Tag: Small business

Living through unprecedented times has meant many changes and challenges for small businesses around the globe. People everywhere have found new obstacles, new ways to work, new places to work, new services to offer, all compounded by changes in consumer behaviours. Understanding emerging trends is essential for small businesses that want to be able to adapt and thrive in the upcoming year.

Why is it important to keep up with trends?

Being prepared is the key to success in any business. Today’s world requires agility and adaptability, and this means keeping up with trends and changes in consumer behaviour. One thing is for certain. The business world is constantly evolving and doing things the old way means that you could lose your competitive edge. Knowing what trends are emerging allows you to plan, strategise and put your business ahead of the curve. 

Here are some of the most important trends that small businesses need to be aware of in 2022.

• Contactless transactions

One thing that has gained ground in the last year is the acceleration of cashless transactions. Contactless transactions allow for instantaneous payments from bank to bank, minimising paperwork, account receivable, and increasing cash flow. Consumers love the convenience of tap-and-go transactions, with hardware like Square, you can receive contactless payments instantly from anywhere.

• Diversifying services

Many businesses have had to think outside the box and expand their offerings. Diversification is always a good business strategy, especially in a volatile economy. The easiest way to do this is to network with other businesses to see how both of you might be able to offer customers integrated solutions to their needs. An example of this is how law firms quickly adjusted to add online services in their service offering. It also meant many brick-and-mortar businesses expanded to offer their products and services online, contact-free, or virtually. Watch how Pacific-Trade Legal used this tactic to meet their customer’s needs.

• Financial planning

As consumers became more accustomed to being at home rather than going out, their purchasing habits changed. They were not as willing to spend money as freely as before. This means that as a small business owner, it might be a good time for you to scale back, too. It might be a good time to do an audit on your operational expenses to eliminate as much waste as possible. It might also be a good time to optimise your cash flow so that it has a little extra cushion for unexpected circumstances like payment or product delays.

• Supporting local

The disruption of global supply chains has taught us the value of shopping and finding local resources for the materials we need to stay in business. There has also been a greater movement in customers toward shopping local and supporting businesses that source their supplies locally, too. The pandemic taught us how fragile our globally connected supply chains are, and this is a good time to look into strengthening your local networks.

• Focus on work and life balance

Another clear trend of the times is the readjustment of work/life balance. The demonstration that we are more productive when we can find a balance between work and play has never been so apparent. The shift to remote working has allowed many to get their work completed more efficiently and have more free time to do the things they enjoy. When many companies called their teams back into the office, they found that many workers were not so willing to give up the balance they found when working from home. The most successful companies in 2022 will be those that promote a healthy balance between work and other areas of life through flexible working hours and alternative arrangements.

• Sustainable practices

Customers and employees are demanding that companies incorporate some form of sustainability and social responsibility into their business model. People want to feel good about the companies they do business with on a daily basis. The more you let people know about how your business promotes concern for the environment and community, the more you will be rewarded with loyal customers. Ask yourself as a business owner, do I dispose of waste in the most sustainable way? Do I recycle or re-purpose leftover material or products? Am I supporting or sourcing materials from eco-friendly brands?

Now you know some of the biggest trends hitting businesses this year. Companies that stay on top of trends will have a competitive advantage in the market. Especially over businesses who ignore industry trends and continue to do things as they have always in the past. To remain current and innovative, you must have your finger on the pulse. If you have not done so already, it is time to start thinking about how you will incorporate these trends into your 2022 business strategy. 

“I’ve worked with a really good house painter before, he can help with your renovation. Here, I’ll give you his number”. This is a conversation that most of us are familiar with – both from the perspective of a business owner and a customer.

Many small business owners can benefit from the power of online reviews. You put a lot of time and effort into your website and online advertising, but spending time building good reviews is one of the most important things that you can do to increase your brand’s credibility. This can mean the difference between a customer choosing you and your competition. Let’s explore some key benefits of building your online reviews.

1. Increase sales

Websites that post reviews on their website can expect an 18% increase in conversions over those that do not. It is also important to note that 79% of buyers said that they put as much trust in an online review as they do a personal recommendation from friends or family who they know. 

2. Competitive advantage

Positive online reviews can give you a competitive advantage, and 72% of customers will make a purchase after reading positive reviews. If you have more positive reviews than your competition, then they are more likely to choose you. A customer is more likely to choose a business that has hundreds of positive reviews over one that only has one or two. Building a portfolio of positive reviews should be a part of your marketing strategy.

3. Negative reviews can help with trust

It might go against logic, but sometimes negative reviews can help. If you have nothing but 100% glowing reviews, it can look like they are fake. A few negative reviews can help your reviews look like they are from real people. That being said, how you respond to them can either build or break customer trust. 45% of buyers said they’d still engage with a business that responds well to negative reviews.

4. Reviews trigger sales

When people are looking to make a major purchase, they often spend considerable time comparing their options. If it is for a major home repair, a vehicle, or investment, the amount of time they spend researching is proportionate to the cost of the item. Nearly 72% take action only after reading a review. The review is the trigger that makes them contact you over your competitor.

5. Show your best traits

Reliability, expertise, and professionalism were the traits people looked for the most when reading reviews. Nearly 27% said that reliability was the top factor. This means that missed deliveries and poor-quality work can have a big impact on your business. You need to put your best face forward every time you interact with your customers both online and offline.

Best practices to improve your reviews

By now, you should be able to see how important it is to build up a library of good reviews and why you should avoid negative ones as much as possible. It is generally accepted that people who write a negative review expect a response in under seven days, but it is to your advantage to respond to it as quickly as possible. When responding, you should correct any inaccuracies, but do not be afraid to admit them if you made an honest mistake. You should end by highlighting your strengths and provide a solution if it is warranted.

One of the best ways to build positive reviews is to do your best to make sure that every customer has a positive experience. Remember that every time you have contact with your customer, they are forming an opinion of you. It is up to you to make sure that it is a positive one. A customer who has a good experience and tells others is the best marketing that you can have.

Building positive reviews takes continual effort and consistency. If you have loyal customers who call you first whenever you need something, be sure to ask them to share their experiences. Reviews on sites like Google, Facebook, Oneflare and Word of Mouth are an excellent way to build positive reviews and be found by those who are looking for your services.