Small Business Forecast: 2017 and Beyond

With the first quarter of 2017 securely under our belts, there are still three more quarters to get through to see if all the forecasts from last year were accurate in terms of small business growth this year and beyond. According to one UK newspaper, small businesses were being started at the rate of approximately 80 an hour in 2016 and that record-setting rate was forecast to continue well into this year. Although we will need to wait until later in the year to see if that prediction was accurate, there are some forecasts which are holding true. Here are a few that have proven to be right on the money.

Growing Numbers Will Utilize Social Media

Whether just starting out or simply trying to grow a small business, growing numbers of small businesses are beginning to understand the benefits of a social media presence. Even small mom-and-pop shops are creating Facebook pages which helps them connect with their market. While some small businesses hire marketing firms to set up their social pages, others are interacting with their followers themselves. The key point here is that small businesses are growing quicker because of that connection they are developing within their market.

Direct Marketing Is on the Rise and Will Continue to Grow

For at least a decade, businesses of all sizes were continually getting away from direct marketing as they realized the Internet could reach more people quicker. While that is true, there is something lacking when all your marketing budget is geared towards digital marketing, and that something is a sense of real connection with your customer base. It was predicted that 2017 would be the year to bring back more traditional modes of marketing and so far, this has proven true.

Once again, businesses are looking at such strategies as direct mailing with special offers and this is bringing in an increased amount of foot traffic on a local level. Some businesses are sending a newsletter through the mail while others are having custom 4×6 postcards printed up to be mailed with coupons that are reportedly being effective in bringing new business onto the premises.

Small Businesses Will Focus More on Mobile Apps

Although Mobilegeddon has been around a couple years now, many small businesses only focused on making their websites mobile friendly. What they failed to account for is that the underlying reason for going mobile was tied into the fact that most people search from mobile devices. This has led to a general understanding that any way in which you can improve the user experience through a mobile device, the more volume you can hope to attract. Mobile apps developed for your business (think Uber here!) can enhance your customers’ shopping experience.

These are three newsworthy forecasts that were made in 2016 and so far, they are holding up to scrutiny. More small businesses are realizing the benefits of social media and ways of connecting with their audience. Mobile apps are one of the best ways to make that connection alongside social media so these three alone have contributed highly to the continuing success of businesses investing in these strategies. For the remainder of this year and beyond, it is forecast that these trends will continue.