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6 Important Small Business Trends

1

Small Business Commerce Is Shifting Online

In 2020, the way we purchase goods and services underwent a profound transformation, impacting not only major retail chains and well-known direct-to-consumer brands but also small businesses. A 2021 Intuit survey revealed that nearly 75% of small businesses now engage in online sales.

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2. Software Solutions Offer Virtual Efficiency

Small businesses rely on software and virtual solutions, especially when they can't hire in-house staff. In 2021, 80% of small businesses, according to Clutch, planned to outsource key functions to SaaS tools due to this need.

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3

A Digital Presence Is Essential

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As online shopping grows, a strong digital presence becomes crucial for small businesses. In the past, many relied on local and traditional marketing. However, with increased online competition, they must pivot to compete digitally.

4   

Cyber threats Are A Serious Issue

Small businesses are deeply worried about cybersecurity, with limited means to defend themselves, making them prime targets. Nearly half of data breaches target small businesses, and a surprising 61% reported cyberattacks in the past year. Solutions include cyber insurance and heightened cybersecurity measures.

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Small businesses secure funding through diverse channels. Historically, banks were the primary source, with over 80% of firms relying on them, mainly through loans or lines of credit.

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5. Creative Financing Allows Small Businesses To Grow