2021 Small Business Trends and business articles for 2021 Predictions
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2021 Small Business Trends and business articles for 2021 Predictions
The federal minimum wage hasn't been raised in more than a decade, and a sharp increase was part of the Biden campaign's platform . The leading social media platforms have billions of users between them, so it is no surprise that social media has been a growing target for marketers. That rapid growth won't stop in 2021. Estimates from insurance firm Finaria suggest that social media ad spend will increase by 15% in 2021, growing the total spent on social media ads to $105 billion. That's nearly double the $54.4 billion total social media ad spend in 2017. Business News Daily connected with experts in finance, marketing, tech, and human resources to find out what small businesses should expect in 2021 and how to take advantage of these trends. Goku Shoes Boots Dragon Ball Z Anime Sneakers Fan Gift MN04 The economic impact of the COVID-19 pandemic has depleted many businesses' cash reserves. Although many states reopened after initial shutdowns, some are reimposing restrictions, reigniting concerns around cash flow and the survival of small businesses. The recent $900 billion stimulus bill included additional funding for the Paycheck Protection Program , which was established last year under the Coronavirus Aid, Relief, and Economic Security Act. While social media advertising is increasingly important, it is increasingly competitive. Small businesses should focus on a multichannel organic approach to build an audience and brand awareness. While ads can bolster organic growth, small businesses should avoid getting into a social media arms race with competitors when organic approaches like content marketing could have a better return on investment . Tip: The change in presidential administrations will come with changes in minimum wage and paid-leave regulations. Small businesses should also be wary of stepped-up COVID-19 regulation enforcement and consider developing a vaccination policy. "If you're a small business and some new tech comes out, you can implement it immediately," he said. "A big company has to test and test, and by the time they test and set everything up, they don't want to change it again because they've invested so much." For many other business owners, loans might not be an option, especially if they incurred significant financial loss during the COVID-19 pandemic. In those cases, alternative sources of funding, such as alternative lenders or investors, might be critical to attaining much-needed funding for many entrepreneurs. "Right now, it's $7.25, and last time amended was 2009," Holt said. "The Biden administration talked about $15 minimum wage, which would be a substantial increase. Whether they go through with that level of increase remains to be seen, but I would expect some sort of raising of the minimum wage." 2021 Small Business Trends and business articles for 2021 Predictions
2021 Small Business Trends and business articles for 2021 Predictions
Zoldan added that this could be a risky strategy for many media outlets, possibly jeopardizing their credibility. However, he said, "a lot of companies are walking the line there." "Small businesses should try to take advantage of the new stimulus bill, including a new PPP ," said Courtney Lawless, venture capitalist and co-host of the Amazon Prime series Wolf PAC. Augmented reality and virtual reality have been in the zeitgeist for some time now, but 2021 might be the year they break new ground in terms of business adoption. Best of all, small businesses could take the lead on the trend. "Depending on what your business is and what you're looking to accomplish, you can leverage AI and automation in a very affordable way," Apfelbaum said. "You can just get one personal business license for a lot of the tools out there." "During the pandemic, OSHA has been relatively quiet as far as enforcement actions or aggressive investigations, or mandating compliance with pandemic-related safety precautions," Holt said. "I would expect that the Biden admin is going to change that. I would expect to see much more forceful guidance and active enforcement from OSHA, both at federal and state level relative to pandemic restrictions." The world of human resources could be in for some significant changes with the changing of the guard in the White House, said Aaron Holt, a labor and employment attorney at Cozen O'Connor . This could result in policy changes impacting businesses of all sizes. "The other big piece we see coming based upon what has been said in Biden administration is some type of new paid leave laws. Biden was pretty vocal about that throughout the pandemic," Holt said. "I would expect for Biden, especially if Democrats control both houses of Congress, to try and pass some type of codified paid leave at the federal level. Key takeaway: Government loan programs will be critical to the immediate survival of small businesses, but alternate sources of funding will be key to keeping businesses funded in the long term. Whether small businesses want to leverage machine learning and data analytics for marketing purposes or finding new efficiencies at work, it's more affordable to get started than you might think. Did You Know? Developing technologies like AR, VR and AI will start to be adopted by mainstream businesses and consumers. Small businesses will be important in driving this mass adoption. Where press releases are necessary, business articles for 2021 they will be most effective when interactive or video-based, Zoldan added. "For example, this call is being transcribed by AI," Apfelbaum said during an interview with Business News Daily. "If I say 'action item', it will automatically take action items. If I say 'fifty dollars,' it will automatically create a section for money we're mentioning."
