners should not wait too long to improve their online presence. Forbes has a terrific breakdown of key steps to building a small business website.
Staying Safe in the Digital Landscape
To simply keep pace with the world, almost all businesses have become required to undergo digitalization. COVID-19 accelerated this trend, and it is improbable that it will revert to its prior state.
While digitization offers advantages such as convenience and efficiency, it also results in the constant exposure of sensitive information belonging to both staff and customers, which could be stolen by cybercriminals. Neglecting cybersecurity measures may lead to minor issues in the short term, but it could result in a catastrophic situation in the long run, including reputation damage and lawsuits. To avoid such issues, businesses should consider investing in cybersecurity measures, and this Inc.com list of eight tips is a quick and useful resource for those who want to act promptly.
Make the 2020s YOUR Roaring Twenties
Small businesses have always faced difficulties, but the current decade presents the most daunting challenges. Perhaps most distinctly, it feels as if there’s more mystery than any decade prior, sans perhaps the dawn of the internet.
Nevertheless, what entrepreneur wouldn't relish the opportunity to tackle such obstacles? Although larger corporations may have more resources to evade these hazards, small business owners possess a unique capacity for innovation. They operate under fewer constraints, regulations, and demands compared to billion-dollar companies. It is exciting to anticipate the creative solutions that small business owners will develop in response to these challenges, and especially thrilling to be a part of them.
