Posted on Sunday, July 6th, 2014 by Uri Halevi
If you’ve been thinking about growing your small business, you may be a little put off by the recent downturn in economics.
The trend was not just a local affair, but one seen and felt around the world. Times are changing and more companies are returning to pre-recession levels. Many are of the mistaken assumption this only applies to the larger businesses with the ability to go after the market share left vacant by a scared market. In fact, all indications point to the possibility for small businesses like yours to vie for a bigger piece of the pie, not just locally, but on a global scale. Technology has played a heavy hand in making this possible. By taking advantage of these changes, your company can grow and you can be the model of success other entrepreneurs are talking about.
A factor many small business owners are taking stock in is the demographic shifts felt in most every city. According to EY, the increase in urbanization along with the increase in the gap between youthful populations and the elderly play a big part in this shift. If you have a store, just take a look at the kind of POS system you use. Most companies utilize an iPad based POS system. These POS systems are sleek, modern and they identify with the youthful demographic with the disposable income to make more impulse purchases. If you know about these shifts in the demographics, you can make sure not only to have a store utilizing some of the best hardware, but you can also incorporate such things as social media and a great looking website. Pay attention to who is buying from you and what marketing efforts are working to convert purchases to keep growing as a business.
For the first time in recorded history, according to EY, the labor forces in places like Europe have actually decreased with more people retiring than entering the workforce. This presents an interesting opportunity for small business owners looking to grab a bigger share of the market. This is because many of those retiring will be out of the game altogether and some of the younger people entering the market will try unconventional means of making money. If you’re willing to make the investment into technology to make your online store the best it can possibly be, you can edge out the individuals without the funds to create an impressive site. You can hire many freelancers to help you increase the look of your site and to add ecommerce features that will increase sales while decreasing your overall expenditures. Remember that you cannot just toss your products up on the site. Just like any products you’re selling in your store you will need to concentrate on making them look and sound appealing to convert a sale.
A quick look at the global economy shows that all the markets, even in emerging economies, are on the rise. According to WFS, this creates an opportunity for any company willing to branch out to these companies. This doesn’t mean to open up a shop in these distant lands. Instead, what you need to do is make sure your website has the ability to be seen and to be used by the people living in these growing economies. This may mean investing into a site that can be viewed in several languages. Remember that French, English and Spanish are the three biggest languages spoken throughout the world. If you take a little time to get to know the countries you have the best chance of selling in, you’ll have the opportunity to make the kind of money normally reserved for the larger companies. Also, you need to invest in a topnotch drop shipping solution to be able to ship your items to these countries. Once you have all the strategy in place, you can expect to take your business to the next level and target markets globally and much more effectively.
Rather than trying to fight against the tide, you can simply embrace everything going on in the world. Since the elderly population is growing, causing a higher dependency ratio than before, more working age employees are looking for ways to save money. Your business model can be altered to provide many of the savings those still employed are looking for. If you can identify with the needs of the individual caring for an elderly parent or loved one offer them savings for the products they want or need, you can encourage higher sales and an increase in revenue. A big part of this depends on which countries you’re trying to market your products in. Asking for a little personal information will not be hard to obtain when you offer a savings code in exchange. Using these trends in the global economy and technology can help your small business to grow.