Experts Prediction for Small Business Trends in 2021
The worldwide spread of COVID-19 has been very challenging for Small and Medium Business Entrepreneurs in the Year 2020. The market landscape has been disrupted impacting the way the business is being conducted, employees now need to be managed remotely, and technology adoption demands are increasing.
Business Owners are now finding solutions to meet the changing needs of both the consumers and employees. This is leading to new trends which are beginning to gain traction.
Great Companies brings you the experts analysis of the trends for Small Business Owners should be ready to capitalise on.
Experts Prediction for Small Business Trends in 2021
Collaboration and Advancement in Technology
With the COVID-19 pandemic importance of Technology has never become so important as now. Technology which was used mainly for work related task - now is used increasingly to keeping connected for both personal and professional reasons. The current pandemic has spurred the adoption of technology with AI capabilities and features. Advancement in AI related applications is connecting people in realtime without having to be physically close to each other.
COVID-19 pandemic has taught us a hard lesson that we humans are vulnerabe to both Human and Economic disruption. This perhaps has for the first time in history of mankind that collobaration is now done at a global scale with data sharing and transparency and also the speed at which the governments are working to minimize the threat and improve the economy.
Suneil Stanly - Founder
Business Transformation in the New Age
Adaption to the changes is the key to growth in 2021
2020 has been a great realisation for Business owners. Majority of them had processes in "Chalta Hain Attitude" and that backfired when the offices were closed; work from home was challenge as the data was stored in office computer.
Small Business has to rely on Technology like moving their data to cloud space and work on backend automation so the customers/vendors get the response as they want to get updated as they work with business owners.
If they don't adapt they will not grow; Adaption to the changes is the key to growth in 2021
Bharat Jethani - Founder
Entrepreneur Development Coach
Change yourself or your Business Strategy
I Think It doesn't matter whether you have a Small Or Large Business. The Only thing which does matter for every Business Is Change. See, I can share some technical stuff with all of you for 2021, like Go digital and Build Your Brand Online Etc. But Instead, what I want to focus on mainly is - What's the Common Problem Due to which Business Owners Fail?
Which is the inability to change. Most Entrepreneurs Resist Change, and that's why they fail when a new trend comes along. So I Will Suggest The Small Businesses that - Be Ready to change Themselves. Be Flexible So that you can Change yourself or your Business Strategy according to the current Market Situations.
For Example - In this Pandemic, many Trainers and Coaches went broke Just because they didn't adapt to the Online Business Model. And still, they are not Understanding. On the Other Side, We Grew our Business 5 to 6 times Because We were Flexible, and we changed according to the market Scenario. Understand Consumer Behavior and Change Accordingly. Be Flexible, Be Ready to change, and Keep Learning new things and Trends that are currently upholding in the Market.
Bhupenddra Singh Raathore (Coach BSR)
International Motivational Speaker| Business Coach| Author|
India's No.1 Motivational Speaker of 2020 - By CEO India Magazine
Automate the Process and develop solutions which add real value
Covid-19 has fast-forwarded the whole world at least by 3 years. There's an urgent need for businesses to now take 3 things extremely seriously:
- How they present their products / services online
- What customers have to say about their products / services online
- Developing solutions which add real value to their customer's lives
Key focus areas to work on will include:
- How to reduce the cost per acquisitions by fine tuning the reach out mechanisms these businesses use
- How to increase longevity of existing clients & further new clients
- Keeping costs low by automating processes as required, avoiding burdening costs like rent
Deep Mehta - Co-Founder
Digital Marketing Agency
With Right Mindset, drive and Skill, nothing is Impossible
A virtual 2021. More work from home, more work online. More people learning digital skills because they need it for their job, or simply to order products they want in their personal life. As a digital nomad, I can continue my work, though travel is a real challenge depending on countries' regulations. As clarity coach for mid-career professionals, I notice a huge increase in those who decide to start their online business as an entrepreneur. Making money online is definitely an increasing trend: e-commerce, coaching, YouTubers, MLM's, online courses, VA's, etc... The world online is more competitive, but with the right mindset, drive and skills, nothing is impossible!
Rachel Smets - Founder
Online Entrepreneur, Coaching
Collaborations with the Freelancer
Pandemic has make us understand that how to build our network online and generate good business by going online. As we Tatweer Consulting & Training was Providing Occupational Health & Safety Training to Construction Sector, Industrial Sector, Corporate Sector, Residential Communities, Education Sector etc. offline training's but since march 2020 the world has changed completely no social gatherings no personal meetings going on, Online Meetings and Training's has given new boost to the Market. Our Future trends in 2021 is maximum collaborations with the freelancer Trainers in EHS- Environmental Health & Safety and companies all over the country and out side the country - International.
