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John McMalcolm

John McMalcolm is a freelance writer who writes on a wide range of subjects, from small business management to web profiles of successful investors such as Warren Buffett LinkedIn profile, Rick Bolander Xing profile and others.

John McMalcolm has written 28 articles for SB Informer.
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Small Business Entrepreneurs and 2014

John McMalcolm

January 31, 2014


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Despite the busy holiday season, small business entrepreneurs should try to find time to plan their business strategies for 2014.

In order to come up with an effective business plan, they need to have a good understanding of the economic conditions, consumer trends and technological advancements that are expected to impact the business world next year.

Here are a number of things that current and new small business owners can do to gain a competitive edge in 2014:

Looking Back at 2013

The worst economic crisis since the Great Depression, which started in 2008, began to ease this year.

Although the U.S. economy has been recovering at a tepid pace, there are signs suggesting that it will experience significantly stronger growth in the coming year.

According to NPR, the country's gross domestic product will increase by 1.9 percent this year and 2.7 percent in 2014. Consumer spending rose for seven consecutive months since May, and it is expected to grow at a faster rate next year. 2013 also saw an increase in consumer adoption of new technologies and tools for obtaining information and making purchases, such as social media networks, search and review tools, and mobile payments.

Additionally, more businesses are embracing new computing and mobile technologies to improve the efficiency of their operations, reduce costs and meet the needs of their customers more effectively.

Invest in Social Media Marketing

Social media marketing has been proven to be an effective way to engage and convert consumers. It enables businesses to generate more interest in their brands, build closer relationships with their customers and boost customer loyalty.

Businesses need to spend more time and effort interacting with their target consumers on social media in order to stay competitive.

Use Cloud Computing

Cloud computing is fast becoming the preferred computing solution in the business world, because it can help businesses streamline complicated computing processes, increase productivity and save IT costs.

It is predicted that many businesses will be adopting private clouds in 2014. These cloud services enable smaller businesses to compete on a more level playing field with larger companies.

Adopt Mobile Technology

Consumers are using their mobile devices to perform a greater variety of tasks, ranging from making payments to booking travel.

In order to attract tech-savvy consumers, businesses have to offer more mobile apps and make their websites mobile-friendlier.

Go Global

There is a great demand for branded and luxury goods in developing countries with an expanding middle class, such as China and India.

Businesses can increase their sales significantly by using various strategies and technologies to market and sell their products in these countries.

Consider Micro-Franchising

A micro-franchise refers to a chain of small stores that offer the same products and shopping experience.

Micro-franchising enables small business owners to expand their businesses rapidly with minimal investment, and it is expected to boom in 2014.

The ability to stay up-to-date with the latest trends and technologies can mean the difference between success and failure.

The above-mentioned tips can help entrepreneurs take their businesses to new heights in 2014.


                   



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