Top small business trends: Connecting is key, more than ever

As we saw in the first part of my annual trends forecast, events, new ideas and technology are fundamentally transforming how we  do business today. From content marketing to the gig economy, small business will never be the same.

Here are the Top 5 trends for 2017:

5. Live streaming: You know a trend is a trend when ubiquitous behemoth Facebook is not only on board but also leading the charge (see Facebook Live). Live streaming is to small business today what video was a few years ago: Important to know, but even more important to jump on.

Also known as livecasting, live streaming is when you broadcast an event online in real-time. Viewers watch (and often participate) on their device. If you think about it, the popularity of live streaming makes a ton of sense — folks are already used to watching sporting events  concerts, and the like in real time, and so they are predisposed to want to watch a business event live, too.

Consider the benefits:

• It’s a great way to connect with your tribe
• It’s easy to do and practically free
• It gives you great content to use again and again (Facebook, for example, records the event)

4. Big data goes little: I was recently speaking with a senior VP for small business at a major technology business and she was asked what she considers to be the biggest trend in small business right now. Her answer?

“Big data for small business.”

If you are a small business person, you have probably heard all about the importance of big data. You have also probably thought that it really has little to do with you. And you were right — up until now. Look, all businesses collect a lot of data — sales figures, inventory, clicks, social media engagement stats, returns and so on. The issue is not whether you have data, but rather what to do with it, if anything.

That’s where this has become a trend. Big businesses have recently taken to creating apps and software that not only captures the data of a small business, but then analyzes it and displays it in easily read and understand dashboards.

Do a search for “small business analytics” or “social media analytics” and you should find some very useful tools.

3. The rise of ransomware: Malware generally has been the scourge of business for a while now. But the latest incarnation, ransomware, has become a downright epidemic. Ransomware is a virus that encrypts all of your files, locks your computer, and begins a countdown clock that demands an extortion payment of, say, $500 within three days. Don’t pay, and your files are all destroyed. Pay and you might get that decryption key that will unlock your computer, but not always; these are cybercriminals after all.

Consider the stats on ransomware:

• Attacks are up 300% this past year, according to Carbonite
• Attacks are estimated to cost the global economy a half a trillion dollars annually, Carbonite says
• 43% of all cybercrime is now directed at small business, according to Symantec

What can you do? Makes sure you have great security software installed, and backup to the cloud, automatically and daily.

2. The era of the Millennial: The Millennial generation is coming into its own, and they are having a profound effect on small business. For starters, Millennial small business now outnumber Boomer ones, and Millennials do business differently. For example,

• As opposed to many Boomer entrepreneurs, Millennials adopt new technologies easily and quickly
• Millennials are generally more comfortable with doing business remotely and virtually

Similarly, Millennial employees expect to not only be able to work remotely, they expect that they will be given the tools and freedom by their employer to do so. And, not only that, given the new economy, they also think that having side gigs is no big deal.

Finally, the Millennial customer will also have an effect on your business. The latest research I have seen indicates that — by far — Millennials trust peer comments and reviews and user-generated content more than traditional advertising and marketing when making buying decisions.

1. Welcome to the connection economy: I first saw this phrase used by Ian Altman in an Inc. blog post, and it is spot on. The idea is this: We are all now constantly bombarded with information, pitches, content, marketing and now even “fake news.” It is difficult to separate wheat from chaff. What is real? What is worth your time and attention.? And how do you get heard above the din?

Take a cue from our Millennial brothers and sisters. What they are looking for is authenticity, forging relationships and creating connections. For instance, the aforementioned Facebook Live is a way to connect people and for you to connect with your customers.

Those businesses and entrepreneurs who engage most effectively get the most rewards in this connection economy. Using your digital tools like social media and pay-per-click to give customers value, great content, authentic experiences and real connections is almost a throw-back idea. In an age of digital, people are looking for what’s real and authentic.

Share your thoughts with me: @SteveStrauss.

Steve Strauss is a lawyer specializing in small business and entrepreneurship and has been writing for USATODAY.com for 20 years. E-mail: sstrauss@mrallbiz.com. Website: TheSelfEmployed.