Businesses are in the cusp of a new era–the digital era. As new technology continues to grow and expand into the global market, small and medium sized businesses (SMB) have a myriad of opportunities to become successful.
As a SMB owner, it may be a struggle to stay afloat in a relatively weak economy; most of your efforts are apportioned to making your investment profitable. When you have limited monetary and physical resources, it’s difficult to compete with big businesses.
As the economy slowly starts to recover, SMBs can utilize emerging technologies and practices to fit the needs and demands of the shifting demographic. By reviewing and modifying your current business models, you can accommodate current and future business trends. Acclimating to the digital world is an advantageous opportunity for SMB’s to grow and thrive.
So, what are the current business trends and how can they benefit SMBs?
* Keep in mind, not all business trends are applicable or feasible for your SMB.
Cloud computing gives SMB’s access to big data that was previously exclusive to big businesses. And ultimately, increases productivity and efficiency, while simultaneously saving time and money.
- Reduces the expenditure originally allocated to software and hardware
- Minimizes the problem of crashed severs, therefor increasing employee productivity
Mobility is big and it’s everywhere. SMBs can utilize mobility trends to generate more foot traffic and increase profit.
- Optimizing your website
- Creating a mobile app(s)
- Enabling mobile payment options
- Limiting content
- Utilizing social media to drive traffic to your website
Crowdfunding generated over 1.6 million successful campaigns in 2012. New business owners are reaching out to public avenues for financial support.
- Reduces costs
- Generates buzz
- Crowd feedback
According to Massolution, crowdfunding grew 105 percent in 2012. This increase is the result of reward-based campaigns, donations, crowdfunded microloans and community-driven loans.
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Bloomfield Hill’s Capital Insurance, our agents are trained specialists in all types of Bloomfield Hills, MI commercial insurance. We have the expertise to understand your needs and can design a program that allows you to get the most for your insurance dollar.
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