"You can have a high level of personalization today because of big data," Apfelbaum said. "You can use it to create a custom user experience, because you know what your customers want in a predictable way." That ability to be nimble and adapt to developing technology gives small businesses an edge, and that's why it will be small businesses that drive mass adoption of technologies like AR/VR and machine learning in 2021. Small businesses should consider using AR and VR to stand out from the competition and generate excitement among their audience. AI can do more than simply contextualize business data, Apfelbaum said. In part due to the difficulty of securing earned media, Zoldan said, press releases are becoming less effective. Brands are likely to bring press releases in-house and produce video announcements of newsworthy company developments rather than send text-based releases to media outlets in hopes they will be published. "The best thing to do is monitor the CDC guidance to what businesses should do to protect themselves, employees and customers," Holt said. "Also, make sure you're checking state and local ordinances. County officials or state officials impose lockdowns or requirements on businesses, and it is incumbent upon employers in that geographic area to comply with those ordinances. If not, there is usually some type of penalty that can be assessed." "I think we're going to see a lot more paid placement in traditional media, because it is really hard to get earned media," Zoldan said. "Paid placements are going to be very immersive and very video-centric; it will be hard to tell the difference between paid and earned." "Once the vaccine becomes more generally available, employers are going to be faced with decision as to how they deal with that in workplace. Are they going to require it? Recommend it? Incentivize employees to get it?" Holt said. "Getting those policies and practices drafted and tweaked, and making sure they match operational needs of the business now is going to be important, especially for SMBs that won't have an HR department." How can small businesses ensure they are prepared to pass a compliance check if OSHA steps up monitoring and enforcement? Many small businesses might not have heard much from the Occupational Safety and Hazard Administration last year, but that is likely to change in 2021. Holt said small businesses should ensure they have the required safety protocols in place in preparation for increased monitoring. Cache Oeil Translucide Pour Lunette Zara Ropa 2019 "Alternative sources of capital will likely also play a pivotal role in keeping businesses solvent," Lawless said. "Alternative sources would include … grants, fintech, venture capital, angel investors, peer-to-peer lending and crowdfunding to name a few. These are important, because many businesses that actually need the capital will not be able to meet the requirements of traditional funding sources due to the negative impact has had on their balance sheets." A common misconception when it comes to developing tech, Apfelbaum said, is that small businesses feel like it is the realm of big business. However, Apfelbaum suggested the opposite is true. "Press releases are a thing of the past," Zoldan said. "There is very little value today in putting out press releases." Other technologies businesses can't get away from are artificial intelligence and data analytics. These two technologies are a match made in heaven that allows businesses to not only collect massive troves of data, but use machine learning to make sense of that data. The insights businesses gain in this way can be used to better target marketing campaigns or find new efficiencies in internal processes. From 2012 through 2019, spending on paid placement advertisements in the U.S. grew from $4.75 billion to $11.44 billion , and that trend is only going to continue in 2021, Zoldan said. Additionally, the line between sponsored content and non-sponsored content is likely to blur, since audiences clearly prefer authenticity to advertisement, he added. The PPP loan might be forgivable later, depending on how you use the funds. Read this article to learn more about the new round of funding for the PPP loan program. "Year over year, we're seeing spend on social media increase – and this year it was a dramatic increase," said Ari Zoldan, law articles for 2021