If you are an entrepreneur who wants to have a great year for your business, familiarizing yourself with current trends and predictions in your industry is an excellent place to start. For a look at what is currently trending, check out this list of five business trends to pay attention to this year.
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1. Augmented Reality and Virtual Reality
What is a business without technology? From computers, business phones, printers and everything in between, technology makes modern business management possible. With that said, current trends show that traditional technology is not the only type to keep an eye on. Rather, augmented reality and virtual reality now have an increasingly important role to play for businesses. If you are looking for a way to stand out from your competition, this is it.
2. Paycheck Protection Program
After a rough couple of years for most industries due to the effects of COVID-19, finance is a major concern for many entrepreneurs. Because the pandemic depleted the cash reserves of numerous companies, money has been extra tight. For this reason, the Paycheck Protection Program that was part of the $900 billion federal stimulus bill is worth looking into. For many businesses, it provides a necessary financial flotation device to survive.
3. Social Media Marketing
In the world of small business marketing, entrepreneurs should pay attention to social media trends, as spending and use will likely continue to increase in the foreseeable future. Between 2017 and 2021, social media ad spending nearly doubled as an increasing number of businesses have reduced traditional marketing approaches in return for social media coverage. Whether you prefer Instagram, Facebook, TikTok or Twitter, incorporating social media best practices into your marketing plan can help your business grow while reaching a wider audience.
4. Human Resources Changes
Human resources are definitely changing. Another business trend that entrepreneurs should be mindful of is the increasing minimum wage requirements in the near future. Although the federal minimum wage is now $7.25 an hour, the current administration has talked about substantially increasing it to $15 an hour. Something else to think about is paid leave. As society continues to grow, change and adjust, the need for paid family and medical leave has taken a larger priority on many political agendas. These sorts of HR changes have the potential to impact small businesses in many ways.
5. Vaccination Requirements
One more small business trend to pay attention to in the world of business is vaccination requirements. In response to the impact that COVID-19 has had on many businesses and the increasing availability of vaccination options, business owners now face the question of how to move forward with vaccine requirements for employees. Depending on your industry and work conditions, your approach may vary from others. Some things to consider are whether you should require vaccines or encourage them. Another idea to think about is incentivizing employees to vaccinate.
Every year, small business trends change at least a bit. The best way to stay informed as an entrepreneur is to regularly keep up-to-date with the latest business news.