Do you own a small business of your own? Things are changing fast in the small business landscape, and you should be well aware of what’s happening. Here’s a look at the biggest trends in the small business landscape in 2017.
1: Cloud computing is now widely used in every industry.
Cloud computing is the biggest new technological development seen over the last few years. It helps small businesses cut down costs, scale up or scale down based on their current requirements and have access to the latest technologies or software for nothing more than a small monthly fee.
2: Alternative financing options are very popular these days.
Many small businesses have opted for alternative financing options as the traditional ways of doing business are not working out any more. Many have chosen to take business loans from peer-to-peer networks, sought investments from crowdfunding websites and have taken on merchant cash advances.
3: Technology now gives small businesses a global reach.
There are a wide range of ecommerce solutions such as shopping carts available from companies such as WooCommerce and Shopify, which allow small businesses to set up comprehensive ecommerce platforms so that they can sell their products virtually everywhere in the world. Small businesses are no longer limited by geographical boundaries; they can now target a worldwide audience and look for new opportunities keeping the international market in mind.
4: Business intelligence now plays a huge role in small business management.
There are a number of business intelligence solutions available for small businesses that don’t cost as much as they did in the past. They allow small business owners to make better decisions and identify efficiencies. Big Data and data analytics is no longer under the exclusive purview of large corporations. Even small businesses can make use of Big Data for help with sales and marketing. Now, with advanced software from companies such as Oracle and SAP, interpreting complex data is easier than ever.
5: Outsourcing is more important than ever.
It is essential for small businesses to cut down their costs, especially at a time when the cost of real estate and equipment are on the rise. One of the approaches used by small businesses is to outsource anything and everything that is not is not a part of their core responsibilities. Outsourcing is no longer just something done by large corporations.
Small businesses outsource a number of tasks related to the running of their business to talented freelancers or service providers on various freelance platforms such as Elance.com, Freelancer.com, Guru.com, etc. So there is no need to have an in-house staff to handle web design, content writing or social media management – all of these tasks can be outsourced to freelancers from the US and abroad for ridiculously low prices.
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