by Dr. Daryl D. Green, Contributing Writer (Excerpted from The Envoy Magazine, July/August Edition)

Every new year creates a sense of renewal and potential additional opportunities for businesses. Yet, many small businesses have a “wait and see” attitude because they are riddled by uncertainty and the unpredictability of the future. Most have limited resources and must be cautious about their business growth. 

However, if small businesses were given a master list of areas they could improve, based on market forces, they would be much better positioned for the upcoming year. This article examines the seven critical trends that small businesses should consider to better manage market disruptions in today’s economy. 

With the uncertainties of a new presidential administration in the United States and the lingering impacts of COVID, organizations should rethink their business strategies. Small businesses are no exception. According to a business study conducted between March 28 and April 4, 2020, small businesses were heavily damaged by the lockdowns forced by COVID-19. During that timeframe, 43% of businesses closed temporarily, and nearly all of these closures were due to COVID-19. 

Why evaluate emerging trends as a small business? Many larger companies can withstand the destructive nature of disruptions in the marketplace. However, small businesses are more vulnerable. Now that we are well into 2021, and more than a year has passed since this pandemic began, the full impacts on the U.S. economy are still not fully clear. 

Still, there are seven trends that small businesses should consider to help them capture new, unmet customer needs in the future.

Below are these emerging trends:

1. Global Market – We are connected! Small businesses can tap into resources worldwide, whether searching for new customers in emerging markets or locating talent for hire. 

2. AI and Automation – Artificial intelligence is a disruptive technology. Companies can avoid the high expense of labor through automation. Small businesses can leverage technology by empowering their employees to utilize AI where appropriate, so that AI technology is not viewed as a negative. 

3. New Work Model – 2020 and the constraints imposed by COVID-19 saw an explosion of the working-from-home concept. Employees have long wanted more flexibility in their work lives. Employers responded by offering 70% of full-time workers the ability to work from home! 

4. Freelancing – Freelancing is part of the gig economy. It goes much further than just Airbnb and Uber. In a gig economy, businesses hire independent contractors to perform individual jobs, called “gigs.” Cumulative freelancing income has amounted to almost one trillion dollars. In the gig economy, small businesses can find the necessary talent without the several burdens of hiring full-time employees. 

5. Digital and Ecommerce – COVID-19 ushered in the digital economy. If companies did not have a digital platform in 2020 when everything and everybody was locked down, they essentially did not exist. According to the Internet World Stats, there are currently 4,208,571,287 internet users. That’s four billion, with a “b.” Small businesses cannot afford to miss this continuing trend of using digital platforms to their advantage. 

6. Changing Career Landscape – Because of market disruptions, employers’ needs continue to evolve, driven especially by automation and technology trends. The National Association of Colleges and Employers (NACE) has identified eight competencies associated with career readiness. Sadly, most students preparing to enter the workplace are not aware of employers’ expectations about career readiness competencies. Schools have a shared obligation to better prepare these young adults. With that said, small businesses will need to better understand and keep up with the changing workforce in the U.S. 

7. Continuous Learning – Monitoring the latest trends and disruptions requires a learning culture in organizations. Therefore, a more highly-trained employee pool is essential, especially during disruptions. Small businesses need to embrace this continuous learning trend. 

Today’s small businesses and entrepreneurs must retool themselves, given the impacts of COVID-19. Disruption will continue to be the watchword of 2021 as organizations consider the impacts of the 2020 pandemic. While larger organizations are largely better positioned to survive the impacts of market disruptions, most small businesses are not. By taking the necessary steps to understand these market trends, and maximize the capture of unmet needs in the market, small businesses can make a positive impact on their future.

Let’s pray that it is not too late.

A panel of experts shares their professional insight during Black History Month to foster better conditions for Black America in 2021.

A new U.S. presidential administration, ongoing civil unrest, the impact of the coronavirus pandemic, and a struggling economy are among areas to keep watching in 2021, according to African American experts sharing their assessments as the nation observes Black History Month this February. One key conclusion reinforced in their analysis is that Black citizens continue to suffer disproportionately from the effects of COVID-19.

