Business Innovation for Entrepreneurs and Small Business Owners

It is incredibly important to make sure you are always researching and staying on top of the latest news, insights, and trends in your industry. This allows you to stay ahead of the curve and ahead of the competition. It also allows you to meet the growing demands of your customers and adapt to changing attitudes and expectations.

According to World Metrics, ‘74% of high-growth small businesses report innovation as a top business priority.’ These organisations are seeing increased growth year on year with the common denominator being their approach to adaptability and new and creative solutions. Wifi Talents also had similar findings when they recorded that 70% of companies categorised as the most innovative were also found to rank in the top 10% in terms of financial performance. These statistics signify the importance of innovation in small businesses and how it can drive success.                                                                            

Current Trends to Grow and Shape Your Small Business

Below are some of the up-and-coming trends that you might want to take advantage of:

Digital transformation

With the advancement of technology to streamline tasks and increase productivity and efficiency, many are investing in new tools, software, and platforms to improve and grow their business.

AI and Machine Learning

In recent years we have seen a growing popularity and use of AI tools to complete tasks. This helps with innovation for content marketers and decreases the time spent on manual projects.

Sustainability

Many clients and customers are becoming more conscious of the climate focus and prefer to work with organisations that share the same values as them.

The data revolution

Data management and analytics have helped organisations target relevant demographics and use predictive modelling to create marketing campaigns tailored to the desired audience of those likely to make a purchase.

Influencer partnerships/marketing

There has been a rise in the number of influencers working with organisations in order to promote their products and services. These individuals with mass followers are helping with brand exposure and reach.

Video & content marketing

Many business professionals and marketers are finding that content marketing helps drive website traffic by optimising pages and leading customers through the sales funnel. There’s also been an increase in the popularity and use of short-form videos like reels and TikToks.

Innovation is integral for small businesses to help with growth and success. Staying ahead of the curve by following industry trends can help set you apart from your competitors, be in demand for the changing needs of customers, and also improve your chances of leads and sales. Implementing strategies while considering these things will lead to significant growth and success in the long term; it’s all about being resilient and adaptable.

Already have a small business or thinking of starting one? Then come to The Business Show LA on October 9th & 10th at The LA Convention Center. Industry-leading experts will be on hand to impart their knowledge, top suppliers will be showcasing their products and services, and there will be limitless networking opportunities. Get your ticket now!