Game Changing Business Trends for 2013

We have compiled a list of game-changing trends that will have a profound impact on the way we conduct business now and in the future. Our list makes recommendations on how to define your marketing and sales strategy for the near future. The underlying trend is concentrated around the principle of cautious spending habits, new and exciting marketing demographics, and a new value proposition.

Baby Boomers: Just when you thought you heard the last of the baby boomers, they’re back. This 76 million strong demographic represents over 30% of the adult population base (the people who are spending money). This demographic has a lot of power, you need to seriously consider a strong marketing strategy pointed towards this group.

Social Shopping and Networking: Research studies show that nearly half of all Americans are member of a social network and this group is spending money from online sources at an alarming rate, ecommerce has gone social. Marketing to this group of people through the paid advertising medium will prove to be very beneficial for your company when 2-3 years ago it really had no impact.

Home Improvement Expenditures: The recession has forced consumers to spend more time in their homes and they have also postponed their home improvement projects while conserving money. Unfinished and pent-up remodeling projects will blossom in the next 2-3 years, especially given the fact that most consumers are going to stay put rather than buy up even if they need more space.

Health Care: According to the US Census Bureau, 10 of the 20 fastest growing occupations are health care related. This industry will generate 3.2 million jobs in the next 5 years. This is an occupation with high income and an important group when defining your marketing strategy.

The Green Revolution: Sustainable profitability is the process of converting your business to a green model. Consumers favor business owners that employ the green revolution and if this applies to your business, use this as a marketing strategy to attract more customers. For example, something as simple as installing LED lighting in your business can increase traffic flow – bottom line – let your customers know!

Affordable Luxury: The recent recession has created a more selective and intelligent consumer. Retailers and manufacturers alike are hungry for new markets and consumer satisfaction; the savvy ones have created a blend of luxury and value within their respective product lines. “Bridge lines” are the new buzz word; these are lower tiered collections with the same quality characteristics at a fraction of the price.

The New Male: Over the course of the recession, the guy dominant industries were hit pretty hard making marketers think long and hard on how to appeal to this demographic. The intelligent choice is that the guys want to embrace things that reflect more diverse interests. Steak houses are out and boutique shave cream is in.

Fitness on Demand: Much has been written about the impressive stats in the fitness industry and health club phenomenon. Gym memberships increased steadily throughout the recession, and fitness clubs are turning up everywhere. As people continue to spend cautiously and time management is the utmost concern, working out at home has become a popular alternative.

Small Business Stimulation: The recession has paved the way for many new concepts and ideas. Consumers will avoid doing business with large companies at any cost and you will see a consumer migration to small business.

Setting Up Shop – Starting a Small Business

Making the decision to set up shop as a new small business can be one of the most exhilarating, and yet also one of the most challenging for most people to make. Here are three suggestions to reduce some of the challenge associated with starting a new business venture:

  1. Choose businesses with lasting demand, whenever possible
  2. A new business based on a short-term fad can work for a little while. However, a lasting business should be based on trends which are more likely to be continuous, since fads will come and go. Even if the demand should change, a business based on an ongoing trends will be able to adapt more easily than one which is based upon only temporary events. Carefully consider customer characteristics (demographics, psychographics, etc.) to improve the selection of a business which has customers with lasting demand(s) for the products and services that you offer.

  3. Choose businesses in superior locations
  4. Some geographic areas will naturally be better locations for target customer markets. All else being equal, customers tend to prefer closer locations to those which are far away, unless your product or service is capable of being provided remotely, at little or no cost. Locating near customers who have established patterns of buying from your type of business is ideal, and most likely to result in better business results overall. Look for indicators (new housing developments, apartment complexes, etc.) which will closely match the target customer characteristics, and market segments you seek to win over.

  5. Choose businesses which are in high-growth industries
  6. All things considered, it is best to pick a business in an industry which is experiencing high growth, as it is much better to get some of an available market, as opposed to having complete dominance of a market where there are nearly no customers left to serve profitably. Entering high-growth markets can also lead to profitably specializing in sub-segments of that market, as your firm develops more expertise. However, also realize that every industry eventually experiences a slowdown as well, so be certain your business plan includes preparation for surviving the inevitable slowdown, once it does occur. Your business should be somewhat diversified by then, to reduce your risks of depending entirely on one market.

In summary, it is best to choose a business based on lasting trends, which is in a superior location, and which is in a high-growth industry. By doing so, you maximize the odds that your business will succeed, and last well into the future.

Copyright 2010, by Marc Mays

Four Tips Small Businesses Should Consider Before They Outsource Accounting Services

There are several important guidelines that you should take notice of when you intend to outsource accounting services. It is no waste of time to plan carefully before engaging in anything you need to do. Proper planning in this particular case is very worthwhile since it can reduce errors by a great margin. Small businesses especially should definitely implement the following guidelines since failure to do so may lead your business into financial trouble; something that you do not want to happen to you.

1. Does the company really exist on paper or it is conning you?

First and foremost, when it comes to identifying the best outsourcing services, it is very important for you to find out whether the outsourcing company is legally registered. Now that the world is turning digital a lot of people are taking advantage of the change to dupe others and extract money from them.

It is the role of the authorities to look into this, but, at the same time, as a businessperson, it is wise to ensure that your business is safe. In order to accomplish this you should carry out comprehensive research on the legality of the outsource accounting services provider that you may want to work with. This way you will avoid losing your money to conmen. This is not just talk; these cases are on the rise, believe it or not.

In your efforts to establish the right outsource accounting services always check if there are any laws or rules that have been put in place to guide you. If laws and rules exist,then abide by them in order that you get the best result possible.

2. Will outsourcing your accounting services actually benefit you?

The next thing you need to consider is the value that the outsource accounting services actually brings to your business. Does it benefit your business, and if it does then to what extent? If your business stands to gain at the end of the day then the deal is worthwhile and it is right to go ahead. If what your business stands to gain is fairly minimal then it is just common sense to simply walk away.

3. Are they trustworthy?

You business should target building long term partnerships with those providers who administer your business with outsource accounting services. This is because long-term partnerships lead to the development of greater trust and confidence between you and the outsourcing services provider.

4. How easy is it to outsource? Is it productive or not?

The moment you realize that the outsource accounting services are productive then you are safe. At the same time,if you perceive that the service is not flexible enough and is less productive for you then you need to abandon any idea of using it.

In conclusion, if you want your business to be successful outsource accounting services can be of great use to you. However, to find the best one for you, always research prospective services thoroughly to ensure success.