Top 2020 Business Trends for Small - Midsize Business
As businesses seek opportunities for growth and relevance in today's marketplace, 2020’s top trends for small and midsize businesses blend solid basics with modern advances. Together with executive staff, tax planning professionals, and your Maryland business attorney, it is time to redefine your business plan by integrating time-proven strategies in a new and innovative way.
Marketing to the Masses - Technology and a Relatable Face
Social Media has become an integral part of business marketing, delivering brand identity quickly and effectively into the minds of consumers through relatable stories by relatable faces. Live-streaming and short video content on apps such as Snapchat, Instagram, and YouTube allow for instantaneous connection to viewers. Where print ads and advertorial content once thrived, video stories have quickly surged as the preferred method of messaging in 2020.
Your creative team will need to develop content quickly and regularly to capture the attention of the viewer before they swipe to something different. And, you will need to stay informed and compliant with the rules governing social media use by businesses, i.e. copyright infringement, music rights violations, privacy standards, and applicable FTC regulations.
Outsourcing - A Smart Move
A common problem among small businesses is balancing limited cash flow against needed personnel. Most business owners attempt to manage this challenge by personally assuming responsibilities for which they are ill-equipped. Outsourcing is a growing business trend that supports meaningful allocation of funds to skilled support staff as needed. Smartphones and laptops combined with video-conferencing and the virtual office make remote and contract talent accessible to small businesses.
Remote workers provide benefits of reduced workspace and in-house perks, and often lower pay in exchange for flexibility of working from home and monitoring personal schedules. While remote workers may satisfy the daily needs of an operation, contract workers often fill needs for specialized services. Responding to the rising popularity of outsourcing work, many professional service providers now offer service contracts tailored to the needs of businesses that cannot afford full-time in-house advisors. Ask your accountant and Maryland business attorney about contract plans that will provide ongoing expert advisement at a rate your business can support.
Personalized Service - the Human Touch
The rise of artificial intelligence gave way to automated systems as a means of customer support. However, the missing connection to a live employee was met with negativity and frustration from the consumer. Consumers consider human interaction an invaluable part of the sales experience, carrying through to after-market communications. A return to personalized service as an extension of the product is a key trend among small-mid size businesses hoping to win and retain customers.
Your Maryland Business Attorney and 2020
Business trends present both opportunities and challenges. It’s important you leverage the expertise of professional advisors before moving forward. In particular, your business attorney is best positioned to provide comprehensive advisement regarding changes to employment contracts, consumer guarantees, federal and state reporting regulations, IRS and FTC compliance in 2020.
