As we cross through the trough of the recent recession many entrepreneurs are making decisions with more skepticism than ever before. Granted, considering the turmoil that we have braced, said skepticism seems to be couple with optimism. Things must be done differently this time around. There is a growing sentiment that rapid innovation and new marketing strategies will be necessary to nurture their continued success. With a government that seemingly favors big business and customers who are always looking for the best deal, getting out in front of the crowd will be one of the most important factors for success in the coming market.
According to a recent study, 83 percent of small and medium sized businesses (SMB’s) say that they are optimistic about their company’s long term chances for future success; pointing to their ability to meet the rapidly evolving market and to innovate faster than their larger competitors.
But despite their optimism, 48 percent of SMB owners have little to no faith in the support of their local governments. Due to their smaller contributions to the economy they seem to be overlooked both on a local and national scale. They cite that larger corporations are receiving the bulk of media attention and government support with new bills that “seek to capitalize from their larger taxable income.”
Though the past has shown that neglect from the local government can spell disaster for small and medium sized businesses, most SMB owners are undeterred. They know they can adapt to new technology and business methods which are changing literally on a daily basis. While small corporations at the grass roots level can tackle advancements without having to restructure or reevaluate their business model, large corporations are often dead in the water when a game changer like the internet hits. This has given SMB’s a huge advantage throughout the recession, and the results will compound as the economy once again finds a solid footing.
In the end, the dynamics of business and the economy are changing faster than many big businesses can handle. With lighting fast advancements in internet, technology, and communication, SMBs’ small size and ability for innovation will allow them to excel. Unlike in the past where government involvement played a central role in SMB’s success, as we move into 2011 it will almost be an non-issue. Today, the name of the game is online visibility, innovative marketing strategies, and utmost convenience for the customer. Anything less than that and a business will simply get left behind- government support or none.
To see how your business can prepare for the coming boom by establishing your internet presence, lets chat