2016-12-14 00:00:00 Running a Business English Uncover five business trends that are predicted to make an appearance in the coming years. Learn how your online retail business could... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Two-women-at-small-business-wrap-merchandise-while-discussing-business-trends.jpg https://quickbooks.intuit.com/ca/resources/business/5-upcoming-trends-impact-your-business/ 5 Upcoming Business Trends That Can Impact Your Small Business

5 Upcoming Business Trends That Can Impact Your Small Business

3 min read

If you want facts and circumstances that impact your business, consider how millennials are shifting the nation’s business trends. There are about 10.1 million millennial consumers throughout Canada, 27.5% of the total population. Recognizing and taking advantage of small business trends, and implementing strategies that adapt and cater to this generation are effective options for growing your business.

Are You Using Business Trends to Embrace Millennials?

If you want to embrace millennials, it helps to understand that they operate differently from earlier generations. This generation focuses on analyzing and improving business processes within their workforce while seeking creative ways to increase their own efficiency at work. Their innovative results help organizations evolve. Experts see a trend of companies embracing millennials, addressing their needs, and reaping benefits.

As this generation makes up more of the workforce and spends more, it’s your opportunity to tap into this upcoming business trend, especially if you are a manufacturer or retailer. Millennials account for $13.2 billion of Canada’s fast-moving consumer goods (FMCG) spending, and lead all generations in per-trip spending. These consumers spend $55.45 per trip as of 2018, an increase from the previous year and $7 higher than the national average. Your business can benefit from these buying trends.

If you run a brick and mortar retail store, one way of drawing in millennial dollars is accepting non-cash transactions, especially mobile payments.That way, you’re letting them pay their preferred way. As a smart and creative business owner, you can find ways to customize what you offer to fit the millennial lifestyle. If you’re an independent grocery store owner, you might assemble and offer meal kits-to-go, with all the fresh ingredients and condiments that millennials on the move need for a complete, balanced meal they can prepare at home. You’re saving these busy shoppers’ time and satisfying their desire for healthy foods.

Branding for Your Upcoming Business

The internet has levelled the playing field by opening up the business landscape to more people. Unlike baby boomers, who had to purchase or lease brick and mortar premises to realize their entrepreneurial dreams, some millennials open online businesses to avoid the overhead costs of establishing physical locations. Lower costs mean more access to a variety of industries and increased competition, making branding for upcoming businesses more important. Whether you’re seeking millennial consumers to patronize your small business or competing with them on a business level, consider using personal branding tools. Branding is an effective way of boosting the individuality of your business and reducing the impact of your direct competitors.

Welcoming E-Commerce Solutions

With the rise of e-commerce and faster internet speeds, operating a retail business online is easier and cheaper than ever. This small business trend means it’s becoming more important for you to target and communicate with your online audience using top e-commerce resources and tools. Upgrading your website, optimizing it for mobile devices, adding chatbots, and simplifying checkout encourage online shoppers to stay on your site longer and add more products to their virtual shopping carts. And because technology develops rapidly, you should consider whether your bookkeeping tools are keeping pace as your business grows and develops.

Impact Your Business With Remote Employees

Not so long ago, remote employees were rare. But today, startups, technology businesses, and retailers are conducting most of their hiring interviews remotely, and more people than ever are working off-site. You can hold meetings over various video platforms including BlueJeans, and social media, customer service, and programming jobs require a computer or smartphone and an internet connection. This small business trend toward employees working remotely allows you to hire, train, and keep a talented workforce of baby boomers to millennials, no matter where they reside.

Going Green as a Business Trend

Overall, millennials are the most environmentally-conscious generation and they’re particular about the products they buy. One of the upcoming trends in business is that more companies are operating with higher social consciousness and creating and selling sustainable products. If you’re not part of this “going green” business trend, you might want to connect with this generation’s concern for preserving the planet and its resources. By showing you’re eco-friendly, you can build customer relationships with these consumers. One approach is letting your current and potential customers know you use or sell goods made from recycled, recyclable, or sustainable products. Sharing this information sets your enterprise apart from your competitors, strengthens customer loyalty, and attracts new business.

Using small business trends to your advantage can keep your enterprise relevant in an ever-evolving marketplace. Another way to keep your business growing is using the best tools. 4.3 million customers use QuickBooks. Join them today to help your business thrive for free.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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