Top 10 Small Business Trends to Keep an Eye on in 2017

2016 was an eventful year to say the least. The presidential election in the U.S. brought in a new leader in Washington and with him a very different approach to government policy and business regulation. Donald Trump has already started to make his presence felt in the first week. If that is any indication 2017 will be an eventful year for small businesses for sure.

As a small business owner it behooves you keep an eye on the trends that will impact your business. Not only will it help you avoid getting into trouble, but also position your business for the future growth. So what trends do we expect to see in 2017? Here are the top 10 from my viewpoint.

More solution-specific businesses

Targeting a more specific audience will put small businesses on the map. To compete with others on the market, niche businesses can reach greater success by solving a unique problem and providing a solution that addresses its roots.

Set Up Your Business for the Long Run with Effective Marketing

Starting a business is a thrilling endeavor for every new business owners. Once all the paperwork is done, the business plan is set and the doors finally open, many breathe a sigh of relief. Knowledgeable business owners know that the real work in starting a new business is getting your first customers, though, and getting them to come back.

Direct-mail marketing is one of the fastest and most efficient ways to reach your intended audience. Brochures, sales letters and other materials mailed to your potential customers cuts out aspects such as ad servers and publications, allowing you to deliver your message exactly as planned. Before launching a direct-mail marketing campaign, make sure you have developed a suitable mailing list.

Online marketing, while not as effective as direct-mail marketing, can help you reach customers economically and without hassle. Beginning with your business website (yes, you need one) and then on down to search engine and content advertising, article marketing and e-mail marketing, online marketing has many tools you can use to your advantage. One warning: be wary of scams, as there are a lot of them that will pop out at you on the web. If an offer sounds too good to be true, it probably is: If someone promises you 20 million website visitors for $30, the chances are you’re wasting your money, leading to invoice finance.

How to Control Operating Cost in Your Business

In business, the operating cost matters a lot. I’m sure I don’t have to tell you this, and you probably agonised over every single penny you spent in the infancy of your business. However, as the operation grows, and you have to worry about more and more factors, it becomes progressively harder to keep tabs on the amount of money you spend. Here, I’ve listed our best tips on reducing your costs as you scale your business.

Get Vendors to Fight over You

Make sure that your vendors that sell similar products know about each other, without rubbing their noses in it too much. When one vendor really feels the presence of a close competitor, you’ll be amazed by how much your pricing can improve in a short space of time. Even if you’re planning to stay with a certain vendor, the very fact that they know you’re in contact with their rivals can be enough to spark a big drop in their pricing. Let’s say you were running a construction firm, and looking to shave down costs on a bulk order like your hardwood crane mats. Call up your current vendor, and let them know that while you’d prefer to stay with them, you absolutely need to reduce costs. There’s no need to mention competitors directly; they’ll get the message!