What are the current small business trends in 2022?
We list some trends that we have seen thus far:
1. Virtual events are here to stay
With remote work being the dominant way to work for many startups in the last two years, it should be no surprise that virtual events also have gained in popularity. While many of us may miss the impact of in-person events, virtual event platform space is constantly innovating and finding novel ways to replicate the in-person experience virtually.
2. Employee wellness is top-of-mind
Workers are migrating towards organizations that prioritize mental health and respect their work/life balance. In fact, 83% of HR managers believe that employee experience is key to business success. Developing a great employee experience can lead to workers feeling happier and more productive & motivated. It also helps reduce employee turnover, which is costly for businesses. Small businesses should be making sure to meet with employees regularly to make sure that employees are engaged and motivated.
3. The 'buy local' movement is strong
A recent RBC survey highlighted that 77% of respondents plan to spend more at small businesses to support their recovery. If you are business in British Columbia, consider adding your business to BC Marketplace - online hub for BC-based small businesses.
4. Growing an online community
Many live and breath by social media. Building your community online is becoming a necessity for small businesses. This is great way to build brand awareness and advertise your products or services.
Many small businesses may not have time and capacity to manage all their social media handles...and that's ok! We recommend understanding where your audience/customers are primarily located. Is it Twitter? Is it LinkedIn? Is it Instagram? Focus on the social media platform where your community is most likely to be found.
5. Data transparency is paramount
Data transparency is becoming more top-of-mind for many businesses. If you’re a small business handling personal information (email, customers' names etc), you need to be clear on how you deal with this data. It's important you implement and provide a privacy policy for your website. You should also include the use of cookies on your website as well.
6. Social responsiblity
People, particularly want younger people, want to buy (and work) from companies that are socially responsible - whether it be related to DEI initiatives, climate change, or other social movements. Many businesses have stepped up to the plate to become more sustainable within their own operations and practices. Understanding your customer base is vital to prioritizing which initiatives should be tackled first.
Did we miss a major trend? Let us know!