How to ensure your small business remains competitive in 2025

This month's BizED comes from Roger Barrett3 , Business Strategist and Programme Leader of Hertfordshire's Help to Grow: Management Programme. A government subsidised 12 week programme to help business leaders accelerate growth.

In this post, I will touch on the key areas of focus that could enable you and your business to remain competitive. Thinking about these areas may influence the operations of your business and?the?strategic choices you make – whether that relates to?the?leadership of your people or practical operational decision-making.? These are just some of the areas that form part of lively discussions on the Help to Grow Management Programme here at the University of Hertfordshire ?

In the dynamic world of small businesses, staying ahead with the latest technology, tools, and process thinking is crucial for growth and efficiency.? In 2024, several tech trends have emerged that you, as a small business owner, will no doubt have at least heard of, if not adopted, enabling you to remain competitive and innovative.?

The widespread adoption of AI is one of the most significant trends; it is becoming increasingly accessible for small businesses and can aid the?automation of mundane tasks, provide insightful data analysis, and enhance customer experiences.? A clear example is found in the use of chatbots that handle initial customer service inquiries, freeing up time for staff to focus on more complex issues. ?

As hybrid working maintains a place in our post-COVID world, the growth of remote work tools is another notable trend.? Not only to enable employees to work ‘off-site’ and remain productive, but tools that facilitate remote collaboration and project management are in high demand.? Platforms like Zoom for video conferencing, Slack for team communication, and Asana for project management are becoming indispensable staples in the workplace.??

In the changed landscape that these new technologies bring, it’s time to rethink traditional ideas of leadership and how you can engage with your team to gain their buy-in to your strategic vision and ambitions for our business.? A laminated list of values on the wall never did cut it, so how do you encourage your people to role model those values to customers in this technology-driven new world??

Using data to track the performance of your business is key; selecting the right metrics and data to collect can be challenging, let alone how to?collect that data!? Embedding Business Intelligence (BI) into your business is critical.? Effective use of BI enables a?better understanding of market/competitor trends, and?more informed decision-making through the provision of real-time data and predictive analytics.??

Lastly, tools that assist with scheduling, billing, and customer relationship management can significantly enhance the efficiency of business operations.? With the push for digital taxation by HMRC, many options are a necessity rather than a recommendation. ?For small businesses looking to stay ahead, embracing these technologies can lead to improved operations, better customer engagement, and increased profitability. It's an exciting time for small business owners who are willing to invest in these new tools and technologies.??

For a deeper dive into how these trends and other critical business models and ways of thinking?to support your business growth, join our next Help to Grow Management Programme in January 2025.??