As we continue to plow forward into 2016, there are several factors that are going to have a huge impact on American business in general and small businesses in particular. As with most every presidential election year, the wind shifts for most businesses.
Policies and capital will likely stay tight
As with most legislative attempts, an election year pretty much battens down the proverbial hatches with regard to changes small businesses might be hoping for. Any tax law changes or tweeks to Obamacare are going to have to wait until next year most likely.
Access to capital will continue to be tight as the markets are just treading water until after November. Pressures on wages and the huge costs for employee health care will continue to weigh heavy on small business until next January. It is, however, a good time to borrow what you need to keep going.
Cloud and high tech costs are coming down and getting more done
Small businesses are taking huge advantage of technology as the cost are getting lower and the ability to get more done with technology gets stronger. It has now become more cost effective for the small business to gain access to, and put to use, big data and sophisticated analytics that can keep them competitive well into the future.
Cloud technology has now become widely available and much more sophisticated so that small businesses can coordinate their small teams more effectively so that business owners can actually get more production out of already hard pressed employee teams.
The more a small business can compress and streamline the more agile and competitive it will become. The new technology, especially cloud technology, has begun to open global markets to even the smallest of home office start ups.
-Written by Kevin Sawyer