Mohammed Faraz Uddin Ahmed - Managing Director / CEO
Occupational Health & Safety Training's
Carve a niche and remain relevant
Small companies will have to carve a niche to survive against large companies. Quality, Flexibility, Personal attention and involvement are some traits that large organisations lack. They will have to present a strong case to remain relevant
Sukhbir Sahni - Managing Partner
Big opportunities for making Money for small business
Small Business have a Big Opportunities in coming years, as there are many companies which are coming in India. Its all about how the companies take up those opportunities or convert their work into money making business. I find the upcoming years are a great going years.
Nancy Hatgaonkar - Founder
Recruitment and Corporate Gifting
Your MINDSET in 2021 will determine how you succeed.
The opportunity to make money is now. The opportunity to grow your business even more will happen in 2021. You will either have a negative or positive experience next year, depending on your top 2”. Your MINDSET. There are many negative people out there. Run away from them - as fast as you can. They shouldn’t be in your Circle of Influence. Be positive and think positively. Make sure you do your affirmations every day. Your MINDSET in 2021 will determine how you succeed.
Pete O’Keeffe - CEO & Founder
SME's Need to have Digital Foot Print
With an exponentially evolving market, a lot of products and services became obsolete and many more became necessities like Zoom and Twitch. To flourish, all the small and medium companies need to have digital foot print! As internet is fundamental to all devices today, not maintaining a well-defined online presence could be the worst decision a company could ever make. Digital personality could be the king to all outbound communications that a company would make. It would help a company represent itself independent of the founders or the owners! Creative joint venture is going to be another big thing in the coming decade. This pandemic has taught us that collaborative efforts and constant touch base with similar companies would help the small fishes survive longer.
Rishi Singh - CEO
Branding and Communication
Build empathy and trust with your customers
Pivtoting businesses online is most important and essential thing. Customers won't just expect you to be online rather they want seamless experience. As economies would shift to more responsible consumption, customers would buy in lesser quantities compared to pre-pandemic world. Hence to retain customer base, small businesses would serve customers with more empathy and that would eventually build trust and draw brand loayaties.
Vidyadhar Prabhudesai, FRSA - Co founder and Board Member
Research, Consulting, Analytics
Cloud Computing and Digital Transformation
The future has already changed. It won't be "business as usual". The truth is, things won't be "usual", at least not for a while. Maybe not ever.
Some of the future trends which I anticipate for Small Businesses in 2021 are
1. Cloud Computing — Adoption of Disruptive Technologies — Hybrid Cloud Infrastructure.
2. The digital transformation will continue to be the focus of organizations around the Globe. The small business needs to get tech-savvy.
No doubt, it will be survival of the fittest, the stronger and fitter will survive. But the future will depend on adaptability, so the businesses which have embraced techno gig transformation will be able to sustain and scale-up. There are no other options besides gearing up for online and digital business modules with disruptive technologies.
In future, businesses can navigate successfully, only if they are fast in embracing technology and being more reactive and agile than their competitors.
Sarla Sharma - Managing Director
Businesses that have scaled online or are planning to scale online will thrive.
Businesses that have scaled online or are planning to scale online will thrive. Business will happen, just the mode will be different. People will definitely be spending, though not as much so businesses need to start inventing bite sized packages or services that can solve a problem and not be too hard on the pocket. Considering people have got used to working from home, management related services and software’s will see an increase in demand along with essentials. Commercial real estate may see a massive decline though.
Diksha Vohra - Founder & CEO
Top 3 trends in Mortgage Tech for Small Businesses in 2021
- Digitization and extensive use of Artificial Intelligence will play a major role in revolutionizing small businesses.
- Intelligent digital capability is the key to any successful business in 2021.
- Machine learning and Predictive and predictive analytics will drive business value leveraging business insights.
Arindom Basu - CEO
Era of collaboration and tie-up
Important trends which i foresee or anticipate is KYC-Know your customer-small business need to understand their clients and embrace applications like CRM .Secondly I call it a era of collaboration and small Business will need to collaborate or tie-up with Digital marketing service providers and make sure that brand is well differentiated and positioned amongst the Target audience. Thirdly every Small business will need to have an agile and adaptable Manufacturing, Operations ,Business development and finance process which gets controlled on hourly or daily basis using IOT or AI based ERP system and i see long term Business planning (1 year,3 year plans) dying out.
Rajesh Radhakrishnan - Cofounder and CMO
Technology, Media and Marketing
More Business Opportunity than ever before
New normal for the coming year would be Online Platform. There shall be lot of relaxation of services not only in IT but also in Non-IT to provide services online. THE PRESENCE may not be a key factor for any business. People will have more business opportunity than ever before. Every gap may be converted as a new business.
Bavani Sivam - Director
HR & Statutory Compliance