Of course, small businesses have to annually adjust to new changes in technology, finance and laws to stay competitive in the market. During our numerous Global Resources Reviews, we find that many small businesses are still struggling to stay ahead. Some businesses are wholly unprepared to anticipate certain changes to the conduct of business and marketing. Preparation is key for staying ahead of the competition. Here are several key new trends that small businesses should anticipate to bring about new changes in the coming months:
Success is most likely for niche companies – According to business strategists, small businesses catering to specific niche audiences are the most likely to find success in 2017 and beyond. This is largely attributed to the fact that it’s easy for niche companies to come up with a customized marketing message that directly appeals to customers. Marketing focused on fostering relations and building a loyal community pays off well for niche companies.
Crowdfunding will replace angel investors – The importance of crowdfunding for financing small businesses is ever increasing. Many entrepreneurs find funds on Kickstarter-type platforms. Even businesses that are past the launch stage keep going back to crowdfunding sites to fund projects that spur growth.
Freelance hiring will increase – Small businesses are already quite reliant on freelance work. This number is only going to rise in the coming months. It’s likely that services and products meant to support freelancers would also rise. Small businesses might have to compete with big companies for freelance talent.
Ease of access tech will be a necessity – Small businesses will definitely have to invest in tech to improve access to customers. Ease of access tech includes new payment programs such as Square and Bitcoin currency. Investing in web-based and AI-supported tools will be necessary more than ever for maintaining a successful business model.
To know for sure whether your small business is ready to tackle changing trends and upcoming market challenges, contact us at Global Resources LLC. We can provide your company with valuable strategic advice to overcome future challenges.