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Small Business Trends and Resolutions for a New Year

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Entering into 2016, this is an exciting time for small business in the United States and abroad. Consumers are becoming increasingly more comfortable with online sales and services. This removes the barrier of entry to many markets by many consumers. The freelance economy is alive and booming, with the internet connecting outside experts in their field with the businesses that need their services. Reputations are becoming more important than ever, as a Google search can now reveal almost anything about prospective partners, investors and clients.

 

So how do you jump on these trends and ride them to profitability? Embrace connectivity, transparency and profitability.

Follow the Money

Credit is becoming more attainable for a wide variety of applicants. Whether it’s small businesses or families in distress, easy money isn’t back, but needed money might be on its way. How do we know? Look at the percentage of small business loans currently being approved in the United States. That number is a 22.9% approval rate for the month of December 2015. Why is that number exciting? It’s an increase over previous months in the year, and continues a trend towards SBA (Small Business Administration) loans being approved by the big banks in the United States.

 

If you’re looking to expand in the New Year, then your chances of being approved for a loan by a primary lender is better than it’s been in a very long time. What could your business do with some extra funding?

 

Well, you could lower your cost of goods by buying orders in larger quantities, which lowers the per-unit manufacturing costs. You could launch a marketing campaign to reach a new demographic and increase your sales. You could go through and expand your team: a bigger sales team means more sales, a larger manufacturing team means faster production, and some additional executives with experience in your industry could mean stronger company-side performance.

Embrace Connectivity

Part of the biggest shifts we’ve seen in recent years is a shift towards sharing. Everyone wants to share what they’re doing, who they’re with and how they’re spending their time. They want information immediately. Smartphones, tablets and computers have become our best friends. We type things into google that we wouldn’t even ask our best friends.

 

How does your company embrace connectivity and increase sales? Start by updating or expanding your website. Look at options from virtual private servers and web design companies, like PickAWeb. Don’t be afraid to do some research and work with partners that you may be unfamiliar with. After all, if you can get a fresh perspective on your online marketing strategy, then you’ll be well on your way to standing out from the competition.

Focus on Personal Health

The market has proven that Organic is sexy. Health is becoming increasingly important as national fitness brands work diligently to bring down the cost of gym memberships and reach an ever-growing market. This isn’t just about the focus of your business, but the focus of how your personal health impacts your business. Enjoy a new you in the new year, and watch how your more energetic, health-focused self is able to help your business leverage the growing trends of the new year.


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