Small businesses are the heartbeat of the economy, embodying entrepreneurial spirit and innovation. In November, we celebrate this energy! National Veterans Small Business Week (November 11–15), National Entrepreneurship Day, National Women’s Entrepreneurship Day (November 19), and Small Business Saturday (November 30) all fall within the same month. To honor the contributions of these enterprises, EverCommerce has declared the entire month Small Business November.
As we approach the end of the year, the spotlight on small and medium-sized businesses (SMBs) reveals exciting trends that are shaping their future. From innovative customer loyalty programs and digital payment options to groundbreaking AI tools for business functions, businesses are embracing transformative technologies. SMBs are leveraging new technologies to compete with larger organizations and serve their communities more effectively.
This article dives into these trends, highlighting how small businesses are innovating and growing in the modern era.
A Month to Celebrate Small Business Excellence
Small businesses form the foundation of local communities and the economy at large. Despite their size, they often drive the most significant innovation and change. Hence, November serves as a month-long tribute to these enterprises and the dedicated individuals behind them.
From hair salons to local repair services and even healthcare providers, SMBs are adopting cutting-edge technologies to streamline operations, improve customer experiences, and increase profitability. The key drivers of this transformation? Loyalty programs, advanced digital payment systems, and the growing impact of AI.
Revolutionizing Loyalty: Building Stronger Connections
We’re all familiar with customer loyalty programs that reward repeat visits. However, SMBs are now embracing innovative B2B loyalty programs. These programs go beyond traditional discounts, offering service businesses rebates and resources to reinvest in their growth.
Such programs not only foster business loyalty, but also empower small businesses to build stronger networks and share knowledge within their communities. This shift highlights the increasing focus on collaboration and long-term relationships in the SMB ecosystem.
The Rise of Digital Payments
Gone are the days of relying solely on cash or checks. Today, SMBs are leveraging digital business cards, online invoicing, and advanced payment options. This is to enhance the customer experience and simplify transactions.
One standout feature is Text-To-Pay, allowing customers to view and settle invoices via a simple text link. Additionally, businesses are adopting payment platforms like Stripe Link, Google Pay, and Apple Pay. This is consequently driving a 30% increase in transaction amounts compared to traditional methods.
The convenience and security of these digital payment methods are not only improving customer satisfaction, but also enabling SMBs to operate more efficiently.
Artificial Intelligence: From Hype to Reality
While AI has often been regarded as the domain of large corporations, it’s rapidly becoming a transformative tool for SMBs. From streamlining administrative tasks to improving customer insights, AI is proving its worth in helping small businesses thrive.
For instance, home improvement company PJ Fitzpatrick uses AI to analyze customer feedback, identifying pain points and solutions. “We’ve seen a six percent increase in customer satisfaction since adopting AI” notes Peter Fitzpatrick, the company’s director of public relations.
AI’s potential doesn’t stop there. Small businesses are using it to enhance marketing strategies, optimize operations, and provide tailored customer experiences. By automating repetitive tasks, AI frees up time for business owners and employees to focus on what they do best – delivering exceptional service.
Empowering SMBs for the Future
As we celebrate Small Business November, it’s essential to equip SMBs with tools to thrive in a competitive landscape – from loyalty programs and digital payments to AI-powered solutions. These innovations are leveling the playing field and helping small businesses scale their operations.
At EverCommerce, we’re inspired daily by the ingenuity and resilience of SMBs. Our CEO, Eric Remer, and I come from small business backgrounds and are passionate about supporting this vibrant community. Eric’s new podcast, Business Underdog, highlights the entrepreneurs driving these changes and sharing their stories to inspire others.
Key Takeaways: Innovations Fueling Small Business Success
- Loyalty Programs: B2B loyalty programs empower SMBs with resources and rebates to foster growth.
- Digital Payments: Advanced payment options like Text-To-Pay and digital wallets are driving efficiency and customer satisfaction.
- AI Integration: AI is revolutionizing small business operations, enhancing customer insights, marketing, and overall efficiency.
Small businesses are not just surviving—they’re thriving by embracing innovation. So, as we reflect on their contributions, let’s celebrate the ingenuity and resilience that make SMBs the backbone of the economy. Now, with the right tools and support, the future is bright for these trailblazers.
Additional resources:
