Aspiring entrepreneurs and seasoned professionals alike are constantly on the lookout for emerging trends that can give their ventures a competitive edge. Regardless of their industry, they know that staying ahead of the curve is essential to small business success.
Knowing what technologies, practices and strategies are emerging is one thing, but working to integrate them into a business is the next step in leveling up the organization and growing as an entrepreneur. Below, 20 Forbes Business Council members share some “hot” trends they’ve been keeping an eye on lately and the potential of these trends to have a significant impact on small businesses.
1. Blockchain Enhancements And XAI
We’re tracking enhancements to the blockchain, explainable artificial intelligence (XAI) and credit risk optimization to expand capital access. We’re researching this trend to better help underserved communities benefit from business ownership. – Dale Fickett, Open Trellis
2. AI In Daily Tasks
Artificial intelligence technology has the ability to transform how small businesses perform daily. With access to these tools and capabilities, small companies can now compete with big ones using AI to level the playing field. – Bruno Gralpois, Agency Mania Solutions
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3. E-Commerce Via Amazon
Amazon is an e-commerce behemoth that captures a significant portion of e-commerce sales. There is potential for sellers from any sort of background around the world to profit from this opportunity and build a successful business with huge exit opportunities in the future. – Jeremy Leung, Ascend Capventures
4. Being Flexible And Willing To Change
Many firms today are stuck operating under 20th century policies and practices while struggling to support a diverse 21st century workforce. The result to date has been the “Great Resignation,” revenue shortfalls and failed back-to-the-office efforts. As the workforce and marketplace become more diverse, things will become worse for companies that ignore the need to evolve—and PR DEI won’t help! – Joseph Santana, Joseph Santana, LLC
5. Using AI In Audiovisuals
Artificial intelligence in audiovisuals is an exciting and controversial topic that is gaining relevance. I believe this is possibly the most important trend we have seen in many business sectors lately. Leaders should consider AI developments to automate or design specific workflows in audiovisual as trends to keep an eye on and use as an asset, not an enemy. – Luca Rovinalti, Svet Solutions Media
6. Blockchain And AI Combined
I believe that the combination of artificial intelligence and blockchain holds tremendous promise. Blockchain and AI can help small firms improve operational efficiency and reduce human error by automating smart contract execution, verifying transactions and detecting abnormalities. A combination of both provides small- and mid-sized businesses with resources for digital process optimization, trust building and product innovation. – Myrtle Anne Ramos, PlaceWar
7. Employee Engagement And Training
Involve employees in cost-saving initiatives, encourage their suggestions and provide training to enhance their skills and productivity. Engaged and motivated employees can contribute to cost optimization efforts. – Andrew Rahaman, bluSPARC
8. The Rise Of Virtual Events
Virtual events offer cost-effective ways to connect with a global audience, provide valuable content and foster engagement. With advancements in technology, virtual events have the potential to reach wider audiences, save on travel costs and adapt to changing circumstances like pandemics. – Arvin Khamseh, SoldOut NFTs
9. Word-Of-Mouth Marketing
Word-of-mouth marketing is a game-changer. It’s an effective, cost-efficient way to generate leads. When you deliver a service that surpasses customers’ expectations, they will willingly promote your business within their own network. To be successful, a customer-centric mindset throughout the organization is crucial. Providing exceptional service and exceeding expectations ensure positive recommendations. – Eugene Varricchio, Franki Global Inc.
10. Filling Gaps By Collaborating With Others
Small businesses are realizing that they should focus on doing what they are best at and getting others to fill in the skills gaps. The future is in working together in close partnerships, simply being an integrated extension of the business. The service or solution may be based in a different building or country, but it will simply be an extension of the new way of working together. – Joanna Swash, Moneypenny
11. The ‘Buying Made Easy’ Trend
It’s a “you might also like this” Amazon experience. Set your sights on this gem because it simplifies the customer journey by being all about reducing friction and increasing trust. Make saying “yes” a breeze to boost conversions and gain customer loyalty. It’s time to simplify, streamline and conquer the hearts of buyers. – Amiee Ball, JAB Consulting Group
12. Great Customer Experiences
White-glove service is definitely on trend with clients as they tend to crave a solution that requires as little effort as possible on their end while still providing exceptional results. We strive to be “customer-obsessed” by constantly updating our processes to ensure our clients have the easiest experience navigating our service from beginning to end. – Veena Jetti, Vive Funds
13. Incorporating ESG Practices
By prioritizing environmental, social and governance factors, you can demonstrate your commitment to sustainability and social responsibility. It will also allow you to achieve a range of benefits, including an improved reputation, building trust with stakeholders, increased stakeholder engagement and better risk management. – Meg Yim, MSA Security
14. Marketing Toward A Mobile Audience
Mobile marketing on social media platforms and creating reels for Facebook and Instagram specifically have yielded great results. Over 92% of our web traffic is coming from mobile devices, so getting in front of that audience with the latest trends will give your brand an A+ appearance and drive more traffic to your socials and website. – Andrew Swierkos, The Mountain Shoppe
15. Building A Diverse Remote Team
Outsourcing talent overseas was typically done in the past by larger companies through physical offices. Small businesses are now able to work completely remotely, enabling cost savings, an increase in diverse thinking through cultural differences and creating a unique global brand for relatively small companies. Hiring remotely and internationally is more than a hot trend—it’s highly impactful. – Liam Pingree, Neuronic
16. Testing The Uses Of AI
The public testing of artificial intelligence, whether or not it is relevant to your industry, can show your customers that you’re on top of new technology and trends. For instance, we don’t necessarily have a use for AI yet, but we occasionally post watch designs created with the help of AI. These images attract high engagement for the sole reason that it is hot and relevant. – Matthew Gallagher, Watch Gang
17. Cutting Down On Software
Software is especially important as everybody is moving into the new world of remote work. We used to operate using 15 different software in our property management business. Lately, there is new software emerging that can combine four software into one. They help us with automation, reduced workflow, missing information, communication and more. – Jesse Sasomsup, Earnest Homes
18. Automating Processes
Marketing automation is not new, but platforms that offer robust functionality for an affordable price tag for small businesses are “hot.” Up-and-coming platforms such as High Level, HubSpot and many more offer full CRM capabilities to help small businesses compete with bigger companies. As acquisition costs rise, it will be vital to leverage these technologies to capitalize on every opportunity. – Jaimon Hancock, Adalystic Marketing
19. Hosting Team Outings
Retaining top talent is a big priority for small business owners. Frequent team outings and staycations are a great way to ensure everyone is happy and in a positive state of mind. By taking my team out at least once a month, I’ve seen a positive change in every employees’ performance and attitude. – Nitin Gupta, Tez Minds Software
20. Environmental Consciousness
The packaging industry has witnessed a significant shift to sustainable practices and eco-friendly solutions. This emerging trend stems from the growing awareness in regard to environmental issues such as plastic pollution and carbon emissions. Small businesses within the packaging industry are leveraging this “hot” trend to meet consumer demands and make a positive impact on the environment. – Bradley Saveth, SupplyCaddy
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