Small businesses remained resilient in the face of massive challenges following the Great Recession, and now appear poised to take advantage of all the opportunities they will be granted.
Let’s take a look at three of the biggest predictions for the small business sector in 2017.
1. Economic-driven strategic adjustments spread
The American economy is far different today than only a few years ago, and small businesses have to adapt. Inc. Magazine, a business publication, recently forecasted several economic conditions that would force entrepreneurs to rethink their strategies. The result of the impending economic conditions will translate to more globalization through the use of advanced technological platforms and the internet at large, as well as an increase in the amount of freelance staff members hired, the source explained.
The magazine went on to note that freelancers are viewed as “contingent labor” today, providing a workforce that is highly flexible, low-risk and more affordable than traditional staff arrangements. Meanwhile, global competition is more realistic than ever before for small businesses in the U.S. These economic factors will play a major role in the small business sector through 2017 and beyond.
2. IT security becomes central focus
Data breaches have ravaged the small-business sector for years now, and 2017 will be the year that entrepreneurs take steps toward more effective security controls. AVG Technologies, a provider of security solutions, states that some of the biggest threats businesses will have to contend with this year include hacking of mobile devices, gadgets from the Internet of Things and cloud computing assets.
According to the company, small-business owners will also want to be especially diligent when managing their contractor relationships, as third-party vendors of products and services can present a risk to a firm’s security. Entrepreneurs must take a long, hard look at their security frameworks and find ways to improve them in 2017.
3. Entrepreneurs push for stronger customer service
Customer relationship management has transformed greatly in the past 10 years, and this will accelerate in 2017. Small Business Daily, an entrepreneurial publication, states that meeting the speed and ease-of-use demands of modern consumers will be a priority among all businesses, with the immediacy of responses to clients being the main focus. What’s more, the news provider predicts more entrepreneurial firms will begin to use advanced analytics and artificial intelligence tools to better manage customer relationships.
Contact RC4 Insurance Agency, LLC today to navigate the risk your small business will face in 2017.
Happy New Year!
Article From Selective Insurance.
