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What economic trends are influencing the future of small business?

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It’s no surprise that small businesses and start-ups tend to be more frugal than their corporate counterparts. Therefore saving a buck here or there can go a long way in developing a strong foundation for a growing endeavor. To stay ahead of the game it is important to monitor economic trends and to plan a strategy to overcome potential challenges or exploit profitable undertakings. Here is a small list of key items to observe when monitoring economic trends.

Economic Trends to Watch for as a Small Business

Written By: Monty Elliott

What economic trends are influencing the future of small business?

What economic trends are influencing the future of small business?

It’s no surprise that small businesses and start-ups tend to be more frugal than their corporate counterparts. Therefore saving a buck here or there can go a long way in developing a strong foundation for a growing endeavor. To stay ahead of the game it is important to monitor economic trends and to plan a strategy to overcome potential challenges or exploit profitable undertakings. Here is a small list of key items to observe when monitoring economic trends.

Political Climate

It is no surprise that changes in the political leadership ultimately alters the business environment. America has a strong and influential economy. Executive orders and regulations could make or break small business practices. It is critical that every leader of a small business review new legislation. This should be done quarterly at a minimum. Legislation can take years to become fully realized, but as a small business owner if you can capitalize and mitigate problems proactively there could potentially be great benefits.

Technology Always Changes

From trains to planes, steam to electricity, the Internet to social media, technology has always been a strong driver of the economic climate. In the past companies have always capitalized on the “Millennial” generation because there is “potential” in that market. However, the truth is millennials are simply early adopters. The longer technology has been out, the more word-of-mouth reaches the older generations. Now people of multiple ages own a smartphone. A small business owner needs to capitalize on technology and its usage not just what you think a specific age group might be using. Think about using technology to make your customers life easier, not just how to make a quick buck. 

International Influencers

With Europe, enduring political changes and China’s market is slowing in growth among many other cultural changes in the world it is important to look outside the nation to think outside the box. Small business owners may be focused on their own backyard, but it can be possible to reach growth outside that range.

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