Five small business trends for 2021

What does the future hold for small businesses? After a year of disruption and transition, Oswego Area Chamber of Commerce President Angie Hibben said these five trends expected to drive small businesses in 2021:

1. Remote work will be the new normal

The number of remote workers around the world has been steadily growing for years, but 2020 saw a steep increase. Currently, 42% of the U.S. workforce is working full-time from home. Due to COVID, many businesses had to figure out how to have their employees work remotely. And employees appreciate the flexibility that working from home allows them. Remote work means fewer overhead costs.

“To that end, we may see businesses downsizing their office spaces,” Hibben said.

2. Digitization will accelerate

Being online is essential right now. Those businesses without an online presence need to create one. Those who already do need to broaden their presence.

“Offer mobile ordering, curbside pickup, and in-store pickup, as well as a chatbox on your website, virtual services and a mobile-friendly website,” said Hibben.

3. Empathy is the gold standard

Due to everyone’s stress and the uncertainty of 2020, customers are looking for more than just quality products and services from businesses – they want compassion and empathy. “Consumers are looking for businesses to connect with,” Hibben said. “Brand loyalty will be huge.”

4. Financial focus will shift from growth to profitability

Business owners will take a more conservative approach in 2021 by being more selective about which projects and programs they will undertake.

“Businesses may pare down their offerings and focus only on the services or products that generate the most revenue,” said Hibben.

5. More consumers will prioritize shopping small

Roughly 60% of consumers surveyed in a Salesforce report would rather buy from a small business than a large corporation. To further capitalize on this momentum, business owners should be investing in local marketing and community growth.

“Boost your social media presence with local hashtags and campaigns but also help a local charity via a contribution or participating in an event – which, of course, you can do virtually,” Hibben said.

Oswego Area Chamber of Commerce : 73 W Van Buren Street : Oswego, IL 60543 : 630.554.3505 http://www.oswegochamber.org/