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The Biggest Small Business Trends Going Into 2017
Although it’s April, we wanted to share this great blog article from our partner, Concur, about the biggest small business trends going into 2017. It’s not too late to implement at least one of these trends in your small business. Enjoy!
The only constant in business is that change is inevitable. Keeping up with technology and workplace trends is essential for business success – especially for small businesses, where efficiency, assets, people, and profit drive business growth.
2017 brings a lot of opportunity to small to medium-sized businesses. The development of modern business technology allows small businesses the opportunity to develop cost-effective, streamlined processes – not to mention, keep apprised of the latest trends.
Here are five of the biggest small business trends going into 2017:
Millenials now comprise the largest group of the workforce and, as a result, the workplace is shifting to accommodate this new generation that craves mobility, technology, and fast results. The oldest members of this generation are now in their 30s, and they are reinventing the way businesses manage the workplace.
According to a report published by the U.S. Chamber of Commerce Foundation, the social and economic impact posed by Millennials is changing the workplace dynamic at a record pace:
Millennials demand comprehensive leadership and opportunities for growth within every position they fulfill. Transparency, collaboration and a seamless work-life balance are vital not only to their comfort, but also to their success within the workplace. Millennials also effortlessly adopt new technologies as they’re announced, therefore erasing the awkward adjustment phase every previous generation of offices has endured after a computer and equipment update. What used to be a one-way conversation is now a multifaceted, 24-hour-a-day, seven-day-a-week dialogue between brands and their customers.
Here are a few ways Millennials have influenced the workplace:
- Work-life balance – Millennials actively seek a mobile, work-life balance and are reinventing the workplace to have remote working styles.
- Technology collaboration – Millennials are very comfortable utilizing technology for everyday business and online meetings. Conferencing services such as ClickMeeting, GoToMeeting and Huddle help with colleague collaboration and productivity, not to mention messaging platforms like Skype and Lync make geographic distance a non-issue.
2. Good Web (and Mobile!) Presence
Internet-based technology offerings today allow small businesses more control and options for brand development, marketing, and customer engagement. This is especially helpful for start-up businesses as it’s more affordable to start and grow a business successfully across different industries.
Keeping a representative mobile experience is especially important for businesses, as many people rely on their smartphones and do most of their buying and reading on their phones – which is why investing in a quality CMS system and content developers that are well-versed in optimizing a good customer experience for both desktop and mobile is important. In addition, investing time in expanding company brand through social media is also helpful in reaching targeting audiences and connecting products and businesses with consumers and influencers.
According to The Independent We Stand (IWS) campaign, “97% of Internet users conduct online research on local products and services before committing to a purchase. Reviews and testimonials, a business’s website, and other online public information play important roles not only in a customer’s decision to buy a product but also in whether they share that product with others online.” More than ever before, businesses need to invest in crafting quality content for an online presence to build relationships with their target audience.
Brick and mortar are struggling in comparison to the convenience and deals offered through online shopping. Consumers are opting for purchasing online with free shipping, instead of shopping at malls or visiting physical stores for other needs. Because of this, many businesses are shifting focus to e-commerce.
Through strategic offerings and coupons, in conjunction with a savvy online storefront, businesses are able to take advantage of the digital presence and consumers’ desire to purchase online. In fact, according to a Forrester forecast, mobile payments in the U.S. alone will generate $142 billion, making today an opportune time for businesses to snag their own online space.
97% of Internet users conduct online research on local products and services before committing to a purchase.
4. EMV Payment Security
To go along with Internet and e-commerce growth, it is equally vital for businesses to invest in a proper “Europay, MasterCard, Visa” (EMV) security system. EMV chip payments are now the global standard for credit card and debit card payments, and if a business accepts face-to-face transactions without EMV, consumer credibility and trust can be lost, not to mention, you’re putting your business in some serious financial risk.
Chip card security trumps the magnetic stripe because chip cards create a single-use, unique transaction code that makes it impossible to transfer copied card data onto a new card. Switching to EMV payments will eliminate card-present card fraud caused by a lost, stolen, or counterfeit card.
5. Business Intelligence
Businesses are realizing the importance of data to help them run their business better. Business Intelligence (BI) software gathers fragmented data sets and translates the information into tangible working data that helps businesses make informed decisions. BI has, historically, been used by large enterprises, but today’s streamlined technology offers big-data solutions for small businesses, too.
Taking advantage of today’s business intelligence solutions, and investing in a custom, streamlined solution is a great way to start 2017.
How APS can help
APS offers a unified HR platform with a self-service portal that empowers and engages your employees with access to relevant HR information. Self-service gives your employees and managers the power to be more productive from any device. Communicate important information, delegate tasks, and ensure accountability all from one centralized solution.
For more information, please visit www.apspayroll.com or call 855-945-7921.
About This Guest Post
This guest blog post was contributed by Concur through their partnership with APS. The APS Partner Program is designed to be different. We provide a better way to enhance relationships and elevate your business. APS exclusively aligns with trusted brokers, CPA firms, financial advisors, and consultants to provide a mutually beneficial relationship that delivers.
Business Administrator, Christ’s Church
The support for onboarding is excellent and their customer service is top notch. APS worked to get all of our needs met, and they continue to be problem solvers for us. Initially, I needed help navigating the system and they worked with me until I was comfortable and confident using the system.
Check out more great articles from the APS Blog covering HR, payroll, and everything in between.
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