It’s been a busy few years for events that generate positivity and bumper sales. Besides another Royal baby, however, 2015 is pretty barren: gone are the Olympics, Golden Jubilee and FIFA World Cup, while fears over the Eurozone and economic uncertainty will cause many to think before spending. There are, however, plenty of trends that businesses could take advantage of in 2015. Here are the top 5:
What’s the trend? The niche grows as online goes offline
Not every firm needs millions of customers to be successful. A profitable in-demand niche could prove lucrative for micro businesses. The growth of pop-up shops and restaurants across the country, will continue to fuel this. Even big businesses are looking to exploit niches, with Amazon rumoured to be opening a tester store.
How can your business capitalise?
A highly-personalised niche service can return big rewards through a premium charge. Fraser McLeay, Professor of Strategic Marketing Management at Newcastle Business School, believes the food sector will lead the way.
“Newly published government policy reports and World Health Organisation guidelines are creating a growing desire for lowering sugar intake, reducing meat consumption and for GMO free, low carbon footprint local products,” McLeay explains. “SMEs have the flexibility to act quickly and cater for segments of interested consumers.”
What’s the trend? British companies fly the flag
UK Trade & Investment’s recent Explore Export Week was part of the Government’s latest push to get more SMEs selling abroad. While small businesses make up 99% of businesses, they account for just 12% of exporters, leaving room for huge growth. The Confederation of British Industry suggests businesses are 11% more likely to survive if they export.
How can your business capitalise?
You can start with the Government’s dedicated advice page which offers a host of tips and free support. Through UK Export Finance, the Government helps SMEs get the ball rolling. The UKTI webinars, meanwhile, show businesses how easy it can be to show the world what you have to offer. For a rundown of all the organisations that could help your business abroad, check out our export toolkit.
What’s the trend? Social media gains a new market status
Facebook and Twitter growth in 2014 has boosted SME relationships with customers and suppliers. But both networks need innovative ways to make money. Rumours are abound that Facebook will eventually launch a ‘wallet’ so users can store money alongside their timeline. Apple has just launched Apple
Pay in the US and French bank Groupe BPCE has teamed up with Twitter to allow money transfers via tweets. This means SMEs can use social media for a softer – and harder – sell.
How can your business capitalise?
Continue increasing your following and enhance interaction. Offering a top-notch social after-sales service buys you loyalty when mobile and social payments take off.
“2015 will be the year of the social sell,” Drew Benvie, MD of communications agency Battenhall, says. “New social networks enabling sales are growing fast. For example, Depop is an app that emulates the style of Instagram but lets you annotate your pictures into Ebay-esque sale items. It offers a more social storefront for businesses. Facebook is also improving the way it allows businesses to target new customers and drive sales.”
What’s the trend? Workers flex their freelance muscles
The Office for National Statistics (ONS) notes the number of people working freelance has steadily increased, with under 30s seeing a 38% rise since 2008. Some staff members will also assert their rights to flexible working. With many bigger companies offering innovative perks such as unlimited holiday allowances, holding on to good employees may prove difficult.
How can your business capitalise?
Ensure your workforce is happy, which could lead to a 5% increase in productivity, according to Happiness Works.
“Consciously trying to create a happiness culture is being adopted by organisations with a younger demographic as they are more focused on their immediate experience, having given up on the ‘job for life’ myth,” says Nic Marks, director of Happiness Works.
Katherine Thomas, co-founder of Vario from Pinsent Masons, a hub of freelance legal talent, believes demand for project-based resources will grow in 2015, giving SMEs a flexible, more diverse and more specialised workforce.
“Freelancing is on the rise and it's growing most among the younger generation who will shape the world of work for years to come,” she adds. In fact, self-employment is at a record high.
What’s the trend? Slowing growth and new pensions laws
The recent International Monetary Fund forecast predicts UK growth to slow to 2.7%. Meanwhile, 18 million workers could benefit from changes to the pension scheme laws. Businesses need to be aware of the effects economic sluggishness, as well as the new pension laws, could have to their business
How can your business capitalise?
Elaine Roche, partner at JMW Solicitors, believes pension changes will dominate conversations among small businesses in 2015.
“As well as auto-enrolment being rolled out, the government’s plans to abolish 55% tax on private pensions will come into force in April,” says Roche. “This makes pensions a much more attractive prospect for many, so business owners must be aware of their obligations and ensure the options provided are best suited to both the company and its workforce.”
SMEs in 2015
If you’re a business with a flexible project-based workforce, kept happy by perks and pensions, with a niche product or service that can be pushed through social media and exported to other countries, then 2015 is the year for you. If you’re in the food sector then you may very well have hit the jackpot!
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