Category: Sales and Selling

Small Business Trends for 2024

According to this piece posted by the US Chamber of Commerce, small businesses are expected to undergo significant changes in 2024. The adoption of artificial intelligence (AI) is anticipated to grow rapidly, with applications in marketing, HR, customer service, and logistics, providing efficiency and productivity gains.

Augmented reality (AR) and virtual reality (VR) are predicted to be leveraged by businesses, especially in retail, real estate, and hospitality, to create immersive customer experiences.

Remote operations are expected to become the norm for many small businesses, allowing access to a global talent pool and reducing overhead costs.

Finally, customers are expected to take greater control of their journeys, requiring businesses to provide more personalized and educational experiences. Check out the link above to read more!

New thing? Subscription Models For Restaurants

Restaurants, including large chains like Panera and P.F. Chang’s, but also local eateries and coffee shops are increasingly adopting subscription models to secure steady revenue and customer loyalty. These subscriptions can offer perks like free delivery, favorite dish selections or free beverages. According to this online piece on AP News, this model is capitalizing on the growing trend of Americans who subscribe to various services like streaming and groceries. While it hasn’t become a dominant aspect of the restaurant marketplace, it is something that small businesses might want to consider to stay engaged and competititve.

What You Need To Know if You Use Venmo or Paypal for Business Payments

Lawmakers are debating changes to tax reporting for business transactions on payment apps like Venmo and PayPal, as well as e-commerce platforms such as eBay, Etsy, and Poshmark. The American Rescue Plan Act of 2021 lowered the threshold for Form 1099-K, which reports third-party business payments. Previously, individuals received this form if they had over 200 transactions totaling more than $20,000. Now, the threshold is just $600, causing concern that many taxpayers might mistakenly receive a 1099-K, even for small, one-time sales. Bipartisan efforts are underway to raise the reporting threshold back to 2022 levels, with some proposals suggesting an increase to $10,000. If you are a small business that receives revenue via these payment apps, it’s essential for to stay organized and be prepared for tax reporting. Read more about the issue in this article posted on CNBC.

Navigating the World of Tipping

In this article from Nerd Wallet, the author explores the new challenges faced by small businesses as they shift from traditional tip jars to digital tipping screens for in-person purchases. Specifically, the article discusses the importance of finding the right balance with preset tipping options so that tipping can be encouraged without upsetting customers. The article also mentions that these screens have led to increased tips, and using a point-of-sale system to track tipping data can provide valuable insights for business management.