Spot the trend to boost your business’ future

Cape Town - It would be great to have a crystal ball to look into the future and base your business decisions on the "sure things" you know are coming. In reality, however, identifying trends for your small business means keeping up to date with what is happening in your environment.

Taking cues from events around you can provide the basis for small businesses, but making sure that the trend is sustainable and offers growth are just as important, said Ravi Govender, head of Small Enterprises at Standard Bank.

There is a move by many SMEs and some major organisations to outsourcing functions. These typically include payroll administration, book-keeping and financial services, computer services, office maintenance, as well as marketing and public relations.

"This list [below] is by no means comprehensive. If you have a passion in a particular field, it is worthwhile spending time researching the demand and markets available," said Govender. "Finding a niche for highly-specialised services is getting progressively easier, particularly in South Africa where there is a shortage of skills.”

“Spot the trend, assess the opportunities, and then gear up for business. It could be the most exciting and rewarding thing you ever do,” said Govender.  

1. Going green

People are becoming increasingly conscious of the need to preserve energy and natural resources.

This has opened up opportunities for companies that concentrate on reducing the costs of lighting and utility bills, through to water conservation, recycling and even landscaping - where indigenous, water-wise plants are a major trend.

If you are a professional architect or quantity surveyor, you can’t go wrong by incorporating green features into your proposals.

Artisanal (hand-made) products are also gaining traction. For example, quality hand- made food that does not contain additives commands a price premium in a market where purity and quality are now prized.

2. Computer and internet-based services

With the social media scene exploding, companies of all sizes are looking for people with the expertise to develop apps and various forms of social media material to enable them to interact with their customers.

Expertise in these areas has never been more in demand. Customising services for clients is also a growing business trend.

3. Organic cosmetics

Small businesses that have concentrated on developing organic brands will be riding high for some time to come.

Their products, even though not available in the quantities produced by pharmaceutical giants, are commanding an even larger share of the market.

4. Education

As South Africans become increasingly time-starved, opportunities abound for teachers who can provide extra lessons, or IT boffins who can develop computer-based, self-assessment and study courses.

Many people are creating vibrant small enterprises by providing services such as chauffeur-drive services to get kids to and from school.

5. Healthcare

Any service that can help medical aid schemes reduce the cost of care is bound to be a winner. Home-based nursing care services instead of traditional hospital wards are examples of booming small businesses.

6. Corporate Wellness

Offering employees at companies tailored basic healthcare advice is a growing trend that can be exploited by professional healthcare workers.

Watch: Nobuntu Webster unpacks learnings with Dion Chang from the final episode of Think Big



Think Big learnings

Looking at the finalists and winners of Standard Bank’s Think Big TV series shows how important being aware of social and economic trends is to small business development.

“The series showed that many of the finalists were operating in arenas that are increasingly becoming the focus of small and large enterprises alike," said Govender. "These trends ranged from organic cosmetics manufacturing, to small-scale automation, organic farming and recycling.

"All these businesses were built on trends emerging in a changing society - a place where consumers are becoming more aware of, and moving back to, traditional values.

“It should also not be forgotten that trends can include changes in the way people do business. As many small enterprises are built around supplying to big business and government, it pays to know exactly what changes are taking place in these organisations.

"Generally, the rule to apply is that if there is a skills shortage in a sector and your company has the required skills, the "gap" can be exploited,” said Govender.

While the Think Big series has concluded on TV screens, episodes can still be viewed online.

- BizConnect.