According to Joe Oliver’s first budget as the Finance Minister, he offered enough support for the manufacturing sector of Canada that was already struggling but even more than that his support went for the small business operators, including all the women entrepreneurs who were striving to make their niche. The finance minister said that there will be a gradual reduction in the small business tax rate from 11% to 9%, starting from 2016. This is a financial move that has been thought of in the recent months and the independent companies have lobbied heavily for it. This would be the largest tax rate cut for the small business organizations in more than 25 years.
Women entrepreneurs would be benefitting from the tax breaks and with the start of this program, women will be connected to all the tools that are required to achieve success in a business. According to the budget, such tools may include network and mentoring initiatives and access to $700 million over a span of 3 years through the Business Development Bank. The program would also boost trade missions for the companies led by women to widen their exposure in some of the most famous international markets. Hence, it is clear that the small businesses get a big boost in this year’s budget and hence you have the right to know about the trends that will be common in 2015.
Trends to watch out for your small business in 2015
It is true that the small businesses are actually driving the US job market, as per Maria Contreras Sweet, the administrator of SBA. She notes down in her post that about 7 million of the 11 million jobs that were added since the Recession were all created by the small business startups and enterprises. Small businesses have led the nation’s comeback from the downfall. Have a look at some of the trends to watch out for.
- Alternative capital flow will gain momentum: The small business organizations need huge cash flow to operate and grow but the conventional lending market can’t cater to the needs of all. Therefore, it is most likely that some alternative flows of capital will gain momentum in 2015. 2014 was a witness to the new alternative flows of capital and this will continuously disrupt the market. The peer to peer lending products will be some of the examples.
- 3D printing would be ready to be adopted by businesses: 3D printing, also known as additive manufacturing is a topic that was always talked about since the last few years, But with 2015, this technology will soon become ready to be adopted by all small business organizations as they are the ones who will benefit the most from this. They will finally be able to afford this technology in 2015 and continue to use it through years to come. Advancement in costs and quality will make 3D printing possible for majority of the entrepreneurs.
- Small business investment capital: 2015 will be the year when the small business firms will be interested in investment capital and will also turn their focus towards crowdfunding. This new kind of funding process will gain momentum as the federal government has set some guidelines and new rules that will be created to organize this capital into more and more meaningful amounts for the small business organizations.
- More businesses will go international: Yet another observation by the financial experts and analysts is that 2015 will be a year when more and more companies will go international. Particularly, the business firms based in the US will start off with their Trans-Atlantic journey very soon in 2015. There is a huge step that is being taken towards globalization and it moving from both sides of the Atlantic and also moving into Asia. Crossing an ocean has always been considered as a cultural leap and it has killed many businesses that have tried to. But you need to adjust yourself with such an expansion and make your business agile enough.
- Increased adoption of big data analytics: Reports by IBM Business Tech Trends Study, suggest that at least 80% of the small businesses plan to raise their investment dollars in big data analytics within the next two years. The people who introduce this trend will adapt to some new tools that will allow them to promptly organize and manage their data. The best thing is that the powerful new tools will not be expensive for the small businesses and they can be easily afforded by the businesses.
Small businesses often start accruing debt due to ignorance of the current business trends within the economy. Although they take resort to the best debt consolidation loan for repaying the debt, they suffer financially at the same time. Hence, you can follow the above mentioned business trends in order to stay afloat in the tough competition.