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Technology changing the game for small businesses

Recent technological developments are leading to all kinds of changes in the small business landscape. For one, they have given such companies better access to a variety of things that can help with competing on a larger level, including:

  • The ability to reach out to a wide range of different customers, both locally and globally. Online marketplaces and online advertising are among the things that can help small businesses with this.
  • Data-based insights. Developments in data collection and analysis systems have made it less daunting of a task for small businesses to tap into these insights.
  • High-tech business systems. Business technology systems that once were only in the price range of large businesses are now available at price points smaller companies can handle.

This makes it so a business doesn’t necessarily need to be big itself to compete on a big stage. This might have impacts on size trends within the small business world. One wonders if this has been a big contributor to the recent trend of small businesses getting smaller in size.

These technologies could also be lowering some of the barriers of entry for starting a small business (such as reducing startup costs). This is among the things leading some to predict that there will be a big boost in the number of small companies over the next several years. One set of estimates predicts that, over the next decade, the total number of small businesses will rise from 30 million up to 42 million. This would be a faster growth pace than the small business sector has seen in recent years.

In addition to having the potential to have sweeping implications for the small business community as a whole, technological developments can have significant impacts on the inner workings of individual businesses. This can affect what legal issues are central ones for a small company. So, in an era of rapidly developing technology, having good legal guidance can be particularly important for a small business, as such guidance could help with addressing new legal issues that pop up for a businesses in the wake of the changes technology brings about.

Source: Business News Daily, “5 Trends Fueling Big Growth for Small Business,” Chad Brooks, Oct. 26, 2016