2016 is upon us even as the prior year is not finished.
While the presidential race and terrorists are important issues, Small and Medium-sized Businesses (SMBs) face a number of critical factors in the New Year.
Among them are:
¬ First and foremost is the belief by many SMB leaders that the economy is not strong.
¬ Interest rates which may go above the negative rates of recent years.
¬ Energy costs, which have shown a marked decline in recent months.
¬ Inflation, which has not been a factor in recent years.
¬ Pressure to add to wage levels at a time when there is still vast unemployment.
¬ Changing technology making it easier for new competition.
¬ Many new disruptive offerings changing the way consumers shop and buy.
¬ Changing demographic of SMB ownership.
In recent surveys by Information Strategies, Inc. (ISI) and others these were some of the most important issues facing SMBS. How they will be addressed in 2016 may well decide long-term profitability.
Fiscal Health | The Year Ahead
By JoAnn Laing