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A look into the world of accounting.

5 small business trends we should be thinking about ahead of 2020

24th October 2019

1. Small businesses with big data

     - Big data is not exclusively suited for large businesses it can also assist small businesses in gaining a competitive advantage.

     - There are a range of accessible and affordable (and free) analytics solutions for small businesses. The best way to start would be through your website, social channels and email campaigns.



2. People and relationship rise in importance



     - Technology and automation have allowed small businesses to limit smaller admin-based tasks through the advancement of booking software, cloud apps, programmed posts/emails, etc.



     - The growing technological changes indicate human interaction is slowly being phased out and therefore insignificant……However,



     - This is untrue as in an increasingly impersonal word, the importance of personalised relationships becomes even stronger. The ability of a real person to create rapport, instinctively anticipate issues and foresee opportunities remains unparalleled.



3. Social boosting



     - The presence of social media has become almost compulsory in today’s society. Social media has evolved to become a powerful platform for validation, promotions and exposure. In a growing market, differentiation from competitors acts as a critical component in being noticed and attracting potential clients.



     - Heading into 2020, the utilisation of paid posts will become the primary method to ensure visibility and increase the chances of social posts being liked, shared and spread. Paid posts are easily managed through setting budgets and strategically adding a few dollars behind your best posts to boost awareness.



4. Embracing the remote worker



     - Remote working has risen substantially in Australia over the last couple of years and continues to grow as a trend. Statistically, only 54% of Australians work from one central location, 25% have a second location and 12% have 3-4 locations that they are based.



     - A generationally shift in the workplace is accompanied by expectations of flexibility to match the influence of technology. The ability to adapt and support remote working can lead to increased job and employee satisfaction.



5. 5G is about to land



     - In 2020, the availability of 5G network creates opportunities for small businesses to reach new geographies, expand online businesses and communicate at a drastically faster speed.



     - We are expected to see innovative approaches to marketing through adopting augmented reality, virtual reality and a higher reliance on videos. Furthermore, opportunities will arise for new apps, business models and products.



References:



Neighbour, A 2019, ‘5 small business trends we should be thinking about ahead of 2020’, Public Accountant, October/November 2019 issue, pp. 56-57.

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