Every small business should pay attention to emerging trends for 2020 and beyond. Let’s look at a few of these trends and how they can impact your bottom line.
Remote Work is Growing
According to TalentLMS, an online learning platform company, as of 2019, the number of companies with a remote workforce is getting bigger — 66% of companies allow remote work and 16% are fully remote.
Allowing for more remote work could save your business money on infrastructure and space costs. Several apps and programs that allow for real-time collaboration truly empower and enable remote workers. However, this could mean an investment in those technologies, as well as an investment in training for your employees.
Gig Work Is Growing Too
“Gig work” in the “gig economy” refers to workers that seek and prefer temporary positions. According to Gallup, around 36% of workers in the United States are in the gig economy.
A switch or an increase to contract opportunities with independent workers for short-term engagements could result in cost savings for your business. Make sure you are following all tax and benefit rules where they apply.
Going Green Isn’t Just For Consumers, It’s For Businesses Too
According to greenbiz.com, consumers will continue to look for businesses that offer eco-friendly products. They value companies that demonstrate conservation efforts such as saving energy, lowering carbon dioxide, using more sustainable materials, and streamlining packaging. What can your business do to be greener in day-to-day operations? How will those adjustments impact costs?
Evergreen Budgeting Advice For Any Small Business
There is some advice that is good to follow every year. Don’t forget to plan for . . .
- An emergency fund: An election year tends to mean unpredictability for the economy. The more you can budget for “just in case” the better.
- Business financing: As the saying goes, the best time to apply is when you don’t need it. If you think you’re going to need a business loan, line of credit or something similar, don’t wait until things are in bad shape. It’s a consideration to approach carefully, but also one to do when things are going well.
Most importantly, consider all of the above relative to your return on the investment. Some ideas may not be feasible, while other ideas may be more feasible than you think. That kind of insight is exactly what we offer at Brigade Bookkeeping. Let’s have a conversation about your business plan so you can succeed in 2020, and beyond.
Sources:
Small Business Trends to Watch For in 2020
5 Budgeting Tips For Small Businesses In 2020
