Despite the pandemic’s frustrating impact on businesses, especially startups and smaller entities, many small companies have prevailed. They’ve made quick pivots, adapted frequently, and made crucial decisions in order to stay afloat.
In fact, plenty of organizations upended their core lines of products and services in a flash — showing just how nimble companies can be. Case in point: A full 41% of leaders who participated in the 2021 Guidant Financial Small Business Survey said they’d disrupted their own operations to meet changing markets and consumer needs. Even those that didn’t completely overhaul their corporate objectives or lineups made concessions based on the realities of COVID-19. In May 2021, 56% of small businesses said they’d only be able to survive three months or less if they didn’t make any market changes.
As a result of all these shifts, three business trends have taken prominence.
1. Widespread adoption of new and different tech.
Throughout the pandemic, technology was a lifeline connecting businesses and consumers. Perhaps for this reason, Guidant’s research shows that about one-quarter of small businesses spent 2021 upping their internal IT solutions or work and external tech partners to attain goals. It’s likely that this trend will continue as the world becomes even more reliant on technology. More than 50% of businesses plan to increase tech spending in 2022.
2. Prioritization of quality e-commerce customer portals.
During the height of the pandemic, consumers moved en masse away from buying goods in person for two main reasons: convenience and safety. Consequently, companies everywhere improved their digital experiences to woo new customers and make up lost fiscal ground in retail settings. Although most stores allow in-person shopping again, Adobe projects that e-commerce will have its first trillion-dollar year of sales in 2022.
3. Expansion of virtual services.
Where feasible, lots of brands expanded their services virtually during the pandemic. That is, they extended their core services beyond their traditional capabilities. For instance, some added online consulting services to their offerings. These virtual services will remain relevant in 2022, considering that 25% to 30% of employees will work from home at least part-time.
Business Finance Loans: The Key to Success in 2022
It’s a new landscape in the post-pandemic world. Business owners will have to wrestle with these new consumer demands and technological opportunities. For many, the biggest substantial obstacle to jumping on these trends is the cost to upgrade. Yet, paying for a revitalized tech stack takes money.
This is where business finance loans can come into the picture. With financing, companies can get the equipment, machinery, or technology they need without handing over all their hard-earned capital. Small businesses should look for a finance partner with low rates and flexible payment options. This will allow them to adapt to new customer demands and thrive moving into 2022.
Are you interested in learning more about your company’s small business financing options? Talk to a PEAC Solutions representative today.