Skip to main content
Wealth Management Login Switch to TGB Locations Careers

Search form

ONLINE BANKING
Banking Login
Home
  • Home
  • Business Banking
    • Business Checking
    • Business Card Services
    • Online & Mobile Banking
    • Remote Deposit
    • Savings/CDs/Money Markets
    • Business Loans & Financing
      • SBA
    • Treasury Services
      • Receivable Solutions
      • Accounts Payable
      • Reporting
      • Cash & Liquidity Management
      • Business Wire Transfers
      • Risk Management
    • Tools & Advice
      • Starting My Business
      • Buying A Business
      • Managing My Business
      • Growing My Business
    • Forms
  • Personal Banking
    • Personal Checking
    • Personal Savings, CDs and IRAs
    • Loans
      • Auto/RV/Boat Loans
      • Home Loans
    • Online & Mobile Banking
      • Wallet App Payments
    • Mobile Deposit
    • Tools & Advice
      • Calculators
      • Starting Out on Your Own
      • Building and Supporting a Family
      • Buying/Improving a Home
      • Managing Your Finances
      • Planning for Retirement
      • Newsletters
    • Forms
    • Gulf Advantage Qualifying Cycles
  • Wealth Management
    • Special Needs Trust - CPAs & Attorneys
    • Special Needs Trust - Parents
  • About TGB
    • Our Story
    • Our Team
    • Careers
      • How to Apply
      • Benefits
    • Community
    • News
      • Fact Sheet
      • Newsletters
  • Alerts
    • Avoid Covid-19 Financial Scams
    • Precautions Related to COVID-19
  • Help & Support
    • Contact Us
    • Locations
    • Report a Lost or Stolen ATM or Debit Card
    • Routing Number
    • View Rates
    • Calculators
    • How to Switch to TGB
    • How To Get a Tax ID
    • How to Set Up Direct Deposit
    • Consumer Complaint
    • What is FDIC Insurance?
    • Tools & Advice
      • Personal
      • Business
    • Forms
      • Business
      • Personal
    • Privacy & Security
    • Get the TGB Mobile App
    • Sign Up for Mobile Banking
    • Sign Up for Online Banking
    • Sign Up for Text Banking
    • What documentation do I need to apply for a loan or open an account?
    • Accessibility
  • Contact
  • Home
  • Business Banking
    • Business Checking
    • Business Card Services
    • Online & Mobile Banking
    • Remote Deposit
    • Savings/CDs/Money Markets
    • Business Loans & Financing
      • SBA
    • Treasury Services
      • Receivable Solutions
      • Accounts Payable
      • Reporting
      • Cash & Liquidity Management
      • Business Wire Transfers
      • Risk Management
    • Tools & Advice
      • Starting My Business
      • Buying A Business
      • Managing My Business
      • Growing My Business
    • Forms
  • Personal Banking
    • Personal Checking
    • Loans
    • Personal Savings, CDs and IRAs
    • Online & Mobile Banking
    • Mobile Deposit
    • Tools & Advice
      • Calculators
      • Starting Out on Your Own
      • Building and Supporting a Family
      • Buying/Improving a Home
      • Managing Your Finances
      • Planning for Retirement
      • Newsletters
    • Forms
    • Gulf Advantage Qualifying Cycles
  • Wealth Management
  • About TGB
    • Our Story
    • Our Team
    • Careers
      • How to Apply
      • Benefits
    • Community
    • News
      • Fact Sheet
      • Newsletters
  • Alerts
    • Avoid Covid-19 Financial Scams
    • Precautions Related to COVID-19
  • Help & Support
    • Contact Us
    • Locations
    • Report a Lost or Stolen ATM or Debit Card
    • Routing Number
    • View Rates
    • Calculators
    • How to Switch to TGB
    • How To Get a Tax ID
    • How to Set Up Direct Deposit
    • Consumer Complaint
    • What is FDIC Insurance?
    • Tools & Advice
      • Personal
      • Business
    • Forms
    • Privacy & Security
    • Get the TGB Mobile App
    • Sign Up for Mobile Banking
    • Sign Up for Online Banking
    • Sign Up for Text Banking
    • What documentation do I need to apply for a loan or open an account?
    • Accessibility
  • Contact

Business Banking

  • Business Checking
  • Business Card Services
  • Online & Mobile Banking
  • Remote Deposit
  • Savings/CDs/Money Markets
  • Business Loans & Financing
  • Treasury Services
  • Tools & Advice
  • Forms
Economic Trends Businesses Face in 2021

Managing My Business, Growing My Business

Economic Trends Businesses Face in 2021

Date:

23 February, 2021

Long before the economic impact of the COVID pandemic, industries and businesses began making massive changes to the way they serve customers. Trends in the American marketplace revolving around technology and consumer behavior forced them to find smarter, more efficient strategies. The appearance of COVID-19 merely sped up those changes. Knowing this, here are a few of the top trends businesses face in 2021:

The On-Demand Economy Shift
The on-demand economy continues to intensify as more consumers want products and services delivered immediately. With many people working remotely, observing social distancing, and avoiding leaving their homes, COVID-19’s influence created a surge in on-demand solutions. Apps provide businesses with the necessary solutions across multiple fronts for customers, and now it seems every company has one.

