In this Episode:
Rieva Lesonsky, CEO of Grow Biz Media, shares small business trends to watch out for in 2023 with a focus on the segment of women business owners.
Highlights from Rieva:
- Consumers did not revert to old behaviors after the pandemic. This means that business owners need to adapt to new patterns, such as curbside pickup and buy online, and pickup in-store options.
- Employees want hybrid work environments, where they can work from home part of the time and be in the office for the rest. Businesses must adapt to these preferences to remain competitive.
- Small businesses must cater to the needs of their customers, even if they are not always top priorities. This means finding ways to offer value without overextending themselves.
- Consumers overwhelmingly prefer free shipping when shopping online. Business owners must work this into their costs without sacrificing profitability.
- With a low unemployment rate, employees hold more power in the job market. Businesses must be willing to adapt to employee demands, such as hybrid work environments, to retain and attract talent.
- Small businesses can compete with e-commerce giants by focusing on customer service. Offering personalized experiences and high-quality items can help them differentiate themselves in the market.
- The world is becoming increasingly digital, and businesses must be optimized for mobile devices to keep up with consumer trends.
- Women tend to go into service industries, and they may face difficulty getting the capital they need even if it is a smaller amount.
- Some banks are now reaching out to women and creating portals and programs to help them access capital.
- Younger generations like Gen Z and Alpha are less tolerant of inequality and will push institutions to change and support women-owned businesses.