The small business market is rapidly growing in the UK, and it will be hard for a business to survive without planning and keeping abreast with the latest trends in the industry. This applies across the spectrum, no matter what kind of business one owns or manages.
This is because businesses are all about understanding changes in society and using that understanding to offer something unique and relevant.
This leads us to the first trend we are going to discuss here:
Adaptability to Change:
Change is something ingrained in the idea of growth, and from a business point of view, society and consumers are continually changing and so do their needs and the market conditions. SMEs that are best placed to adapt better to a new emerging set of conditions are better placed to grow compared to their competitors. This holds truer in the Covid pandemic era than ever before.
Not only in the UK but businesses are affected across the globe, and there is an urgent need to adapt to the changes brought about this pandemic to survive. While they can Not only in the UK but businesses are affected across the globe, and there is an urgent Need to adapt to the changes brought about this pandemic to survive. While they can do little to change what is happening in the world, they can change their decision-making process and strategies to adapt better.
This change can take on many forms, some of which we would discuss here, and which would also hold good once the pandemic is over and be of assistance in realizing the potential of a small business to grow and expand.
Hiring Remote Workers and Adopting Cloud-based Technologies:
One of the fundamental changes are taking place in the way companies recruit employees and train them. Even big corporations are taking the remote hiring route in the current scenario, and SMEs can turn this into a hiring opportunity. With the kind of workforce that is unemployed due to pandemic, it would not be hard to find highly skilled employees to work for smaller firms as well.
In a situation where a lot of skilled people are relying on loans for unemployed in the UK to meet their needs, it would be a welcome change to work with an up and coming smaller company. Smaller gigs are also gaining more popularity, and instead of hiring regular employees, a small venture would do well to hire freelancers where possible to save on costs and for greater productivity.
This comes with greater reliance on technology as well, and this is where cloud-based applications can serve SMEs much better than any traditional alternative. Based on their storage and processing needs, they can subscribe to cloud-based services for a limited period and save a ton of resources working in a virtual environment that offers higher scalability, improved efficiency and output.
Reliance on AI and Better Cybersecurity To Gain Consumer Trust:
An increasing number of businesses are relying on AI-powered apps and tools to automate a lot of processes and to back up some of the decision-making as well. Modern consumers are also no longer taken in by big claims and offers by companies, especially where their data protection is at stake. Adoption of cutting edge tech and visible competitiveness will pave the way in that direction.
Data protection and cybersecurity is a big concern with even big firms periodically bungling up with personal data of consumers leading to all kinds of data breaches and even theft. This makes the consumer unsure and distrustful of most companies in terms of protecting personal data. Whether they are buying a financial product or looking for loans with no job, consumer data is always at risk.
By adopting cloud-based technologies that offer advanced encryptions and specialized cybersecurity measures, SMEs would be better equipped to deal with threats. They will be able to gain the trust of their clients. In an increasingly vulnerable digital world, ensuring data protection is something invaluable and critical for future growth.
Taking Your Business the Greener Way
It has also become important for SMEs to prove they are ready to contribute to society and are not only intent on adding to their profits at any cost. This can be achieved when taking their business online, which is already happening across industry verticals. However, if SMEs make a conscientious decision to go green and adopt cleaner ways to produce and sell their goods and services, it would put them ahead of the competition.
Not only do consumers pay attention to business ethics, sustainability and eco-friendly practices of business, but it also impacts their perception in terms of how much these companies care for their consumers at the end of the day. Simply put, a business which is not concerned with its impact on their environment would naturally not be perceived very positively by consumers.
On the other hand, small changes in their waste-management, delivery, production and other aspects of services can make them greener and get more positive reviews and genuine publicity as well. Whether it is reducing the use of plastic, recycling goods where possible or reducing fuel consumption by adopting eco-friendly alternatives, it would all boost the image of a business in this era of social media where nothing misses the attention of the masses.
SMEs are the next big thing in the global industry and set to transform how businesses work. Keeping this in mind, any business needs to learn how to adapt to a fast-changing world and rely more on innovation and out-of-box thinking than traditional approaches to solve problems.
SMEs need to go tech-savvy in a real sense of the word with the adoption of cloud-based solutions, AI and emerging technologies not because they have to but because they can grow into it. By making change a part of their growth story, businesses would gain much more and learn a lot about their consumers as well. This, in turn, would get them higher consumer trust, productivity and a vision for the future.