Technology and Market Trends affect small business every day. See how these 5 key small business & market trends might impact you.
The article “5 Small Business Technology & Market Trends for 2019” sponsored by Salesforce Essentials and published in Small Business Trends highlights important trends.
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5 Key Small Business Technology & Market Trends for 2019
It’s common to hear how large global brands are affected by business and technology trends like artificial intelligence, changing customer expectations, and data privacy concerns. But, how do these trends affect unsung – but much more numerous – small businesses?… We surveyed more than 2,000 small business owners and leaders across the globe [and here are the findings]
- The new generation of entrepreneurs is more likely to side-hustle
- Self-discipline is key to the entrepreneurial mindset
- Price is not the end-all and be-all when looking at new technology
- CRM [and financial software] are the top small business tech priorities
- AI is poised for big growth in small business
5 Key Small Business Technology & Market Trends & What They May Mean to You
Business Technology & Market Trends, The Side-hustle: Pros and Cons
Importantly, there are several pros and cons for running a business as a side hustle.
When starting a business, millennials and Gen Zers are 188% more likely to have the aim of creating a side business.. [and] 48% more likely to say they started their business because they had an idea they were passionate about bringing to the marketplaceSalesforce Essentials
First, the Pros of a side hustle are fulfillment and income. Millennials and Gen Zers are starting off with more debt. For instance, most have student loan debt. Debt overhang is much more prevalent with these generations than with past generations. Thus, it creates the need for a second income. Plus, these generations are looking for more personal fulfillment in what they do.
In contrast, the Cons of a side hustle
Self-discipline the unsung hero
“Small business owners are personally responsible for an average of 4.2 roles.”Salesforce Essentials
Therefore, their focus is key. Conversely, it also speaks to the con of a side hustle. While self-discipline is critical, it is not the only factor driving success. People skills, communication, and market knowledge are all important.
It’s not the price, but the value
When it comes to technology, it’s the value that drives decision making. Small business owners are busy. With 4.2 roles to perform, it’s not a surprise when they say ease of use, simplicity, and speed are as critical, if not more, than price when making a decision on purchasing technology.
CRM & Financial Software are key tools for today’s small businesses
Both of these tools are important and are top technology budget items for small businesses. This isn’t a surprise. Managing your revenue and your finances are key success criteria for any small business. Poor CRM or financial management may be killing your growth.
The Last Business Technology & Market Trend: AI hype vs. reality
Right now, AI is more hype than reality for most small business owners. Between 2 and 3% of small business owners use an AI service. For example, 3% use automated service chatbots, with roughly the same number for lead prioritization and predictive audiences. Small business owners project that they will use AI services more often in the future, 25% or more say that they will use one or more of these services in the next 3 years. Whether or not, that becomes reality will depend on the value and effectiveness of these programs. Beware of scams, this areas is ripe with them.
5 Key Small Business Technology & Market Trends & You, a Summary
When it comes to side hustles, it’s important to weigh the benefit of the bump in revenue vs. the time commitment and focus required to be successful. When it comes to technology, it’s important to gauge the value of the services provided. CRM and financial software are solid bets. AI enable technologies probably need a bit more time to demonstrate their value before jumping in.
At ProStrategix, we know you have concerns. We’re designed to help give you the business support you need so you can focus on doing what you love. If you would like to learn about how we might be able to help you, please contact us.