Five Dangerous Trends Impacting Small Business in the Post COVID-19 Era

In the last three months or so we have seen the world change in unexpected ways. In many places social distancing and closing of businesses is creating havoc. In my city alone many businesses in different industries are looking at closing their doors forever , especially in food and beverages and services. As the world battles COVID-19 we must find a new normal , something better than where we are, rather then something worse than where we were. I really believe that we have the capacity to surpass all our challenges , forge ahead with big goals , and conquer what we strive for.

In particular, I believe that small business is at a very critical position when it comes to battling COVID-19 and bouncing back from this economical crises.

Here are five dangerous trends that small businesses are facing right now, which if not addressed will create more economic hardship, or on a positive side if addressed with urgency, a bounce back from the slump that SMB is likely to face. This article is specially targeted towards professional businesses such as in the real estate industry, accounting, law firms, insurance companies, and other professional service providers.

Trend #1

Our patterns have severely been impacted and as a result of COVID-19 the decision-making process of many individuals and businesses has changed forever. This means that people will not buy products and services in the same way as they did 90 days ago. People are thinking differently and will continue to do so unless you show them what to think !

Trend #2

The complete decimation of small and medium sized businesses will cause many businesses to close their doors . One of the reasons for this will be no access to operating funds, of the inability to the retain existing clients, or no capacity 2 forge ahead I this era due to emotional reasons. Businesses that lose hope, have no way of understanding how to grow and bounce back- will unfortunately shut down.

Trend #3

S&B will have to work extra hard to get clients to notice them. Clients too, whether you are serving businesses, or individuals , are facing a similar situation where their decision-making capacity has being impacted. Businesses that are ready to work extra hard, remove distractions, and approach this era with planned and strategic approach will win !

Trend #4

Digital marketing, including a compelling message and presence on the Internet , social media presence , and engaging with your clients, customers and communities will become a top priority for SMB and large business alike. Businesses that will leverage digital marketing and create a unique balance of what their clients need with what they offer will grow their businesses.

Trend #5

Organizations and businesses that will utilize online platforms 2 create , produce , deliver, and serve clients will have a much faster recovery then businesses that will struggle 2 utilize digital strategies not just for growth but for sustaining operations. Think efficiency, scale and growth. 

About the Author - Ian Khan

Ian Khan is a CNN featured Technology Futurist, 3 times TEDx Speaker, Director of highly acclaimed documentary “Blockchain City", Bestselling author of “7 Axioms of Value Creation”, and contributor to multiple industry publications including McGraw Hill and Forbes. He is also a member of the Forbes Coaches Council, The National Speaker Association, Association of Professional Futurist and the Project Management Institute.

Chief Futurist at boutique Future research firm Futuracy, Ian is one of the most widely quoted experts on Blockchain. He is also the creator of the “Future Readiness Score”, a revolutionary methodology to help organizations use a data based scientific approach to profitability and success.

For more information please visit www.IanKhan.com