With the time of social distancing set to soon become a thing of the past, we thought it would be a good idea to make some predictions on what the future will have in store.
If you own a small business in the UK and are uncertain about your future due to everything that has happened over the past few years, it might be useful to hear the viewpoints of others.
As the COVID-19 vaccination rollout has largely been a success in the UK, things are returning to normal here long before they may in other areas of the world. This is helping to give independent businesses the chance to land back on their feet and start maximising profits once again.
Perhaps you have some predictions of your own on the future of the business world. If you do not find those here it isn’t us saying you’re wrong, these are merely some of the key points we believe will prove themselves to be true in the near future. Read on further to discover more about our suggestions and check on how they line up with your own.
Online spending will continue to grow
Spending online will only continue to develop over time, as the global pandemic has helped to normalise it even more. The evolution of the internet has made it easier and more convenient for shoppers to browse and purchase goods than ever before. Whether that’s from a laptop, tablet, or mobile phone – people can purchase almost anything from anywhere with just the click of a few buttons.
Convenience is king when it comes to shoppers, so online is the obvious route for people to follow. If you can offer a much smoother and easier journey to your consumers, then perhaps focusing solely online would be a great way for your business model to go.
Whether you think it’s a good or bad way to go, we’re seeing more brands close their physical stores, instead focusing their efforts into the online portion of their respective businesses and making that the main outlet of their sales. If it’s easier to generate profit online and connect with the customer, you’re going to see more and more businesses head down this modern road.
Companies will move to where the most customers are, which is why a higher focus will be put on online shopping over the next few years. As the popularity levels of shopping online continue to go up, we are likely to see that of the high street go down, though that will probably be a long-term shift.
This growth in online activity should be a feature of your business too. Utilise social media and digital marketing as effectively as you possibly can. This is where you’ll be connecting to your audience the most these days, so don’t put off getting your online platforms up to scratch; the importance of this will only grow as we head into the years ahead.
Unsecured business loans will keep rising in popularity
Unsecured business loans are already extremely popular amongst small business owners, and they are showing no signs of declining any time soon. This form of funding is great for those that don’t want to take huge financial risks or wait an overly long time to get the money they so badly need.
The pandemic has led to an increase in the amount of unsecured business loan applications, which has been the same for us here at PDQ Funding.
We have developed a better approach to finance for small businesses, as a market leader for unsecured business loans in the UK without the need for security. our aim is to provide a flexible source of finance for businesses that do not have assets or for reasons do not want to secure them against a loan.
Becoming increasingly popular funding option with business owners, unsecured business loans have competitive rates, flexible terms and funds can be within the businesses bank account within 48 hours.
If you believe your business venture could benefit from a loan of this kind, don’t be afraid to get in touch with a member of our expert team as quickly as possible, and talk through your options with them. Unsecured funding has been the answer to so many companies looking to build brighter futures for themselves, so why should it have to be any different for you.
The rest of this summer is going to be big for small business
If you are the owner of a small business venture and are gearing up to face the big rule change that is set to take place on the 19th of July, then you have a lot to look forward to. In the short term (the remainder of this summer) you will be able to capitalise on the first wave of normality facing the country, and members of the public will most certainly be ready to get out and spend some cash.
Pop-up style businesses will be one of the biggest winners this summer, with people generally feeling safer outside than indoors at the moment. They also offer a fresh new product on the traditional UK high street, which will connect well to returning shoppers. When the sun is out and the high streets are filled with people searching for things to entertain them after the social distancing period of COVID-19, you could capture the hearts of the public. This point is particularly apparent if you own either a bar or restaurant.
You can use a pop-up stall to take your summer business ideas to a new location for a brief period, which will help you in several ways. First of all, you’ll get your name out there and reach a new audience, which is great for growth. Secondly, if you have mainly acted as an online-only venture up to now, you can utilise a pop-up stand to test out whether it’d be worth it for you to have a physical store or not.
Your current clients will start spending more
The clients you have right now will soon start spending more cash as they continue to feel more freedom towards the latter stages of July. This summer is set to be big for customer spend, so clients will start making higher profits and in turn increase their spending habits further. Knowing how to make more money from your current clients is essential to business development and will continue to be in the coming months and years.
The one thing you will be able to do to improve this process is show your clients that you value them. If you are genuine and make the effort to show how important your clients are to you as a business owner, then you’ll have no trouble in capturing their hearts and turning them into loyal customers of your brand.
Thank them when they make a purchase from you. Let them know you are grateful that they’ve chosen to utilise your services and not those of others. There are many ways you can show your appreciation to your client base, and you should not shy away from doing so.
The COVID-19 pandemic has given us a lot of time to discover what the newest small business trends were going to be. Use these to help improve your cash flow in a positive way.
More jobs will start to become available
Although it can feel rather difficult to narrow your job search down at the best of times, having more roles to choose from will ultimately land you with more chances of finding the right thing. Therefore, having more jobs undoubtedly becoming available in the post-pandemic world is a good thing for everyone involved. More work available to you, means more opportunities for you to grow throughout your career.
Remote work and working from home will carry on into the future in a big way, but that once again will likely open the door to new jobs and roles that wouldn’t have previously been available.
Offices will become more open plan
Long gone will become the days of offices that feel enclosed and shut people off from one another. After the global pandemic, people will be clawing at the chance to communicate with others as part of their daily working life; it is simply something humans need to function correctly.
The Career Cafe has outlined the differences between the two types of office: “A closed office offers relative privacy and quiet. An open office is where an entire floor, or certainly a large room, holds all the firm’s employees, separated only by desks, with the workers generally sitting alongside one another. There are no internal walls in an open office, and consequently, no barriers. There is no privacy and often, an open plan office can be very noisy”.