According to the results of Balboa Capital’s Small Business Trends for 2021 Survey, the use of e-commerce, mobile payments, cloud software and remote work are four business trends that are likely to continue being embraced by small business owners in 2021.
“It’s no secret that 2020 was an extremely challenging year for small businesses across the country,” Kevin Umeda, manager of sales planning and coordination at Balboa Capital, said. “However, SBOs are resilient, and a significant number of them are evolving their business models to keep their companies moving in the right direction. The results of our latest survey reveal that SBOs will prioritize things like e-commerce, mobile payments, cloud computing, inventory tracking software and customer relationship management software in 2021. In addition, it appears that SBOs will continue to offer remote work options. Eighty-seven percent of SBOs said they will continue to have full-time or part-time work schedules, up from 82% as reported in our July 2020 survey results. Lastly, digital marketing looks to be [a] very popular trend in 2021. Ninety-six percent of SBOs will market their companies, and more than half of SBOs said they will increase their digital marketing budgets this year.”
Key Survey Takeaways
Balboa Capital’s Small Business Trends for 2021 Survey was sent to a sample of small business owners and equipment dealers during the first two weeks of January 2021.
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