Small Business Market.
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 this year for the U.S. economy and middle-market companies.
It has been 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 do not expect this growth to continue, with predictions for GDP growth to be slightly to significantly lower for 2017.
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? Below are a few general points which may or may not be true, but can always be helpful to know.
On-Demand Business Models
These will become more common, even in B2B spaces. As the use of these marketplace apps and sites like Airbnb, Uber etc. become so mainstream among consumers, it’s driving even more momentum in the corporate and B2B space. Some of the earliest pioneers in the crowdsourcing and sharing economy movement, who have watched the marketplace business model expand and grow, don’t see any of that momentum letting up. In fact, it is only going to increase.
Money for Tech Start-ups
Let’s face it, the era of adoration and adulation of the world of tech start-ups seems to be drawing to a close, in spite of the investment dollars and market opportunities in the tech sector still being plentiful. Blame it on high profile flops, if you would.
If I were an entrepreneur with a service or product that could be tailored to freelancers, I would be looking at how best to service this growing segment of the economy. This segment will only continue to grow and represents the most disruptive segment in terms of growth and innovation. 2017 will herald a lot of additional services and products that will enable freelancers specifically to have access to credit or additional payment options.
When you’re a young company that was built to begin with on an ever-changing, web-based economy, it’s easy to adapt. On the other hand, larger companies, even when they are willing to step out of their comfort zones, have to overhaul larger, more-entrenched payment-processing systems, for example, that have existed for years or decades. Businesses are rapidly embracing artificial intelligence to gain a competitive edge and stay relevant to consumers as brand engagement will be reimagined this year. Ease of access through the latest technology will be a priority. Decide if you want to be B2B or B2C, because it is very difficult if you try to do both. Companies that use newer online payment options have a major edge over competitors. So, use it to your benefit. Embrace technology in its latest form.
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.
Because most small business owners start the company with amount that is barely enough to cover the costs of incorporation, they naturally develop an addiction to doing everything themselves. Some tasks take up valuable time and energy that can instead be directed at helping the business grow. Contact HyperEffects to chart out a tailor-made business marketing strategy for your company and see your business show up on television ads, press releases and on major channel partners. We also have a free consultation session that is specifically designed to help small business owners understand the importance of emerging technology.