As SMBs continue to face challenges such as rising costs, increased competition, and changing consumer preferences, they must constantly look for ways to adapt and thrive. Here are some key trends to watch out for in 2023!
Increased focus on data privacy (and ethical hacking). Data privacy is important for any business, especially small businesses. If you collect personal information from customers, such as financial details and personal preferences, then you must be careful about how you store that information. If hackers gain access to this information, they could use it against you. The basic way to protect yourself from cyberattacks is to use strong passwords, keep software updated, and avoid clicking on links in emails.
If your company is in a higher risk category, and especially if you don’t have an in-house IT team, consider working with a partner like bva, a business technology leader that offers ethical hacking services. An ethical hacker is a computer/networking expert who systematically attempts to penetrate a computer system or network on behalf of its owners for the purpose of access, finding security vulnerabilities, or verifying user activity levels and documentation of said activities. As a result, companies like bva can tighten up security holes, make systems more reliable, and secure commercial and personal data.
SMBs can’t just meet expectations – they must exceed them. With so much competition in the world, small businesses must exceed customer expectations to stand out. They can never settle for average performance, but always strive to be better than everyone else. If they don’t, then customers have plenty of other options to go elsewhere for their needs. But when customers know they can count on you for exceptional service, they will return again and again.
At ALAC Services, they’re committed to being the leading service provider for window cleaning, pressure washing, and home services in the Kansas City metropolitan area and adjacent counties in the surrounding Midwest region. They specifically focus on the customer in their endeavors to create brand name distinction in the marketplace and personal distinction in the home. Employ a disciplined, forward-thinking strategy that ensures efficient, cost-effective operation, they specifically strive to deliver the best service solutions that exceed customer expectations.
Banking and lending options will be more competitive than ever. Lendthrive recognizes that there is a market across the United States that has been underserved and overcharged by financial markets. This group – the 28 million small business owners who make our economy tick – often can’t access capital or are charged excessive rates and fees to do so.
That’s why LendThrive provides fast funding small business loans to help entrepreneurs grow and transform their businesses with quick approvals, flexible terms, and direct funding – no intermediaries.
Strategic life insurance will become a growing force in SMBs. Starting your own small business comes with volumes of hurdles, and strategic life insurance is only one of them. But the misconception that only large corporations can take advantage of the strategies that business life insurance can offer is slowly dwindling. In fact, there are many ways that a small business can strategically use life insurance to minimize tax liability, as well as potentially reduce taxes for key employees as well!
Abrams Insurance Solutions was founded after detecting a need in the insurance industry for dedicated one-on-one service combined with cutting edge products and insurance strategies that boost small businesses. This small group of independent agents is focused on helping people create stable financial foundations in their lives, and especially using insurance to add advantages to businesses!
Transparency will be key to client retention. Transparency has become one of the key tenets of business today, and the rise of digital technology has made businesses more transparent than ever before, especially when it comes to customer service. Customers want to know what they’re getting from businesses, and how much it costs them. If customers feel like they’re being taken advantage of, they’ll go elsewhere.
For more than two decades, Generated Materials Recovery (GMR) has provided the manufacturing and industrial industry with sustainable metal recycling solutions in Tucson. When it comes to transparency, they exclusively use a transparent Revenue Share model with clients, never withhold information and always use their relevant market knowledge to benefit our clients. They publicly seek to create open book, long term partnerships based on collaboration and a clear demonstration of value-add. They also vow to prioritize clients and frequently communicate, especially when there are problems, maintaining a “no surprises” mindset.
Each of these trends can play a part in improving productivity, efficiency, and effectiveness in your small business. When making plans for 2023, consider adopting one or all these trends into your business plan!