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The economy is changing2 January 2013
Being successful in business is often about guessing what might be around the corner and acting on it quickly. Paradigm shifts can mean BIG opportunities if you are prepared.
A good way of staying ahead of these changes can be to compare what’s happened in the past with what’s happening now.
So here’s the question – with so many changes in our country today, are we reverting back to a kind of pre-industrial age? Where it was too impractical or expensive to travel and you made your living at home or in a small local shop?
Over the last decade the growth of small and micro businesses has been dramatic. Currently there are just under 5 million businesses in the UK with less than 1% of them falling into the large business category.
In June 2012 4.2 million people were registered as self employed – the highest figure since records began.
Travel is becoming more expensive, with train fayre increases hitting commuters today and petrol prices wavering at around £1.35 per litre.
There are strong community focuses on supporting local business
Large businesses are outsourcing more to keep costs down, which is increasing the need for consultancies and remote services.
Redundancy payouts mean more people have capital to spend on starting up their own enterprise
So what does all this mean?
Well, mainly that there is a growing market for services that are suited to small and micro businesses and they are easier to reach. These small businesses need all kinds of help and services that you may be able to provide.
Can your business work well for a small company? Could it change so that you can?
Or rather than selling to them, can you work together with them to pool resources?