5 big and small business trends in 2021

The following are the PPP application documents you may need: 1. Complete the PPP application form 2483 (or 2483 SD) from the SBA.gov website. 2. Proof of net income (the only item without employees): IRS 1040 Form C. 3. Proof of salary/income (with employees): Applicable IRS form (940 or 941s, 1120, 1040 Form C, 1065 K1s, 1099s, 990). 4. National quarterly wage and unemployment insurance tax return. 5. As proof of business operations: any invoice, bank statement, record book or 1099 MISC from 1/1/2019 to 2/15/20. 6. The bank statement showing the Economic Injury Disaster Loan (EIDL) deposit (if applicable). 7. Unexpired, government-issued driver’s license or passport (applicable to all car owners over 20%). 8. Void checks (or other forms of electronic funds transfer information required by the lender). 9. Proof of a 25% reduction in income according to the SBA guidelines.

5 big and small business trends in 2021

If 2020 is a year of disruption and transformation of small businesses, then 2021 will be a year of continuous development. To help you prepare, we discussed with a few business experts what will happen in 2021 and the near future. The following are five business trends and changes that need attention:

1. Remote work will become the new normal

The number of remote workers worldwide has been steadily increasing over the years, but there has been a sharp increase in 2020. Currently, 42% of the U.S. workforce works full-time from home, According to a 2020 report from Stanford University.

“I see a permanent shift in online and remote work,” said CEO Michel Diamond. Upgrading the diamond strategy, A consulting company that helps companies formulate growth strategies and execute them.

Many companies have figured out how to successfully operate their companies under this new paradigm. Because of this, the model will continue to exist in COVID-19 and beyond. “

Remote work Can be challenging in terms of collaboration and communication,but Most remote workers appreciate flexibility Provided for work from home. In addition, remote work means less administrative costs.Without paying for office space, you can upgrade the software or add digital marketing.

2. Digitization will accelerate

This year, many companies are forced to digitize their operations and services to meet customer needs, but the threshold will be even higher in 2021.

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Online perspective It’s no longer just a good idea — it’s actually essential,” said marketing expert and co-founder Jeremy Moser. User Resource Management System, A company that helps companies obtain brand mentions and backlinks.

Customers not only want companies to have a larger online business in 2021, but also want a seamless digital experience. 68% of customers surveyed Salesforce’s “Connected Customer Status” report Said that COVID-19 has raised their expectations for the digital capabilities of companies. According to the report, this is especially true for millennials and Gen Z, most of whom put convenience above brands.

In order to create a convenient experience for your customers in 2021, it is important to operate with a digital first mindset and provide choices. Depending on your business and industry, you can:

  • Provide mobile ordering and contactless delivery
  • Provide in-store and roadside pickup
  • Add a customer service chatbot to your website
  • Build an e-commerce platform for your products
  • Expand face-to-face payment options to include digital Wallets like ApplePay
  • Provide virtual services
  • Create Mobile-friendly website
  • Develop applications for your business
  • Create a self-service account portal
  • Add an online scheduling system to your corporate website
  • Extend customer service assistance beyond the phone

3. Empathy is the gold standard

After experiencing the pressure and uncertainty of 2020, customers are not only seeking high-quality products and services from companies, they also seek compassion and empathy.

“If your brand lacks empathy, vision and goals, consumers will not resonate with your goals, but will actively seek out competitors,” Moser said.

In fact, the customer is The possibility of buying and recommending a company is four times that of other companies According to the 2020 Zeno purpose intensity study, it has a strong and identifiable purpose. The purpose of the company includes its core values, business practices, customer service concepts and support for social undertakings.

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arrive Build trust with customers Diamond said that to build brand loyalty, you must establish a connection with their minds and hearts. “Customer contact is the only way for a company to survive and prosper in the future.”

Establishing this connection means showing empathy, and showing empathy comes down to addressing customer needs and fears. To do this, you may need to customize your product or service, recheck your customer service policy, or use a more compassionate voice in your marketing materials.

4. The financial focus will shift from growth to profitability

As companies recover from revenue losses and budget cuts in 2020, many business owners will finance 2021.

In previous years, most of my work with clients was focused on growth plans. ” Smart Fox Consulting, An independent financial advisory company.

“The company is interested in undertaking projects that do not immediately receive a positive return on investment. Now they are focusing on their operations and evaluating where they can optimize the process to save money. ”

She said that financial transformation projects help reduce costs and maintain cash flow stable. think: Automate management tasks, integrate software systems, renegotiate supplier contracts, or outsource tedious services.

Davidson said: “The company will also be more critical about what projects and plans it will undertake in 2021.” In order to remain agile and profitable, you may have to reduce your products and focus only on the services or products that generate the most revenue.

5. More consumers will give priority to small shopping

“A major trend since the pandemic and into 2021 is that consumers are Support small businesses And local economic growth,” Moser said.

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After witnessing so many beloved local institutions struggling or closing their doors in 2020, many clients have changed their priorities.Now, 59% of consumers surveyed in the Salesforce report would rather Buy from a small business rather than from a large company.

“Consumers are realizing that they have the ability to change their local economy in states, counties and cities,” Moser said.

For business owners, capitalizing on this trend requires investing in local marketing and Community growth, He added. In addition to increasing your social media influence through local hashtags and activities, you can also consider donating to local causes or participating in virtual community fundraising activities or events.

Prepare now

Regardless of how your business performs in 2020, it is vital to start preparing for 2021.In order to prepare yourself for success, please allow time to evaluate which aspects of you are doing well and which ones are not doing well business model, Finance and customer experience.

And don’t be afraid to ask for help in the process.If you need to release cash flow or buffer savings, please consider Fundbox credit limitThe application is easy and you can make a decision within a few minutes.

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