2020 vision

It is the roaring 20’s again and there are some big trends on the small business horizon. Customer Reviews Rule (even more)  Consumers have never had so much choice, and with choice can come confusion, which is why google and other user reviews are only going to become more important   in 2020. Reviews are the single biggest way companies can build trust in the marketplace, so for small business it becomes imperative to encourage clients to leave testimonials on their website and reviews on trusted business-rating sites. As quote by Rebecca Mitchell of Awesome Lending Solutions " Google Reviews have become the word of mouth marketing of this generation." Consider the following consumer statistics of over 2000 people in the US and Canada:  90 per cent read and checked online reviews before visiting an actual business 88 per cent said they trusted online reviews as much as a recommendation from a friend, and 86% said they would hesitate to use a business with negative reviews.  Do you have the resources to dedicate time to monitor and respond constructively to negative reviews? Rise of Gen Z and Millennial's  Millennial's (born 1981-1996) and Gen Z (born 1997-2010) are going to increasingly impact small business as they begin to make up a significant proportion of staff and clients. It's estimated Millennial's currently make up half the workforce, with that set to rise to 75 per cent by 2025 and small business will need to adapt. As customers, Millennial's and GenZ  expect fast communication and the latest tech-based payment options. Analysing different generations as consumers, McKinsey reported that while Gen X consumed goods that conferred status, Millennial's sought experiences and Gen Z valued individualised products and services from authentic and ethical brands. As staff, Gen Z and Millennial's may seem impatient, but they've been raised on tales of entrepreneurs who made millions in their 20s. Opportunities for professional development will be welcomed and open channels of communication with superiors expected. Corporate social responsibility matters  It is not just your price point, but your ethical and green credentials that will be increasingly important to clients in both the customer-facing and B2B sphere. This includes how businesses treat their employees. In 2019, staff underpayment scandals tarnished many brands. People doing business with you want to know your staff are happy and appropriately paid. Conversely, happy staff are likely to deliver a better customer experience. If you are a producer, clients also appreciate knowing your products are ethically sourced and sustainable. This can actually be your unique selling point and will grow in importance in 2020.  Remote workers  While employers initially viewed working from home with skepticism, experience and US research by Airtasker suggests staff can be more productive and happier with this flexibility. There's also savings for employers in having fewer staff on site. Remote work looks set to expand significantly in 2020. A McCrindle report found half of surveyed staff in Australia were willing to take a pay cut to work remotely. The introduction of 5G removes impediments caused by download or upload problems. Instant project communications  With staff increasingly working out of the office on mobile devices, rather than desktop computers, communication apps should increasingly replace communications such as group emails and inefficient meetings. Apps such as HipChat, Slack, Teams and Basecamp are more efficient ways to manage communications across projects. Video trumps text  The higher speeds offered by 5G will only accelerate the rise of video as an important marketing stream for both customer-facing and B2B businesses. Videos are easy to consume, engaging and rank higher than text content on Google. Video also keeps people on your website longer1. Hey Google - what's the future of search? Some pundits estimate that by the end of 2020 about half of all internet searches will be voice-based, and about 30 per cent will be conducted on a device with no screen. That is a daunting prospect for businesses who rely on getting noticed online. Think about it. When a voice assistant, such as Amazon's Alexa or Google Home, is asked to perform a search - for example ''find me the closest pizza shop'' - it only returns one answer, not a screen full of results. So, a business is either the search winner, or it's nowhere. Big data for small business  Analytics are going to become more important in delivering customized service and identifying customer trends. Software is making it easier and more accessible for small businesses to use data to gain an insight into where their customers come from and what they want. Facebook Pixel and Google Tag Manager can be essential tools for all business web pages to track potential and existing clients. Small businesses not already checking traffic via software such as Google Analytics, Facebook Analytics and Instagram Insights should invest in understanding how to use these free metrics. 1 Cournoyer, B., 6 cool stats about video SEO, Brainshark, August 8, 2013 Please note, we do not provide tax, legal or accounting advice. This article has been written for general informational purposes only and is not intended to provide, and should not be relied on for tax, legal or accounting advice. We encourage you to consult your own tax, legal and accounting advisers before engaging in any transaction.