The vast majority of successful businesses across the world are not major corporations with tens of thousands of employees. They are the small businesses that make up individual communities. As such, experts know that economies go the way of small business. When small businesses succeed, so does almost every other facet of an economy.
Small business could be in for an excellent year in 2016, at least in relation to some of the years they have experienced since the Great Recession. If you are a small business owner yourself, this could be the year you finally take your business to the next level.
Here are 10 sharp predictions for small business in 2016—predictions that could make or break your business, depending on how you react to them:
Growth and Expansion
- On-demand logistics will take over. The on-demand economy has quickly made it to the retail sector thanks to efforts among the biggest names in the sector. Small businesses that hope to keep up with their much larger rivals will have to embrace on-demand logistics as well. People want things quickly, and they want them delivered right to their doors.
- Business investment will grow. Small businesses have languished for years in an environment that was not conducive to business investment. That is changing. A gradually improving economy suggests that small business will be investing in new equipment, research and development, hiring, and property acquisition.
- Branding will become a priority. Branding has largely been thought of as something that pertains only to major corporations. But online marketing and SEO development are changing the game. As an entrepreneur, you should seriously consider every opportunity to build a brand for your small business.
- Personal relationships will regain their prominence. Online business and marketing are good things, but nothing takes the place of personal, one-on-one relationships. Just as personal business meetings are coming back after fading against the limelight of the online meeting space, personal relationships will make a comeback for small business this year.
- Online security will be among the top priorities. Small business can no longer avoid the responsibility of maintaining online security in the cyber age. Those that do not invest in cyber security will be vulnerable to cyber-attacks that could eventually lead to business failure. Successful businesses will make online security a priority.
- The cloud will become the place to be. Despite early setbacks, the cloud is now a very secure environment. More small businesses will be embracing the cloud in 2016 for the purposes of keeping data safe.
- Security intelligence will increase. Hackers are becoming increasingly more sophisticated as time goes by. Therefore, business owners will have to adopt an intelligence mindset and do away with the reactionary mindset that has dominated cyber security thus far.
- Mobile beacons will drive targeted marketing. Mobile platforms have been offering beacons for targeted marketing for quite a while. More brick-and-mortar retailers will be adopting these mobile beacons in 2016 to better compete with their online rivals.
- Small business will embrace mobile technology. Realising that millennials prefer mobile devices over traditional computers, small businesses that succeed in 2016 will embrace mobile technology. They will do so using responsive websites, mobile apps, and mobile marketing campaigns.
- Mobility will focus on speed. Not only do millennials prefer mobile devices, but they also demand speed in all of their online activities. Small business owners hoping to maximise online potential will require their websites and apps take advantage of what Google calls ‘accelerated mobility.’
Author: Ankit Gupta owns and manages ExportersIndia.com, one of the largest searchable buyers and sellers marketplace in India. Owing to his passion for writing, Ankit keeps sharing his valuable insights with marketers of SMEs and start-ups, to keep them updated with the latest news and trends. Follow Ankit on Google+, Twitter or LinkedIn to get more updates related to business.