Stay Up To Date With Business Trends to Help Your Small Business Grow
Staying informed about the latest business trends is crucial for the growth and success of a small business. This article provides valuable insights and practical tips to help you navigate these trends and make informed decisions for your company.
At the start of 2023, there were an estimated 5.6 million UK small businesses.1 To make sure your business stays relevant and connects with its target audience, it’s important to keep on top of your industry’s business trends.2
Staying aware of these within and outside of your industry could help you “identify gaps in the market and develop new products or services to meet customer demands”.3 By understanding the latest trends in your industry, you can “make more informed decisions” about the direction of your business growth.3
Top Tips to Keep Your Small Business In the Know of Key Business Trends
Being informed of the latest ideas, strategies and trends can be essential for your business’s success.4 And businesses, regardless of their size, need to stay informed to win over their competition. Here are some expert strategies that can help your enterprise stay ahead, adapt effectively, and navigate the complexities of emerging business trends:
Read widely
Reading reliable news sources and journals can be a great way to stay up-to-date. Check out reliable sources such as The Economist, The Wall Street Journal, and Commercial Observer - each of these publications posts the latest insights on business strategies and trends and market reports.4 Keeping abreast of the latest publications of reliable journals like these means you can get expert analysis and updates from industry professionals about anything up and coming in your industry.4
Take part in industry events
A great way to stay up-to-date on small business trends is to attend industry events, trade shows, conferences, panels or webinars. These events can be a great way to research what other businesses in your industry are doing while networking with other business leaders. After the event, you can use what you’ve learnt to inspire brainstorming sessions and help identify what you can change in your company.2
Don’t forget to network
Connecting with other businesses and professionals in your industry can provide you with insights into industry changes. As well as attending industry events, you can take your networking online! Try joining industry-specific groups on online platforms like Discord. These online communities can be a great way to get real-time insights, feedback on new ideas, and tap into the roots of the latest trends!4
Platforms like LinkedIn can also be a great way to grow your business through social media and stay up to date with small business trends. LinkedIn has over 39 million members in the UK alone, all sharing their expertise and what they have learnt from their experiences in the industry.6
Research and analyse the competition
You can keep your products and services competitive by studying what your competitors or others in your industry are doing. It can help you identify your business’s “competitive edge” and find “your window of opportunity” to make your brand stand out.7
You might gain insights or inspiration by studying the structure of their websites, product designs, or marketing strategies.8 Pay attention to what other brands offer, especially if something has changed recently. If they’re testing out a new business strategy, it may be something you want to do, too.5
Industry markets are “unpredictable and change rapidly” depending on customers’ wants and needs.2 By staying up-to-date with the latest business strategies and trends, you stay connected to your target audience, putting your business on the path to success.
However, it’s important to stay true to your business’s values. Not all trends are a good fit for your company. Remember not to undo all your hard work by chasing every new idea—after all, they change all the time, and you have no control over them!9
Sources:
- https://www.fsb.org.uk/uk-small-business-statistics.html
- https://www.forbes.com/sites/forbesbusinesscouncil/2022/04/29/15-expert-recommended-strategies-for-keeping-up-with-an-ever-changing-market/
- https://www.linkedin.com/pulse/importance-staying-up-to-date-industry-trends-lawrence-thomas
- https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2023/10/10/19-top-business-development-resources-to-stay-ahead-of-emerging-market-trends/
- https://www.eubusinessnews.com/easy-ways-to-keep-up-with-industry-trends/
- https://news.linkedin.com/about-us#Statistics
- https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis#id-use-competitive-analysis-to-find-a-market-advantage
- https://ca.indeed.com/career-advice/career-development/business-trends
- https://www.forbes.com/sites/theyec/2022/02/18/why-its-better-for-your-business-to-let-trends-pass-you-by/