Times have been good for innovators and disruptors in the last couple of decades, with a host of new technologies and applications changing the way work and business are conducted. Today’s buzz is around big data, AI, blockchain and the cloud, and these deserve serious attention from small and medium sized businesses.
Among the trends, personalized services are being given greater preference by customers. Automation and AI are adding their weight to the equation, but the human factor will continue to be preferred by consumers. Goods and services, when personalized and delivered, leave a lasting impression, and thus small businesses can continue to look at personalization as a key concept.
The blockchain technology is on its way to radically change the future, with the added value of cryptocurrencies. The distributed, decentralized world of the future will look very different from today, and small businesses should look at its potential applications. For marketing social media is still a top favorite for campaigns and promotions. In fintech, mobile apps and P2P continue to trend, and so does the cloud for tech support.
Small businesses can come up with their new products and services and look at easy ways to fund their venture. Bootstrapping is a simple way to use one’s own personal funds and family assets. Friends and family too can be approached for loans, gifts and investments.
Micro-loans and alternative funding has grown big, and start-ups and small businesses have an easy time drawing loans. Another popular option is crowdfunding, where campaigns can be set up to ask the public to fund novel ideas and ventures.
Given the fast change in the evolution of technology and business environment, small businesses should ensure that lack of funding does not become a hurdle. There are several types of alternative finance platforms as described above that can act as the best way to get funding and bring the needed money power to back small business ideas.