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3 Small Business Trends to Watch

Each year, small business owners must re-examine their business strategies to ensure they meet their goals and drive success. Keeping up with current business trends can help entrepreneurs stand out from their competition, retain employees, and attract new customers. Here are some of the most popular small business trends to watch this year.

Influencer marketing

Many brands use influencer marketing to help sell their products or services using social media. By partnering with “influencers,” (individuals that have a wide social reach) to create original content, marketers can establish consumer trust and drive sales. Influencer marketing isn’t just for big brands, however. Even smaller companies can work with local personalities or “micro-influencers” (those with less than 100K followers on social media) to promote their small business and create better customer relationships.

Flexible workplaces

In today’s modern work environment, more and more employees are looking for opportunities to work remotely. Using digital and cloud-based tools enables teams to work together without being in the same location, and can lead to improved productivity and employee satisfaction. According to recent studies, approximately 60 percent of employees believe their jobs can be done remotely, and 72 percent would rather work from home. If developing a completely remote workplace isn’t feasible for you, consider offering employees one or two days a week where they can work from home. Creating a more flexible workplace may ultimately save your business money on the overhead costs of renting office space.

Outsourcing routine tasks

Outsourcing is another business strategy that many small businesses are using to grow their offerings and manage daily tasks. For example, if you have little experience with bookkeeping, consider hiring an accountant to help you manage the financial side of your business. If your small staff is struggling to keep up with fulfilling orders, start outsourcing fulfillment and packaging services to a third-party provider. Outsourcing routine tasks can give your small business a competitive edge while saving time and money.

Implementing these strategies can help your small business reach new heights and stay ahead of the competition all year long. If you’re ready to find the right outsourcing solution for your business, the business development professionals at Ohio Valley Goodwill can help. We have over 100 years of expertise helping businesses like yours in Cincinnati, Northern Kentucky, and Southeast Indiana. Contact us today to learn more and receive a free tour.