According to the National Urban League’s 2020 State of Black America Report, the economic devastation wreaked havoc on Black America, highlighting deeply rooted inequities in the economy. Black and Latino Americans are overrepresented in low-wage jobs that offer the least flexibility in working accommodations and increase their risk of exposure to the coronavirus.

Unreliable information is another concern identified by the group. “In many cases, the Black community is flooded with misinformation,” said Dr. Daryl Green, a business strategist and author. “Yet, we have some brilliant people within our community. Therefore, it is important that Black professionals share their expertise in order to propel this generation.”

Dr. Trina Jackson, an Associate Professor in the School of Business, Logistics and Entrepreneurship at Ivy Tech Community College in Northwest Indiana, also identified communications hurdles, stated, “Understanding what’s going on in your communities is relevant in real-time. The challenge is being able to analyze and communicate this information.” Jackson noted that service workers are especially susceptible during this pandemic. “The least paid and the least acknowledged!”

Political climate and media performance are part of the debate.

“Right at a time when the public needs credible information on urgent matters such as the pandemic and the economy, the U.S. is experiencing a crisis of public trust,” said Caesar Andrews, a former editor and current educator in Nevada. “President Joe Biden promised a more forthright approach in managing key issues. And building community trust in factual news coverage is a significant preoccupation for journalists,” Andrews added.

Dr. Xan Polk, an Associate Professor in the School of Business, Economics, and Technology at King University, described a positive outcome of disruptions. Some historically Black Colleges and Universities are experiencing a surge in attention. According to Forbes magazine, 2020 was the year of the HBCU.

“African-American students are returning to HBCUs in record numbers,” Polk said, despite the pandemic. “Financial struggles have distressed all universities and colleges. Despite the distress, HBCUs continue to shine a light that seemingly beacons African Americans ‘back home.’”

Nurse Betty H. Blackman of Knoxville, Tenn., highlighted lingering health disparities in African American communities: “COVID exposed the glaring inequities as it relates to healthcare in the United States. The epidemic of diabetes and obesity, as well as other health disparities, have existed for years. This pandemic has put this matter at the forefront of society. It shows a true need to focus on changing conditions and outcomes for underserved communities.”

“African Americans’ lack of trust in the medical system is a decades-old barrier to proper health care,” said Dr. Lepaine Sharp-McHenry. “If we are going to address health disparities through a holistic approach, then families, churches, schools, healthcare agencies, and governments must be willing to commit and make fundamental and/or systematic changes at every level to address health disparities in every context!”

Sharp-McHenry recommended a more diverse corps of health professionals. “The need for more African American and Latino doctors, nurses, and other allied healthcare providers is greater today than ever before. Diversifying our healthcare providers will provide a workforce that minorities can feel supported by and trust.”

Dr. Gloria Thomas Anderson, assistant professor of social work at North Carolina State University and leading advance care planning expert, noted that disparities persist across the full spectrum of the health system. “Research shows that minoritized groups receive a lower quality of health care than non-Blacks. There are barriers to informed healthcare decision-making in the Black community, such as misinformation, myths, and mistrust of mainstream healthcare systems.”

“The patterns continue even during end-stage scenarios,” continued Anderson, whose expertise includes end-of-life care. “African Americans, in particular, are less likely to talk about end-of-life care issues. Making medical wishes known in advance, however, can lead to a better quality of healthcare that aligns with desired treatments and outcomes.” 

Each panel member brought a unique perspective on Black America.

To reach this panel of experts, please contact Dr. Green at drdarylgreen@gmail.com.

About These Panel Members:

Dr Daryl. D. Green, DSL:

Owner with wife Estraletta of AGSM Consulting LLC, based in Tennessee. Professor and Dickinson Chair of Business at Oklahoma Baptist University. Retired from the U.S. Department of Energy in 2016, after 27 years as a senior engineer. Speaker and author of several books, including Job Strategies for the 21st Century, Small Business Marketing, and Marketing for Professionals.

