Posted on Wednesday, January 3rd, 2018 | Filed under Guidance for SMEs, Small Business Finance.

Small Business Trends For 2018

Many small business owners work in the present, a space which is fast-moving and always evolving. However, this sometimes means that it can be challenging to step back and evaluate current and future practices which will give them the means to thrive in years to come. But to stay ahead business owners must not only be aware of what’s coming but also be pro-active and embrace developments; by looking forward in your industry and adapting to change you will almost always promote sustainability.

To help, we’ve looked at small business trends for 2018, the implementation of which could be what takes your business to the next level of success.

Work-life balance

Many businesses are beginning to encourage a sense of work-life balance. The 9-5 work day seems increasingly out of date with many business owners, staff and clients saying “no” to commuter traffic and working at a time that suits them. Not only does this flexible working structure save time (and money) but it also seems to increase productivity. Business owners can also expect to please clients by having a more responsive outlook and an enjoyable work-life balance makes staff members happier.

Organisation restructuring

Many small business owners look to grow their company and to do so employees need to have a great skill set in order to stay agile and flexible. Due to this many businesses use freelancers, who on average are more specialised in a single field, and can offer your business much more support than just a one-off project. Using freelancers also has the benefit of reducing the cost of recruitment and human resources fees.

Data

Comprehensive data is gold dust, especially within the small business world. It is now easier than ever to collect, store and manipulate data effectively, with tools and the capability to conduct in-depth analytics to help your business and clients. Small business owners can use this data to obtain insights into the business and how it can grow.

The importance of knowledge

Everyone loves knowledge, and this is apparent through our society’s love of gadgets, apps and access to virtual information. It is therefore important for small business owners to not only gain knowledge but also share information with their customers. The more information you can share, the better for your business.

Target the right customers

It is essential for small businesses to focus on the right customers. Whilst not applicable to every business, key sectors with the most buying power currently include the older generations, students and millennials. If you can adapt to these markets, then now is the time to do so. It is important to target your sector correctly and ensure every aspect of your business is focused on this audience.

Cottons Chartered Accountants

Cottons Chartered Accountants are small business accounting and business advisory specialists. Oliver Warne, Associate Partner at Cottons, has commented:

“It is imperative that small businesses are forward thinking and adapt to the times. By doing so they can continually attract the best staff whilst maintaining current relationships with clients and welcoming new ones. We’ve seen that businesses who take this proactive and flexible approach have seen continued success.”

Over the years we are proud to have helped maintain and grow many small businesses and understand the importance of staying up to date with trends. If you would like to talk to us about your business then please contact your local office.