According to business experts, 2016 will be a year of tremendous opportunity coupled with unique challenges. To make the most out of what this year will offer for your business and the people that it serves, you should consider some of the top predictions and trends.
Growth of small businesses will continue throughout 2016. With the purchase of real estate, high-tech equipment, and innovative programs, as well as boosting inventory and hiring the right employees for the business culture, you can actively invest in the future as a small business owner.
For positions that require extensive training and skill, be prepared to face challenges. In addition to fewer prospects, you will likely feel pressure from the increasing cost of recruiting. By infusing technology for recruiting and automating certain administrative and labor-type functions, your business can adapt nicely to the changing workforce.
Customers have a high level of expectation. Along with fairness, customers want a fast response to complaints. Even with better online connections, the best way to satisfy your customers is with human interaction. For 2016, use digital media and technology where it benefits you most, while maintaining a solid link to customers through human contact. By showing that each customer is highly valued, you build brand loyalty.
Policies and Regulations
There are several policy and regulation changes in 2016 that will affect small business owners. The Jobs Act: Title III and Equity Crowdfunding may allow business owners to use crowdfunding to raise investment. The Department of Labor is also implementing a new regulation for overtime. Because of this, you may need to budget for greater overtime expenses.
There are also tight new regulations for credit card processing. Now that the new EMV credit card processor system is in full swing, you want to verify compliance. Otherwise, one fraudulent credit card transaction could be the demise of your business.
With new developments for the protection of data and privacy law, you need to invest in the best security possible for preventing customer data from being exposed, stolen, or used fraudulently. With the increased use of more cloud-based services, cutting-edge cybersecurity is especially critical. Although large corporations will remain targets, experts suggest tightening cybersecurity in anticipation of more cyberattacks on small and medium-sized businesses in 2016.
Success in 2016
For opportunities and challenges, you may need some professional guidance and support. For virtually every aspect of your business, including online reporting capability, ATM placement services, mobile applications, powerful marketing strategies, and a wide range of integrated solutions, Chosen Payments offers assistance. By focusing on the most critical areas of your business, you achieve a higher level of success while overcoming obstacles presented in 2016.