Eight Small Business Trends For `08
Author: David Coffman
1. Collaborating Online
A number of factors make online collaboration more available
and affordable for small businesses. 1) The continuing spread of
broadband internet connections. 2) Free or low cost web-based
software applications like word processing and spreadsheet
programs. 3) Free or low-cost email encryption services. 4) Free
or low-cost web-based storage services.
The days of having to carry around memory sticks or sync your
files seem numbered. Small businesses that embrace these changes
can reduce software costs, have access to the latest versions of
software, and increase security.
2. Subscribing to Online Software Applications
More small businesses will be using software applications that
are based online and available by subscription. This growing
trend is called software as a service (SaaS). Always having the
latest version of your software and paying a set monthly fee are
some of its advantages. The old way usually meant using an old
version and avoiding upgrades because of the cost and hassle of
installing them. Subscription software will aid security since
the data will be stored offsite and backed up regularly, and
will provide secure access to collaborators.
3. Going Digital
A completely paperless business may not be practical, but it is
possible. Going truly digital means more than just converting
and storing documents digitally, it means not accepting and not
creating paper documents at all. Look for ways to deal with
employees, customers and suppliers without creating paper
documents. Payroll can be directly deposited in employees' bank
accounts or added to their own debit cards. Customers can be
invoiced and pay by email or online. Many vendors will send
electronic invoices and statements, and accept orders and
payments online. Deposits can be made and bills can be paid
using an online bank account.
Going digital will reduce paper and postage costs and save some
trees, but the real savings will come from streamlining how
things get done. The time saved by not processing all that paper
will help reduce payroll, or can be spent on more important
activities.
4. Advertising Online
Small businesses will be reducing print ads in yellow page
directories and newspapers because more customers are looking
for products and services online. Online advertising is
generally cheaper, so small businesses will be able to save
money and increase exposure at the same time. Online advertising
is providing more targeted results as search engines offer
geographically relevant results, and more web sites with local
content offer advertising space.
Small businesses will be re-working their advertising program
and budget to take advantage of online options.
5. Going Green
Small businesses will find lots of innovative, low-cost ways to
go greener. They can make simple changes to policies and
procedures to turn off lights and equipment when not in use,
encourage employees to carpool or use public transportation,
reduce waste, and recycle. They can switch to more energy
efficient lighting and buy electricity from renewable source
suppliers. They can go paperless to save paper and trees. They
can buy a hybrid as their next company vehicle.
Since environmental issues are hot topics, small businesses
should promote all of their green accomplishments. Keeping track
of how many trees saved or tons of CO2 not produced can be a
great promotional tool.
6. Going Wireless
Wireless capabilities are expanding and improving. More
computer peripherals, office machines, telecommunication
devices, etc. will be operated wirelessly. Fewer wires allow
more flexibility in placing equipment. Centrally located and
shared devices will reduce the need for hardware. Increased
connectivity with employees, customers, suppliers will improve
productivity.
7. Going Color
Reasonably priced, high-speed, high-quality color laser
printers are now on the market. As a result, small businesses
will be using more color in their documents. All black print
documents will become a sign of being behind the times.
Businesses will be able to produce their own full color
promotional materials like letterhead, business cards, and
brochures. Although these items may cost more per piece, the
ability to print small quantities and make instant changes will
make this an attractive option. Not having to order and store
large quantities of printed materials will be another benefit.
8. Going Local
In our increasingly global economy small businesses that
maintain, strengthen and promote their local roots will benefit.
Products and services that are made, purchased, sourced, based
and connected locally will be in demand. The businesses that
educate and inform their customers effectively about these local
ties will have a competitive advantage.
About The Author: David E. Coffman CPA/ABV, CVA has authored a
number of works about small business topics. He also maintains
several blogs about business topics including Small Business
Trends. He has 30 years of experience working with and operating
small businesses. http://small-business-trends
