If you are a small business owner who expected more commercial activity and profits in 2016, you should start preparing for the New Year with greater hope and optimism. Market analysts are predicting that 2017 will be good for the small business community, and the following five reasons explain how this positive sentiment will materialize:
Economic Stimulus
The unlikely election of New York billionaire Donald Trump to succeed President Barack Obama has shaken the entire world, but small business owners have already set aside politics and rhetoric; what they are waiting for is the promised economic stimulus package, which is supposed to be officially announced at some point between January and March. If the package is anything like the one implemented by the Obama administration, small business owners will have an upper hand in 2017.
Mobile Commerce
More consumers are choosing to make retail purchases and electronic payments with their smartphones and tablets. What this means for small business owners is that they should offer a mobile platform for their customers in 2017. The good news is that more website developers and online marketing specialists are offering responsive design and strategies to put companies on the mobile space.
Business Deregulation and Tax Reform
The prospect of a Trump administration could bring about a new era of deregulation in favor of greater flexibility for small business owners. One example of the coming deregulation climate would be the decision by a federal district judge in Texas to stop overtime pay to workers who make more than $47,000 per year; this would have resulted in a hefty payroll for small companies who offer higher pay to senior managers.
Online Business Education
Getting a business administration degree or taking additional courses to improve entrepreneurial and management skills will be easier in 2017 thanks to advances in online education. More courses will be delivered via podcast lectures and mobile apps, thereby allowing company owners to increase their knowledge and remain competitive. Learn more here.
Globalization and International Markets
The Trump administration has hinted at revisiting certain trade agreements that would ostensibly slow down globalization effects on American commerce. This will be extremely difficult to accomplish; in fact, analysts are already calling the proposal impossible and futile. Any attempts at reversing trade agreements will probably bring about an opposite effect that small business owners should capitalize on. The current climate of low tariffs and a global marketplace is not going away; if anything, it will likely increase significantly in 2017.
In the end, if you are the proud owner of a small business, you should roll up your sleeves and prepare to greet 2017 with lots of hope. It’s going to be a good year for entrepreneurs.
Dixie Somers
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