Small Business Trends To Watch Out For In 2009
1. The number of small businesses is expected to grow. With the unemployment rate climbing and job security being challenged across the board, many will try their luck with small and personal businesses. A large percentage of this population will consist of Gen Y and Babyboomers.
2. Flexibility and innovation reign supreme. To survive the tough economic conditions, small businesses will need to increase their productivity, efficiency and customer value. This will compel many businesses to be creative in the way they operate and in the products and services they offer.
3. A year of bootstrapping and belt tightening. With consumer confidence at the lowest it has been in years, and many industries effected by sluggish consumer spending, small businesses will need to focus on improving their cash flow, reducing costs, and holding on to their customers.
4. Less legitimate funding for small businesses. 2009 promises to be a hard year for small businesses in need of financing. The banks as well as all sorts of commercial and private lenders are pulling in the reigns when it comes to offering money to entrepreneurs and small companies. Simultaneously, expect an increase in predatory lending schemes and their “barely legal” equivalents, such as payday cash loans.
5. Mobile technology provides necessary tools. Mobile technology will continue to offer small businesses the ability to boost productivity, efficiency, and market outreach in order to maintain a competitive edge and hold on to customers. Expect the continued growth and usage of navigation systems, location-based services, smart phones, netbooks (small notebooks primarily used for Internet access), and a whole slew of mobile applications.
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