The Future of Small Businesses: What’s Coming?
Hey, can you believe it’s almost the end of the year? It’s that time when we start thinking about what lies ahead in the next year. But wait, it’s not just a new year, it’s a whole new decade! And if you’re curious about what the next 10 years have in store for us, I’ve got some exciting news for you!
A brand-new report from Intuit called Intuit 2020 Report: 20 Trends That Will Shape the Next Decade has just been released. It’s the result of more than five years of research done by the Institute for the Future and Emergent Research. This is just the first in a series of reports that will dive deeper into specific trends and industries, but for now, let’s get a broad overview.
So, what’s the bottom line? According to the report, the next decade is going to be a bit of a rollercoaster ride. It’s going to be full of complexity, volatility, and uncertainty. But you know what? It’s also going to bring forth plenty of new opportunities for us small businesses and our customers, both here in the United States and around the world. Pretty exciting stuff, right?
Anyway, let me share with you a few points from the report that really caught my eye. These are the ones that could have a big impact on the future of innovation, so they’re definitely worth paying attention to:
First off, it looks like small businesses are going to become even more specialized. What does that mean? Well, it means that customers are going to want products and services that are tailor-made just for them. They’re going to crave that personal touch, that sense of customization. And lucky for us, we’ll have the tools to deliver. Things like cloud computing, a flexible workforce, and cheaper manufacturing options are going to make it a lot easier for us to find our own little niche in the market.
Starting a business will become simpler and more affordable. With the availability of new technology and lower costs for equipment, it will be easier than ever to start a business without needing a lot of money. This means that more people will be able to try out their new ideas and take the risk of starting their own company.
Big and small companies will work together. As small companies bring their innovative ideas, flexibility, and understanding of customers, they will form partnerships with larger companies. In return, the big firms will provide resources for marketing and distribution, helping the smaller businesses bring their innovations to a wider market.
One prediction that I’m not sure I agree with is that the Web and mobile technologies will make big and small businesses equal. The idea is that customers won’t care about the size of the company that provides their goods and services. But in a world where people value personalization, I wonder if being a small company might actually be an advantage. I think customers might prefer to do business with small firms as long as they meet their needs.
And let me tell you about a fantastic idea that I am really excited about, and I believe most busy business owners are eager for too: “The tools and technology we use every day will become smarter, helping us make better decisions and simplify complex tasks,” the report explains. This is great news, especially because data will become even more important for staying competitive. We’re not going to escape the overload of information, so having smart machines to assist us will be incredibly helpful.
Make sure to read the full report. You can also find related resources on the Intuit website.
Editor’s Note: This article was previously published at OPENForum.com under the title: “What Does the Future Hold for Small Business?” It is republished here with permission.