PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

2020: Key Trends for Entrepreneurs and Small Businesses – Part I

By at 6 January, 2020, 10:38 am

By Karen Kerrigan-

The Economy

U.S. Economic Outlook 2020: On Firmer Ground, Goldman Sachs.

“Goldman Sachs Research forecasts steady U.S. GDP growth of 2.3%, driven by easier financial conditions, dissipating trade tensions, and continued strength in consumer spending. As the U.S. economy continues its longest expansion on record, many market participants continue to worry about recession. However, our economists forecast just a 20% chance of a U.S. recession in the next 12 months, compared with the consensus view of 33%.

With U.S. Help, Global Growth in 2020 May Recover a Bit from a Dismal 2019, Bloomberg.

“Bloomberg Economics is forecasting that the U.S. economy will grow 2% in 2020 as the record-length expansion turns 11 years old in June. It’s also why election models focused solely on the strength of the domestic economy are predicting a win for Donald Trump in November. After all, real incomes are rising, and unemployment is at a 50-year low. But risks abound.”

Housing to Recession-Proof U.S. Economy in 2020, Housing Wire.

“The U.S. housing market will be an ‘engine of growth’ for the economy in 2020, dispelling the risk of recession, according to Fannie Mae Chief Economist Doug Duncan… Sales of new houses probably will jump 12% in 2020, reaching the highest level since 2007, Duncan said in a Wednesday forecast. Single-family housing starts probably will increase to 888,000, also a 13-year high, he said.”

While Indicators are Positive for Now, Here’s What May Go Wrong with the Economy in 2020, USA Today.

“The current economic expansion shows no obvious signs of stalling. Economists in general expect 2020 will see another year of growth, even if not quite so robust as in 2019. That should usher in a decent year for the stock market, especially as presidential election years tend to be upbeat. But while a recession appears to be at least a year away, things could unravel quickly.”

Strong U.S. Consumer Helping to Power Economy in 2020, Fox Business.

“Despite the U.S.-China trade war, political uncertainty in Europe and sluggish growth abroad, a global slowdown in industrial output and business investment is unlikely to spread to the U.S. economy, according to a report published by Capital Ideas, an online group backed by investment management firm Capital Group.”

Marketing and Branding

Marketing Trends for 2020: Here’s What Will Happen that Nobody is Talking About, Neil Patel.

“So what are these trends?” Neil covers voice search, email marketing, google analytics, branding, automation, personalization and more.

10 Digital Marketing Trends You Need to Know for 2020, Marketing Insider Group.

The marketing trends that will dominate in the next 12 months will include Customer Experience, Employee Engagement, and Content Visualization.”

The Top Digital Marketing Trends for 2020, 99 Designs.

If you’re out-of-date with your digital marketing trends, you’re limiting your brand in both reach and repetition. You may be blissfully unaware of new marketing trends, but your target customers – and your competitors – are not…In 2020, we’ll see new marketing trends alongside some older, ongoing trends that are still effective.” (Chatbots, voice, video marketing, shoppable posts, direct messaging, micro influencers, polished and interactive emails, and more.)

5 Content Marketing Trends You Need to Know for 2020, Entrepreneur.

“The needs of your audience are constantly evolving and you need to keep up with what they want so that you can continue to create and distribute effective and engaging content.” (Optimizing content for voice search, conversational marketing, dynamic content delivery and more.)

2020 Colors: Go Blue, Small Biz Daily.

Pantone’s 2020 color of the year is ‘Classic Blue’ (19-4052). The color, according to Pantone, “instills calm, confidence and connection.” It’s a color you can rely on, and is probably why some of the most durable brands use this color in their logos (including, I might add, SBE Council).

Technology Trends

The Top Small Business Technology Trends to Watch in 2020, Cox Blue.

“From building trust to enhancing customer experience, tech tools allow your organization to stay productive and competitive.”

Small Business Technology Trends for 2020, Business.com.

“Tech trends that can benefit small businesses include influencer marketing, digital healthcare and small business cybersecurity.”

And more…Small Business Tech Trends for 2020, HJR Global.

“Small business owners that become early adopters can often reap the benefits of changing mindsets and capture demographics that have adopted new technology shifts.” This blog post covers 5G, the decline of the app, the importance of user reviews, smart speakers (browsing by voice), social media stories, and more.

Finance, Access to Capital and DeFi

2020 Predictions for Bitcoin, Libra and the Digital Yuan, Quartz.

“Geopolitical and corporate forces are on a collision course, and our financial lives might be upended in an instant. From China’s exploration of a digital yuan to Facebook’s insistence on Libra (its own digital money), the world’s powers are gearing up to seize financial control.”  Predictions for Bitcoin, Ethereum, Facebook’s Libra, China’s digital currency, Blockchain, and the SEC’s approval of a Bitcoin ETF.

Cryptocurrency Trends to Watch Out for in 2020, Entrepreneur.

“Global regulatory bodies are also becoming less apprehensive of cryptocurrencies and can be seen developing their own blockchain infrastructures….Decentralized finance – also popularly known as DeFi – is the way to go forward given its wide-ranging advantages. Then, it naturally comes across as the breeding ground for innovation. DeFi projects have now crossed the value of $650 million.”

The 5 Biggest Trends in Cryptocurrency for 2020, CFO.com.

“While 2020 might not calm the crypto market down, it does promise to deliver some important developments that will help the new asset mature and provide a sense of how it might become a core feature in the future of finance.” Trends and developments include: the “halvening,” Libra’s entrance, the Fed steps in, market consolidation, and crypto and fintech hook up.

Part II will cover human capital and labor markets, policies to watch, business ideas and hot markets.

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.

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