We are living in the Golden Age of Small Business, according to the QuickBooks Future of Small Business report, released in October 2016 by Intuit. The study, conducted in partnership with Emergent Research, examined five trends that will help small businesses compete against larger companies in the next decade. They have also forecasted accelerated growth for American small businesses in the next ten years, including a huge jump from the 30 million small businesses in 2016 to more than 42 million small businesses projected by 2026.
5 Trends Boosting Small Business Competitiveness
The proliferation of U.S. small business is thanks to several trends that are giving small businesses a competitive edge in today’s environment. The trends include:
Today’s small businesses now have access to world-class infrastructure that has been restricted to large companies in the past. Access to cloud computing, manufacturing, and distribution networks is allowing small businesses to scale without incurring huge costs.
Small businesses now have the ability to gather and manage their own data. This gives them deeper insights into customers and business decisions.
The growth of the on-demand economy has given small businesses access to a larger talent pool where they can hire contingent workers instead of traditional employees for a variety of business tasks.
The ability for small businesses to participate in the many online marketplaces currently available gives them a wider customer reach.
Online advertising is cost-effective but also allows small businesses to target specific customer demographics and deliver custom messages.
At the 2016 Smart Hustle Conference, Alex Hood from Intuit shared findings from the QuickBooks Future of Small Business Report. Get a quick snippet by watching the video below, and for more information visit Intuit’s The Golden Age of Small Business.