The start of a new year brings with it a whole host of new trends for SME’s to expect. This week we discuss the upcoming SME trends to look out for so you can stay ahead no matter what your industry is.
Employee Wellness
Mental health and employee wellbeing is becoming more and more acknowledged within the workplace and the effect it can have on businesses can be detrimental. Last year it was found that 71% of small to medium sized businesses had their profitability affected by low-morale, stress and mental illness. It is within your businesses interests to do more in this area and engage with employees who may be struggling by offering support. Many employees seek a better work-life balance and have shown higher production levels when they have more control over their working hours or environment. Some businesses are catching on to this and changing the way they look at the traditional 9-5 working day.
Data Security
After the introduction of GDPR last year many businesses were faced with the reality of protecting their data and invest in their cyber security. However, there were also still many high profile cyber attacks and data breaches on large companies, but many more on smaller businesses. This shows that there is still more to be done in terms of protecting the data your company holds. Not only is more investment in cyber security vital, but also you must ensure that all policies and regulations in relation to data protection are practised by all employees. The consequences of any data breaches could lead to lawsuits and/or fines, so it is important for businesses to recognise the responsibility they hold in this area.
This area also provides many opportunities for businesses to ‘clean up’ their data and ensure that there is no inaccurate information on which business decisions are based on. This can improve your marketing efforts, sales and ultimately your relationship with customers.
Sustainability
Going green is no new trend, but it has been gaining more global traction and is set to continue this way. Prospective employees are more likely to consider an offer from an employer who promotes green initiatives rather than one who is not contributing to the aid of combating climate change. Start with the little things, cutting down on paper usage or making sure electronic devices are switched off at the end of the day can go a long way. Consumers are more aware than ever on the importance of sustainability and will actively support those businesses which recognise its importance and are pro-active in fighting it.
Technology
It’s hard to keep up with how fast technology is developing, but it’s important to stay informed on the latest advancements as these could help you stay ahead of the competition. This area has seen many collaborations between large and smaller businesses, who are helping each other to implement new technologies into business strategies in order to streamline processes and remain ahead of the curve.
Let us know what your plans are for 2019 to stay ahead of the competition in the comments below. If you would like to discuss your businesses future contact us directly for any information or guidance.
