Small Business Trends
Small businesses have become a major contributor to our economy, providing new job opportunities as well as financial support throughout local communities. Based on recent statistics, we know that 54 percent of all US sales stem from the 23 million small businesses in America. So far in 2013, we have seen rapid, continued growth in the number of small businesses using powerful yet inexpensive technological and analytical tools. Here are some of the top trends we are seeing right now:
1) Domestic Production: In 2013 we have seen domestic production make a comeback. A slowly improving financial climate, affordable labor, and higher shipping costs are some of the factors driving domestic production.
2) Customer Service: Customer service has always been looked at as one of, if not THE most important aspect in a business. Historically, we have seen a lot of big box businesses being able to take customer service to a new level that small to medium sized businesses could not accommodate. Now with technology and social media the door to offer over the top incentives and care for customers has spiked.
3) Rise in Healthcare: The healthcare industry is on the rise. The development of digital technology like mobile applications has made improvements in care, and management of patients.
4) Internet and Mobile Devices: Almost every business, big or small uses the internet in some capacity to help their business. POS systems have made accepting credit cards an easy process, as well as monitoring inventory and placing shipment orders. Now mobile devices and mobile applications have made communication with customers, employees, and internal processes run even smoother.
5) Creative Financing: With bank lending still on the mend small businesses have needed to find other ways to obtain the working capital they need. The new traditional lender is able to fund businesses in as little as 72 hours with less than half the paperwork bank financing requires. Companies like Fora Financial have made lending easier and pain free for small businesses looking to grow.
With these trends, insight is delivered to business owners that can help improve bottom line business results. In order to continue this upward small business movement, businesses must remain aware of the specific actions taken when working to maintain successful and consistent economic achievement.