Top 5 Small Business Trends and Opportunities You Need to Know

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Photo by Fauxels

In this article, let’s talk about the top 5 latest business trends you should know – from embracing AI to continuing smart innovations – to keep your business updated.

Staying updated with the latest business trends and new opportunities in your business isn’t just a nice thing to do. It’s ESSENTIAL!

This is because it’s not just the technology that’s evolving — it’s also the technology and consumer preferences that change from time to time! 

So, to stay on top of your business game and be able to seize more growth opportunities, be sure to always stay informed of the latest business trends.

In this article, let’s talk about the top 5 latest business trends you should know to keep your business updated.

Want to get the right guide to propel your business in the right direction for the next financial year? Speak with our Growth Strategist to avail our Grow With the Flow service!

Updated Business Trends for Startups

Utilise AI and Automation

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Number one on the list is the trend of leveraging the use of AI and automation in streamlining business operations. 

The Boston Consulting Group (BGC) forecasts that “to be an industry leader in five years, you need a clear and compelling generative AI strategy today.”

Because of the fast-paced and ever-shanging technology, we can observe that there are a lot of tools that have emerged to make things a little bit easier for business owners. 

You can efficiently enhance your business’ performance with AI, minimise turnaround time responses using chatbots on your business website, and even get insights for better decisions when you see the analytics embedded within the tool.

That’s with minimal human error!

Utilising AI and automation tools will still be a trend in the next years. 

So if you’re a business owner who’s still thinking twice about it, now is the time to dive knee-deep. 

Otherwise, you might find yourself in a huge innovation disadvantage.

Related read: 3 AI Tools For Creating SOPs For Your Business

Take Advantage of Social Media Marketing

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Next up: get your business social media presence UP!

According to Common Sense Marketing, 99% of Australians have access to the internet, and 87% of them are online EVERYDAY. 

What does this imply? 

It means people are looking more and more on their screens, most likely on social media, exchanging thoughts, feelings, point of views, and more.

So be where your target audience is!

Establish your presence on various social media platforms like Facebook, Instagram, TikTok, and LinkedIn by posting relatable contents for your audience to see. 

One hack: run paid advertisements too! That’s a good investment when it comes to gathering leads and converting them into long-term clients (hopefully!)

The Rise of Remote Work and Delegation

As a post-pandemic aftermath, employees are now more leaning toward work-from-home or hybrid set-up jobs, and it has impacted a lot of big and small businesses.

Experts are foreseeing that this will still be the trend in the coming years. 

Many business owners have discovered that delegating tasks to virtual assistants can positively impact their business, freeing a lot of stress and chunks of time out of their plate.

Aside from this benefit, business owners can also give significant cost savings (because you won’t have to rent a physical office, for example), and increased productivity because you’re on flexible work schedules.

Related read: 5 Green Flags: How to Know You’re Choosing the Right VA Agency

Case Study: Samantha Rush of Legion Consulting Group

Samantha Rush and TGH

Take Samantha Rush for example. 

She began her business in 2028, and in just 3 years, things have grown pretty fast, and that’s great. But here’s the good problem: she realized some things weren’t done, slipping away, dropping some tasks here and there. 

She was doing so many things that weren’t adding too much value (money-wise) to the business. She needed help, an extra set of hands!

She worked with VAs before, but it wasn’t very effective for her. She needed help across her two businesses, and because of the complexity of the tasks, she thought she wouldn’t find someone who could help her in her business.

Then she heard about the Growth Hub from her client, about the fantastic support he’s getting from his Champion, and so she reached out to our Growth Strategist.

From there, her biggest win was that she reclaimed a LOT of her time back, freeing her to do more income-generating tasks for her business.

Watch Samantha’s story here:

She also was able to execute the ideas in her mind, because she had a Champion to do them excellently.

Additional win: She enjoys working with her Champion, and gets updated with the latest, good shows on Netflix!

If you’re keen to onboard a reliable Champion to help you out, check out our Virtual Assistants service details here

Delivering Personalised Services/Products

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Photo by Jopwell

We know that businesses should always tailor their messaging and marketing to appeal with their target market. 

The customer data, with all their behaviors and preferences don’t lie! 

And in the coming years, personalisation will not be in marketing, but also in the actual delivery of the service. 

By personalisation, we mean hopping on discovery and consultation calls to better understand the individual needs of clients. 

Together, you will formulate personalised action plans for the client’s next steps.

With this trend, your business can differentiate yourself from the competition and build stronger, long-lasting relationships with your clients.

Continued Smart Innovations

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Photo by Pavel Danilyuk

Last but not least, keeping yourself updated on the latest innovations will never go out of style. 

To keep your business on top, continual innovation is a must!

Innovations might be in technology, processes, or products— and keeping yourself and your business updated can lead to major improvements and efficiencies. 

This will help you enhance your operations, offer better products or services, and stay ahead of the competition.

And remember to document your processes each time you change them, so you and your team are on the same page!

This trend helps you stay relevant and enables you to capitalise on new opportunities as they arise.

Related read: The Role of Resource Libraries in Property Development Success

Be on Top of the Trend!

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And there you have it, the 5 business trends you should know and apply to keep yourself on top of your game.

If you’re still unsure how to apply these trends to your business, our Grow With the Flow program can help you out.

This program has a personalised and in-depth approach to your business, and will help you formulate a 30-60-90 day gameplan so you can achieve your business goals.

With the right guide, plans, and strategy, your business can scale and grow as you start acting right away.

Ready to grow and incorporate these trends in your business? Sign up for our Grow With the Flow service today!