3 Key Business Trends We are Going to See in 2020

By: First Union

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3 Key Business Trends We are Going to See in 2020

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In a technology-driven world, you just know that things are always changing—in every facet of life, and it is no different when it comes to business trends. Understanding what's coming, how to adapt accordingly and how such changes/trends will impact your business is key if you want to stay competitive. Below are three such trends that you need to be aware of now.

1. Privacy Measures Need to Be Priority

With several well-publicized data breaches this past year, it's no wonder that businesses are looking for new and improved ways to protect their data—both that of the company and especially that of their customers. Other than the well-known data breaches, it is estimated that right around 40% of small companies experienced some sort of compromised security event last year. And that number simply isn't acceptable as we move into 2020.

2. Emphasis on Personalization

Marketing is getting personal, fast. Recent surveys have shown that customers want marketing campaigns that are directly addressed to them. One such poll showed that over 35% of people asked said they will not purchase from companies that don't have some form of personal angle. This means creative ways of getting to know customers better and even more creative ways of implementing this knowledge into your marketing strategy.

3. Going Even Greener

Given the climate crisis and the pervasiveness of our environmental footprint, companies are increasingly doing their part to contribute to efforts to help. Over the next decade, the goal is to decrease that environmental footprint significantly. Not to mention, beyond green initiatives, businesses are also becoming more and more socially responsible in their practices—everything from increasing their charitable/fundraising efforts to promoting better labor policies.

2020 is poised to be a dynamic year for small businesses. And First Union Lending couldn't be more excited to be a part of it. Call today to see how our loan programs might benefit you!

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