Small Business Trends and Predictions for 2019

Have barely gotten used to writing 2018 as the year and now it’s time to think about 2019. I hope to keep you informed as I study more about things that we, as small business owners, should be doing to get ready for 2019.

Marketing:
A trend, which I believe will continue to increase in 2019, is the personalization of marketing. Generic marketing campaigns will be less effective as personalized and high-value content will be necessary for growth. Personalization will be needed in every aspect of a marketing program. Simple things like hand written thank you notes and personalized e-mail is a good place to start.

Artificial Intelligence (AI) will become a marketing tool for small businesses. At this time I have only heard rumors about what is coming, but keep an eye out for more news.

Social media will continue to grow and more paid ads on sites like Facebook will dominate the social media market place. Large companies are embracing social media and the cost of ads will continue to increase. Unfortunately, many small business owners have not created a presence for their firms on social media. The key will be to engage prospects on social media in real time. Work your 2019 marketing budget and allow for some select social media advertising.

At Starbucks last week, the person in front of me waved her phone over the payment machine and her transaction was complete. I believe that your phone will become your wallet. Now is the time to see how this trend can best be applied to your business.

I saw an ad for a company that allowed people to rent their car directly to a user. Uber and Lyft are part of the sharing economy as are people who rent out their homes for a week. Sharing is a new, but powerful business concept. I am sure that there are ways that we, as small businesses can learn to share different aspects of our business with other small businesses which will allow us to grow and to become more profitable.

Planning ahead is a critical part of business growth. In this fast paced, ever changing world, it is becoming difficult to differentiate yourself from your competition. Advance planning helps you to be better equipped to manage changes as they happen. We must focus on leading change instead of playing catch-up.

Planning ahead is a critical part of business growth.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack