Growth Prospects for Small Business

Growth Prospects for Small Business.

Did you know that 2016 had the worst start to a year ever? Yet, the stock market surged to new highs during the year, with all the major indexes rebounding to records and defying the doomsday forecasts that preceded events like Brexit and President-elect Donald Trump’s election. It was predicted that since the 2008 to 2010 recession, 2017 will turn out to be the most challenging one for middle-market companies. Despite the headwinds ahead of us in 2017, the U.S. economy grew at a substantial comparative rate towards the end of 2016. Most economists did not expect this growth to continue, with predictions for GDP growth to be slightly to significantly lower for 2017.

Here’s what some of the pros are saying:

  • While U.S. private companies are expecting to grow their revenue by an average of 8% over the next 12 months, over one-third of private companies are expecting double-digit growth!
  • I don’t intend to dishearten or scare anyone, but the question is- how to achieve these levels of growth in an uncertain economy?
  • The U.S. economy has continued to exhibit remarkable resilience despite the many economic and political challenges that threatened to derail it in 2016: the presidential elections, threats of global terrorism affecting many countries, slowing growth in China, and rock bottom commodities prices pulling down world economies and stock markets.
  • However, a greater degree of economic, political, regulatory, and capital market volatility is to be expected in the coming year for the U.S. economy and middle-market companies.

Below are a few general predictions for the coming time, which may or may not be true, but can always be helpful to know.

Competitive E-commerce

All of us know that the markets in the US are generally developed and the number of people chasing the markets has been growing faster than the market. As a result, things are going to get tougher since the global e-commerce market is saturated.

 

Emergence of Hybrid Cloud and Multi-Platform

As users need more and more access to their data on the go, cloud will emerge as the primary model with an accelerated move. Organizations will use a hybrid approach of cloud and on-premises data and not keep their data in just one location anymore.

Smarter Customer Relationship Management

As business intelligence grows, smarter data discovery will emerge as a major force in CRM analytics in 2017.With some recent acquisitions in the industry, CRM vendors are positioning themselves at the frontline of new developments in smart data discovery, which leverages machine learning and other technologies to detect patterns in data and transform them into stories that humans can understand. This technological solution will increasingly shift humans away from actually analysing business data themselves to vetting the accuracy of machine-generated insights.

Cybersecurity

With the growth of financial and budget planning applications, hackers will get more chances to test security of the digital wallet. There will be increased attacks against applications, digital wallets, plugins, and the companies holding authentication data allowing access to these digital currency streams. There will be increased pervasiveness of new payment methodologies such as Apple Pay, and cryptocurrencies like Bitcoin. With increased adoption of each of these technologies, the potential windfall from a dedicated attacker will also increase. Soon, it will be more than enough to attract organized criminals who previously flocked to the banking Trojans of the past.

Increase in Online Fraud and Hacks

It is becoming easier than ever before for hackers to make use of big data tools to assimilate details about their targeted victims, as the push for convenience drives retailers to expand the ways in which they digitally engage with consumers. In doing so, retailers are amassing huge amounts of personal data about their customers beyond credit card information; everything from buying habits to location is tracked. Both large as well as small retailers need to take extra measures to protect their data; no one is too small to be a target.

There are many easy ways to get success for your small business. HyperEffects has a team of experts to help you with your specific requirements for customised features for your business such as an internal social networking tool for your employees. Connect with us for a free consultation on how it works and how you can benefit from it.

Hyper Effects | Grow Your Business

 

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