2016 wasn’t a bad year for business. 2017 should be an even better year. The growth and optimism of the last 6 years will continue. (Outlooks for Small Businesses) Indeed, it should perpetuate the tradition of recovery starting in the early 2010s. Many business publications predict that small business owners will see positive changes for their companies in the coming year. (Outlook for Small Businesses) In fact, 2017 should be an upswing on an upswing. (US Economic Forecast ) Even if it’s only ever so slightly, this year should be better than the last few, however that trend should diminish in 2018 to a more stage of growth. Also, consumer confidence is up which means consumer spending should be up in the coming months. (US Economic Forecast) Jobs are increasing too. (US Economic Forecast) The current unemployment rate sits just below the historical average. The feeling and reality of the economy meeting will create a superb atmosphere for small businesses. Great news for owners and it opens up growth opportunities.
Where and What.
Small businesses are growing in the 50 largest U.S. Metropolitan Statistical Areas. (Outlook for Small Businesses) Essentially, cities and urban areas are the place to be for small businesses. The reasons for this are many, but chief among them is the concentration of jobs in urban centers. Health care is one of the largest and fastest growing industries in the nation, but particularly in urban areas. (Outlook for Small Businesses) Small businesses, in this or parallel industry, should see an up-tick in business in 2017. Such businesses that have an under-utilized technical edge would be wise to shore up this capacity. The tech revolution in health care will only amplify in this and coming years. For example, IoT (Internet of Things) systems will continue to become more prevalent. While many people do not use IoT devices at home, the opposite is true in traditional high dollar industries. A basic readiness to deliver tech assisted service is monumentally advantageous. Next time, we will cover how adopting GPS Tracking, Telematics, and Fleet Management now, while times are better than average, can ensure long-term success when times are once again lean.
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