Small Business Trends for 2015

Legαcy Alpha  Small Business Trends for 2015 A recent survey completed by CAN Capital found that fifty-eight percent of small business owners expect growth in 2015. Because of this, performing an analysis will become more prevalent as businesses look to make their operations more effective. Following the shiny object of the week will be dropped in favor of more credible metrics that will result in measurable results. Below are some of the Top Line results from the CAN Capital survey: Piloting Through the Challenges 35% of small business owners view the ability to offer competitive prices as their biggest challenge when competing with big businesses. Offering competitive benefits for employees coming in second at 21%. The Affordable Care Act was named as one regulation small business owners said had/will have an effect on their businesses; followed by minimum wage increase and new overtime change laws. This trend also impacts hiring, with 33% of small business owners saying that the greatest hiring obstacle is the ability to offer an attractive health insurance/benefits package, followed by being able to offer a competitive salary (30%). When it comes to potential threats, 34% of small business owners shared that the biggest threat to small businesses today is rising employment costs.  Capital Access 43% of small business owners foresee needing external capital to run their small business in the next year. 61% of small business owners say that gaining access to working capital is quite or extremely challenging. Interestingly, nearly half (49%) of small business owners have actually been more successful in securing funding/working capital from friends and/or family than from a bank (27%). Consumer/Mobile Trends Mobile and/or online business reviews are the number one (41%) consumer trend that small business owners say will have an impact on their business. Online shopping came in second (34%) as the other top consumer trend that small business owners believe will have an impact on their business. A full 39% of small businesses have not optimized their business website for all mobile devices.  Having such a competitive market, in today’s business industry, business owners cannot go without understanding their customers as well as the facets of their company. The significance of the Legαcy Alpha Business DNA Profile is that it ensures that decisions that are made are beneficial for the business and diminish unrealistic expectations and the effect of surprises which could later result in frustrations and even loss in valuable revenue.  We also help you make your business the most attractive place to work for your employees and for future hires.