Five Essential Growth Factors for Small Businesses in 2020
What are the trends that will shape 2020? This is not an unreasonable question, not if you are an entrepreneur with a desire to grow your business. Get the jump on the competition by considering these five growth factors:
- Optimization – According to Ernst & Young’s Strategic Growth Forum, 67% of entrepreneurs said they were focused on “pursuing new market opportunities”. They are willing to make the most of a situation or resource. Play it safe, but double down. 2020 is an election year and with elections comes uncertainty. Look at items like contracts, vendors, costs, and business operations. That is how you achieve comfort and efficiency. Be ready to capitalize on opportunities for growth and innovation.
- Niche Markets – The best opportunities for entrepreneurs are not always found in broad business services. Leave the mass market audiences to Amazon. Seek out the niches they do not deal in. The greatest growth will be in industry-specific startups.
- Partnerships – Not all entrepreneurs are tech-savvy. You may have big ideas but do not know how to code. So what? Form partnerships with those who can. Trust those who can build the technologies that will turn your dreams into reality. You can rest assured that plenty of tech experts need help on the sales and marketing side of things. It is time to team up.
- Technology – Technology is a tidal wave. You must learn how to surf it. Otherwise, you will get crushed by it. Opportunities will pass you by. If you want to accomplish more with fewer resources, there are time-saving tools that can make this possible. Maximize your operations and improve efficiency while playing it safe every step of the way. This is what the best operating systems can achieve for you.
- Cultural Awareness – Today, thriving businesses are culture-conscious. There is little wiggle room there. Besides, there is nothing wrong with building diverse teams -- bringing out the best in employees and creating a work culture that those same employees want to stay in. New talent is hard to come by thanks to unemployment numbers being at an all-time low. Instead, invest in the personal growth of existing team members. Provide a flexible work environment. Allow for more autonomy. Motivate them with performance-based compensation. Cultural awareness is not political correctness. It is having the common sense to know and respect the people who make your business thrive.
These are merely projections. However, these suggestions are the type that should benefit you, regardless of the year or type of business. Invest in areas like culture and technology. Find your niche. You will find yourself protected and experiencing growth at the same time.