Many Small Businesses Likely to See Big Changes This Year

Now that the calendar has flipped over to 2015, many small business owners are of course turning their attentions to the ways in which they can best succeed in the new year. However, there may be a number of things of which they’ll have to be aware that will impact their companies despite being out of their control.

For instance, 21 states across the country are going to be raising the minimum wage this year, and that could have a major impact on any company’s bottom line, according to a report from USA Today. However, the general consensus is that while many companies could feel a bit more of a pinch if they employ a large number of minimum wage workers, the overall impact could be positive for many companies because it puts more money into people’s pockets overall.

Browsing habits provide big opportunity for smaller companies
Meanwhile, many businesses will also have to adapt to the changing ways in which people use the internet, the report said. That’s because as much as 60 percent of all web browsing is now done on mobile devices, whether it’s smartphones or tablets. Consequently, companies will probably have to do a lot more to make sure their websites are easily accessible and readable on these devices if they haven’t already, and continually maintain them.

Likewise, 20 percent of all time spent on mobile devices these days is devoted to browsing Facebook, the report said. That may provide companies with some insight into just how key this site has become to many customers’ everyday lives, and as such, should inform some of the marketing decisions they make when it comes to advertising dollars, social media efforts, and other issues that they might have ignored or not taken much advantage of in the past. The greater the effort in this area, the better off companies could be going forward.

Of course, these efforts often take at least some kind of investment of both time and financial resources, and as a consequence many owners may be facing some significant decisions in the weeks and months ahead if they want to keep up with emerging trends. For instance, if they can take the time to find more affordable small business insurance – including coverage for liability insurance – they might be able to free up thousands of dollars annually.