Contactless Payment Options
A significant impact of the coronavirus on all aspects of society is the need to take payments without personal contact. Businesses need to make a concerted effort to limit in-person transactions, like contactless payment options, to slow down the spread of the disease. 

The American Office Space Looks Different
While certain service jobs will always require an on-site presence, many US employees are now working from home either full- or part-time. It is hardly a new concept among workers, but suddenly business owners recognize they do not necessarily need dedicated office space. This means commercial building projects may decline a bit in 2021, with public amenities like hotels and amusement parks taking the biggest hit. Instead, money is being spent on technology to connect employees remotely and help them share work efficiently.

Retail and eCommerce
The pace of digital growth for businesses during the pandemic has been staggering. COVID-19 certainly accelerated the need for e-Commerce solutions; however, US retailers were already experiencing significant revenue growth online year-after-year before 2020. This means that physical retail sales will continue to drop even after the pandemic ends, particularly for inexpensive goods that are delivered quickly.

Personalized Customer Experiences
Brands wanting to build solid relationships with customers must personalize each interaction. Customers want businesses to see them as individuals with unique needs. They want to access services on every channel from which they choose to operate, whether that is in person, on a website, or through an app. These shoppers are typically more loyal than single-channel shoppers. They shop more often and recommend brands to family members and friends. If you take care of them, they will take care of you.

Economic Recovery from COVID
The momentum of the economic recovery in 2021 likely comes down to two critical variables: vaccine distribution and the probability of further stimulus. A bipartisan effort to extend relief is focused on more money for education, help for small businesses, and extension of job benefits. Continuation of the Small Business Administration (SBA) Paycheck Protection Program (PPP) seems likely as the last round achieved its objectives after the spike in spending on wages after the legislation passed.          

 

 

Texas Gulf Bank has helped many small businesses successfully secure SBA loans.
To learn more about SBA loans, or speak with a lender, call 1-800-467-7216,
email sbaloans@texasgulfbank.com,
or visit one of our many local banking centers.

 

*All loans subject to credit approval.

 

Archives

Small Business Economic Aid Bill Offers Attractive Business Loan Opportunities through SBA Loan Programs

Date: 26 March, 2021

What You Need to Know Before Making Investments

Date: 17 March, 2021

Discuss Finances with Your Significant Other Before Your Wedding Day

Date: 02 March, 2021

Economic Trends Businesses Face in 2021

Date: 23 February, 2021

Ask Yourself These Questions When Building a Plan to Save for College

Date: 10 February, 2021

Business Banking

  • Business Checking
  • Business Card Services
  • Online & Mobile Banking
  • Remote Deposit
  • Savings/CDs/Money Markets
  • Business Loans & Financing
  • Treasury Services
  • Tools & Advice
  • Forms

Personal Banking

  • Personal Checking
  • Loans
  • Personal Savings, CDs and IRAs
  • Online & Mobile Banking
  • Mobile Deposit
  • Tools & Advice
  • Forms
  • Gulf Advantage Qualifying Cycles

Wealth Management

  • Overview
  • Special Needs Trust - CPAs & Attorneys
  • Special Needs Trust - Parents

About TGB

  • Our Story
  • Our Team
  • Careers
  • Community
  • News

Help & Support

  • Contact Us
  • Locations
  • Report a Lost or Stolen ATM or Debit Card
  • Routing Number
  • View Rates
  • Calculators
  • How to Switch to TGB
  • How To Get a Tax ID
  • How to Set Up Direct Deposit
  • Consumer Complaint
  • What is FDIC Insurance?
  • Tools & Advice
  • Forms
  • Privacy & Security
  • Get the TGB Mobile App
  • Sign Up for Mobile Banking
  • Sign Up for Online Banking
  • Sign Up for Text Banking
  • What documentation do I need to apply for a loan or open an account?
  • Accessibility

Contact Us

Search form

Join Our Newsletter

Sign-up to receive the latest news, tools, & advice and community happenings from Texas Gulf Bank

linkedin
Home

Copyright © 2015 Texas Gulf Bank | Privacy Policy | Contact Us | Site Map