Top 10 Global Trends for Small Businesses in 2010
Small Businesses Going Global For 2010
Small Businesses have been hit hard over the past year. With many folding during the downturn of the economy, 2010 will probably be just as hard, as businesses try to get back what they once had. This year many businesses will bounce back, which requires dedication, time and most of all money. Here are a few ideas to help small businesses during the recovery.
1. Innovation - The global recession will continue to push small businesses to do more with less. Expect innovation in response to dwindling budgets and meager revenue – and in the process, these innovations will eventually help to boost revenue even in economic boom times.
2. More Small Businesses - During the last few recessions, the amount of small businesses showed a marked increase. This is because as jobs are lost, many workers attempt to create their own jobs by starting small businesses. Easy access to high-speed internet has made starting a business easier than ever, and while many of these new small businesses may not survive, more will not fail than are created.
3. Increased Interaction with Government - As a response to some of the business practices that contributed to the global recession, more governments are tightening regulations and increasing oversight. Due to the weakened economy, many governments are also straddled with large amounts of debt, which means that tax increases on small businesses may also be in the foreseeable future, or at least higher sales or property taxes.
4. Baby Boomers Still Delaying Retirement - Because many in the Baby Boomer generation have seen their plans for retirement thwarted by spiraling home prices and decimated 401Ks, they are remaining part of the workforce far past retirement age. This means fewer jobs being made available by their voluntary vacancy through retirement, and that more small businesses will be run by Boomers or at the very least employ them because of their knowledge and experience.
5. Youth Run Small Businesses - The twenty-something set is also having a difficult time finding steady, full time, long term employment as jobs are being rapidly shed by a volatile economy right as they enter the workforce and still more jobs are not being vacated by retirees. In response to this, young people (like their older Baby Boomer counterparts) are self employing through small business creation.
6. Smart Phones - With more internet connected cell phones in circulation than ever, smart phones allow small businesses to connect with potential clients and customers in a non-intrusive way (coming up as a listing in a search, for example, or friending on a social networking site) wherever they may be.
7. Social Media - More than ever, people are making connections and doing business through social networking sites like Facebook and Twitter. Boons to small businesses, these free websites allow them to connect with a huge potential customer base and offer frequent interactive opportunities.
8. Data Storage in the "Cloud" - In the near future, small businesses won't ever have to worry about meticulously backing up every digital file again – everything will be stored online in the "cloud," where power surges or coffee spills cannot destroy precious business and client data and everything is available wherever there's an internet connection.
9. The "Green" Trend - Untold amounts have already been poured into "green," or sustainable and ecological friendly, technologies. Small businesses can capitalize on this trend by touting their earth-friendly efforts or products and will see their revenue increase as a result.
10. Going Global and Staying Local - An increased community emphasis on "buying local" has been helpful to small businesses, but the real challenge is to balance serving the local marketplace while expanding to the global marketplace through internet presence and partnerships with other businesses.
