Staying up to date in today’s constantly shifting business world is not easy, but being aware of SME trends as they are happening can put small business owners ahead of the curve. Spotcap, the fastest online credit platform, reveals the six most important global trends which entrepreneurs need to follow to stay on the ball with industry challenges.
- The bigger, the better
Big data is not just for big businesses anymore and will have a significant impact on the pace-setters of the small business sector. Entrepreneurs can seek to leverage large amounts of data across multiple delivery channels to uncover patterns in consumer behavior. Analyzing big data can help organizations to change the way they make decisions. According to a survey from IBM, 75 percent of all small business owners are increasing their investments in data analysis tools. These shrewd investors will reap the benefits of news features that allow them to sift easily through masses of valuable data and plan their next move accordingly.
- Rely on your mobile
Small businesses are quickly waking up to the growing importance of mobile payments and localizing capabilities to improve revenues and interaction with their customers. Mobile payment systems are relatively inexpensive for businesses and conveniently allow consumers to make payments on-the-go. One of the most popular developers of smart device software, Paypal, can greatly increase mobile conversion. Online payment services will continue to overtake cash payment. Mobile payments secure against the physical loss of a wallet, complement the online shopping experience and create a more flexible environment for customers.
- Crucial Cloud
Cloud computing is on the rise and is streamlining the way small business owners handle their business data, resources and strategies. Cloud automation tools simplify many business processes, allowing business owners to rethink their work-flow, be more cost effective and improve their time management. Cloud tools from companies like Zenefits for human resources management and Nimble for CRM will be a crucial addition for small business owners looking to compete more effectively with larger rivals.
- Get personal
Reaching out to large online audiences will be another ongoing trend for the upcoming years. This means that small business owners will need to focus even more on personalizing the messages they send to their customers. According to a recent Content Marketing Institute survey, 74 percent of online users get frustrated with websites that show content that is not tailored to their needs. Adding personalized fields to provide each user with the most relevant information is a good way to increase the chances of potential clients responding positively.
- Find your financial fit
A rising number of financial technology firms specialize on serving entrepreneurs and small business owners. The reason is simple: banks are often reluctant to work with small companies. Online credit platforms provide financing for small business owners and diversify the financial services sector. New technology startups like Payplant and Tradeshift speed up the collection of payments for small businesses. These firms offer cash advances to small companies that can’t afford to wait for invoices to be paid. Once the invoices are paid, the lenders are paid back.
- Beware of intruders
Cyber security has become a hot topic with the upswing of Internet-based businesses. Small business owners have to prioritize data security, privacy features and intellectual property protection across platforms. A recent study by the National CyberSecurity Alliance revealed that the majority of small businesses are not aware of being the most vulnerable target group for web attacks. The fact that 67 percent of all reported data breaches were at companies with 11 – 100 employees is a cause for great concern. Security awareness and education are crucial to empower small businesses in protecting sensitive information.
About Spotcap:
Spotcap enables small business owners who have been operating for more than one year to grow their business by providing fast and flexible financing. The company has developed a sophisticated and dynamic decision process assessing the real-time performance of businesses to grant short term loans. Spotcap was launched in Madrid in September 2014 and is led by Toby Triebel and Jens Woloszczak in Berlin. The team – currently consisting of 40 credit, online and technology experts – is expanding its operations geographically. Spotcap is backed by Rocket Internet – the world’s leading global Internet platform outside of the US and China.
Read more about Spotcap: www.spotcap.com