The Small Business Community will be carefully monitoring economic plans and policies, banks’ strategies and restructuring undertaken by big firms. Small companies shall look for increasing revenue streams to withstand the impact of increased taxation. Brand awareness can be made intense by keeping an eye open to competition.
Loosening of credit and loans will be seen with wry eyes due to changes in banking system. In the span of last three years, small businesses have witnessed withdrawing of credit limits. Financing options have been pulled out of table. Businesses now remain critical about signing on dotted lines. Restructuring of medium to large businesses in public as well as private sector also draws much interest.
With the continuation of redundancies and hiring freezes, there is the likelihood of new consultants, small businesses and sole trader to be established. Restructuring, banking and economic policies will add to the competition, challenge, crowding of small business market place.
Raising finance through alternative methods hence will be sought by small businesses that involve strategically aligning with other businesses and developing passive income streams. Moreover, due to scarcity of jobs, young generation start small businesses and take the challenge to become successful. Small firms will then concentrate on finding new customers and consumers, innovate based on their feasibility, based on marketing tactics, materials and websites. It will then become possible for them to stay ahead.
Small business entrepreneurs will just have to work hard to find clients and to win over new businesses. They have to identify the prevalent gaps, compete with online businesses and retail chains. At the same time they should challenge banks and commercial landlords. It may seem tough, but by doing so small businesses will make quick progress.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to