SBA Identifies Five Small Business Trends for 2025
The U.S. Small Business Administration (SBA) has identified five business development trends for small businesses to consider when planning for business growth and success in 2025. In an announcement made recently, the federal agency stated, “Optimism, paired with a well-informed small business strategy, could mean plenty of success in the year ahead.” SBA continued to highlight the five trends to consider in the following statements:
E-commerce
Online sales aren’t exclusive to the big boxes of the world anymore. In fact, E-commerce currently accounts for a fifth of all retail sales worldwide — a figure that is only expected to grow to 22.6 percent by 2027. If you’re not offering your products or services online, you could be missing out on opportunities to grow sales.
Online Marketing
Likewise, if you’re not promoting your brand online, you may not be reaching as many consumers. Seventy-three percent of small businesses have a website. Furthermore, most small business owners use social media platforms to build brand awareness and promote products and services. There have never been more ways to connect with prospective customers than there are right now.
Artificial Intelligence
We’ve all heard the acronym AI. Aside from being a buzzword of the past few years, AI has real-world implications for small business owners. For example. Fifty-three percent of small businesses now use AI-powered chatbots and virtual assistants for customer service. AI can help businesses streamline processes, limit human error, and enable employees to complete everyday tasks faster and focus on other important aspects of the business. It’s no surprise that studies are showing an increase in productivity from companies that implement AI into the workplace.
Cybersecurity
In the digital age, data security and privacy remain a top concern for consumers. Small business owners can help prevent cybercrime by keeping staff up to speed on best practices, securing networks, updating software, and using multi-factor authentication.
Customer Experience
In today’s digital world, set yourself apart by prioritizing an interpersonal touch to create a positive experience at every level, from research to point of sale. That could mean greeting everyone who walks through the door of your brick-and-mortar store or writing a heartfelt email to the customers subscribed to your newsletter. At the end of the day, it’s all about meeting the customer where they are.
To connect with resource partners for business mentoring, counseling and training through SBA, visit the MySBA Learning Platform.