Every year pans out differently for small business owners. The rapidly changing scenes of our growing digital economy means new trends and practices are getting in and out at regular intervals. Take for example the phase of demonetisation and then the implementation of GST, both of these decisions have had quite an impact on small business owners and influenced their financial, technological, and promotional policies.
Today, we are sharing some trends that a small business owner needs to keep an eye on in 2018.
Moving to the Cloud
Software as a solution (SaaS) and cloud based technologies are taking over the world of small, medium and large scale business owners alike. These technologies have marked quite a discernible shift in IT spending as more companies are now embracing the sharing economy instead of spending incredible amounts on in-house IT development. Digitisation and sharing industry is expected to grow even further down the line and if your small business has an online component, you should start looking for ideal partners to integrate your services with the digital world.
With the rise of Big Data and machine learning AI systems, online marketing has become the hotbed of business activities. The humongous amounts of data coming in from digital devices and platforms and the tremendous power of cloud computing has made personalised marketing possible, where a user sees and consumes high-value personalised content at every step. Modern marketing tools from Google are widely used for identifying target audiences and creating location specific content to generate more leads and conversions.
A major driver of the personalised marketing bandwagon is the smartphone. Mobile Ads are now generating more leads than their desktop counterparts and as a small business owner, a mobile friendly website or app can help you gain crucial advantage over the competition.
Similarly, social media marketing and paid ads on platforms like Facebook and Twitter have also emerged as a leading personalised marketing platforms. With billions of people logged in worldwide, these platforms are yet to witness the long-tail growth in the SMB category and can be your way to success.
A few years ago, the advent of e-commerce was a new era in the world of business and now that distinction has gone to digital finance. Fintech firms have made it easier to get business loans online by offering quicker approvals, lower interest rates, and flexible EMI schedules. Furthermore, re-approvals of loans once they are repaid is now instantaneous. Such facilities have not only improved the ease of doing business but have also spurred economic investment in the country.
Moreover, Fintech firms like Lendingkart are actively educating small business owners on best business practices to make them more agile and street smart in money management. For example, more small business owners are now aware of keeping their private and business finances separated. Also, the number of business owners applying for small ticket working capital loans has increased in recent years. If you are wondering how that makes a difference then it’s about time you too have a closer look at this financial trend.
Small business owners often make the mistake of using the company’s capital for working capital expenditure. Since the working capital expenditure is a recurring expense (on daily, weekly and monthly basis), eventually the SME owner runs out of money to keep the business afloat and doesn’t have any assets to show for all the trouble. On the other hand, business owners who are utilising working capital loans to run their daily operations while using the company’s capital to invest in equipment and establishment have a two-fold advantage. They are running business operations with a loan that will pay for itself and they are investing in assets which will pay for themselves, thus it’s a win-win for them.
Workplaces are going to change significantly in coming years. Digitisation, e-commerce, automation, cloud computing and online finance are no longer just buzz words but stark realities of our time. As a small business owner, embracing the digital economy is the only way forward for you, and the sooner you do it the better will be the results.
To know more about us, visit www.lendingkart.com