Dr. Gloria Thomas Anderson:

Assistant professor of social work, North Carolina State University, and author of a CDC-recommended resource book for advance care planning called The African-American Spiritual and Ethical Guide to End-of-Life Care. She works extensively with healthcare and hospice organizations on implementing equitable healthcare decision-making strategies that include advance care planning (ACP) and end-of-life (EOL) care options for African-American communities.

Caesar Andrews:

Professor and Distinguished Chair in Media Ethics and Writing, Reynolds School of Journalism, University of Nevada, Reno. A former editor for Gannett Co. at newsrooms in Florida, Washington, D.C., Pennsylvania, New York, and Detroit.

Betty H. Blackman:

Nurse, Knoxville, Tenn. Owner of Health Spectrum Worksite Solutions, which provides health and safety training and consulting. The past executive director of People Empowering People Project (PEPP), which raises health awareness within the community. Consultant for corporate and private organizations.

Dr. Trina Jackson:

An Associate Professor in the School of Business, Logistics and Entrepreneurship at Ivy Tech Community College in Northwest Indiana; U.S. Army veteran; doctorate dissertation was on “Community Response to Veterans Overcoming Barriers to Education.”  Continuum of Care organization focused on homelessness in Northwest Indiana. 

Dr. Lepaine Sharp-McHenry:

Nursing administrator; registered nurse since 1981. Worked in various clinical and management positions in long-term care, medical/surgical, and psychiatric mental health settings. Founding president of the Arkansas Directors of Nursing Administration in Long Term Care Association, nursing consultant, and past vice president of the National Association of Directors of Nursing Administration in Long Term Care.

Dr. Xan Polk:

An Associate Professor in the School of Business, Economics, and Technology at King University. She has over 15 years of professional management and marketing experience. Her research focuses on consumer behavior, marketing management, innovation, corporate social responsibility, and persuasive communication. Her work has been published in various peer-reviewed academic journals.

Media Contact

Dr. Daryl D. Greendrdarylgreen@gmail.com+1 (865) 719-7239http://www.drdarylgreen.com

Source : AGSM Consulting LLCCategories : EducationTags : Black America , Black History Month , African American History Month , 2021 Market Trends , 2021 Emerging Trends , Covid-19 , Coronavirus , US Economy , Daryl D. Green , Oklahoma Baptist University

Marketing students from Oklahoma Baptist University had the recent opportunity to work with Larry Gill Advisory and gain hands-on experience within the realms of digital marketing and marketing analytics. Larry Gill Advisory boasts the services of Larry Gill, a financial advisor under Sowell Management, with over 50 years of experience in the industry.

Students Zoe Charles and Laura Stewart formed a team, under the supervision of Dr. Daryl Green, to work with Gill and help him establish an online presence in order to create more awareness for his services. Alongside establishing an online presence, Charles and Stewart also provided multiple detailed analysis to guide Gill on how to better survey and stand-out from local competition. 

Working with Charles and Stewart has been Larry Gill Advisory’s first venture into the world of online marketing with Gill stating, “[p]rior to working with Laura and Zoe, I have done virtually no marketing.  Clients have come from referrals from existing clients and personal contacts.”

Gill also said of the team’s accomplishments, “Laura and Zoe have created a professional Facebook page that has received significant attention.  They have updated my LinkedIn presence and are creating a website for Larry Gill Advisory. Through their efforts, my practice has become more visible.”

Both Charles and Stewart were grateful for the opportunity with Stewart saying, “I am so thankful for the experience I have gained through this micro-internship. I have learned how to apply the marketing concepts [we have learned] in class to real-life scenarios. It has given me an opportunity to be creative and has shown me how much I enjoy helping people market their business!”

When it comes to utilizing marketing interns from Dr. Daryl Green’s students Mr. Gill said, “If you wish to work with dedicated, competent, goal-oriented students in an effort to assist them while they add value to your business and to your life, sign up.”