We have come come into a new year and many business owners have made their new year resolutions for different areas in their businesses, now if you believe and are focused you will find the success which you have been thriving for. Here are a few predictions and trends for this year which doesn't need you to just claim, but also try to practice and follow the new business formulae.
ENTREPRENEURSHIP: I predict there is going to be a revival in small business formation.Beginners are going to embrace the prospect of owning their own business as they realize the freedom it offers to create their own wealth.Despite the bad economic situation, and while the recovery isn't as robust as it could be, there are indications that growth will continue in 2015. That is positive for small business owners and encourages others to either launch or expand.
BUSINESS GROWTH: It shall be a great year for companies that are involved with the transformation of the economy that is increasingly screen-based, big data and artificial-intelligence driven. We predict an even broader shift towards contract employees and utilization of freelance personnel to fill expertise gaps, as well as roles traditionally performed by full-time employees, to help ease business costs and increase cash flow. The focus towards lean, efficient employment strategies are essential to promote top-line growth.
In 2015, more and more companies will go international. Globalization is moving forward in big steps from both sides of the Atlantic, but also to Asia. Crossing any ocean is a cultural leap that has and will kill many that try. To be successful with this expansion, you need to be competitive to the local competitors and culturally adaptable; this means your business has to be very agile in its thinking. After several years of freezes and even layoffs, small businesses are beginning to hire again, and they are very focused on not just getting people 'in seats,' but really finding the right talent that will enable their business to thrive, again leveraging social and other Web-enabled tools to do so. We anticipate this to continue and even increase going forward.
MARKETING: I see small businesses with serious growth plans getting serious about digital marketing and their customers' experience. There is a huge talent, technology and strategy gap with small businesses trying to do it all themselves.
You no longer have to pay for commercial time, but you can use the power of YouTube to reach your customers. Consumers are more likely to purchase after seeing a video than if there was no video at all. This would make you have a personal relationship with your consumers.
Marketing is changing fast, and business leaders need to be wise to consider these changes as they plan for 2015. Marketing teams should be highly staffed with more technical personnel rather than just creative types. Marketing involves things like online advertising, re-marketing and social media promotion. Therefore, marketing staff will require more technical skills. Candidates should have a balance of creative and technical skills.Businesses will finally stop guessing about what does and does not work for their marketing, and start testing everything so they know precisely what is working and what is not working for them.
SOCIAL MEDIA: With the upturn in the economy, small businesses have more potential for success than ever. The most significant increases will go to businesses that have a flexible and effective online strategy, and who can rapidly respond to changing desires of customers. The growth of social media as a platform for connection is causing more and more people to get their recommendations from others online. Businesses that have a significant online presence will be in the forefront of the new referral and relationship marketing. As Facebook's organic reach continues to decrease, small business owners are taking notice. If they want to get in front of their customers for 2015, I believe it will be essential that they start looking more into social media advertising to expand their online marketing efforts.