Trends small-business owners should pay attention to for 2021

As an unprecedented year for business comes to a close, it's crucial that small-business owners take advantage of these upcoming trends to get the year ahead off to the right start and prime their organization to grow and thrive throughout 2021.

More standardized work-from-home policies for the new 'normal'
Working remotely has become commonplace in offices across the country, with 42% of the American workforce now working from home full time, according to a study conducted by Stanford's Institute for Economic Policy Research. While the start of the year saw a difficult transition to working from home as companies scrambled to create an internal infrastructure that could support a remote workforce virtually overnight, the practice is increasingly becoming permanent as organizations are faced with the decision to prolong the practice well into next year. {You don't need to change it, but this is an example of a sentence that's a bit long. It's not wrong, it's just a lot without a break.}

CNBC reports that organizations such as Google and Facebook have announced plans to introduce a hybrid work model when it's safe to return to the office, whereas Twitter's employees have been given the chance to work remotely "forever." {Punctuation goes inside quotes} While many small businesses may not have the option to go fully remote, it's crucial to create an open dialogue with your employees to understand their comfort level with working in-person as well as finding creative ways to support team culture while not physically together. As an increasing number of organizations announce plans to support long-term remote options, business owners risk losing talent if they do not proactively collaborate with their own teams.

Brand authenticity and social engagement
Throughout the year, businesses small and large rallied together to support essential and frontline workers in their own communities. A study from Berlin Cameron has found that this movement is unlikely to go anywhere in 2021, as almost half of millennials now believe it's the responsibility of brands to find ways to help society, Campaign reports.

To determine how your small business can better conduct community outreach, go back where it all started — your purpose. Try to describe why you started your own business in just one or two sentences, as the values and practices that guide your daily operations will help you to identify ways to help. The 2020 Zeno Strength of Purpose study revealed that customers are 4 times more likely to buy from and recommend brands with a "strong, identifiable purpose" —  by demonstrating your business's purpose in helping your community in the year ahead, you'll also be taking steps to grow your organization.

Finding ways that your business can help to support your neighbors will help to demonstrate your organization's purpose while you also make a positive impact in your community.

Growing locally
In light of the fiscal pressures that emerged during 2020, consumers have increasingly begun to shop local. A total of 59% of consumers surveyed by Salesforce said they would prefer to "shop small" moving forward, as they are invested in supporting their own community, Fundbox reports.

Rather than attempting to grow the geographic reach of your business next year, use targeted ads to reach out to nearby consumers and work to find other new ways to engage your local customers. Participating in community events such as fundraisers can be one simple way to promote your company and meet potential customers.

In a year filled with unforeseen challenges, it can seem difficult to look toward 2021 and identify new business opportunities. However, small-business owners who get a head start on introducing these trends to their daily operations will be able to stand out against competition and grow their organization. Need additional assistance with your small business? The Law Offices of Donald W. Hudspeth, P.C. assists businesses with corporate matters and various other types of legal concerns. Please call 866-696-2033 or contact the firm online to make an appointment.

Categorised in: Starting a Business in Arizona

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