The small business world is getting smaller and smaller each day, not only do you have to compete with your local market and large chains, but you’re also competing with small businesses in Hong Kong and elsewhere. Experts suggest that American businesses will continue to see increased competition from overseas. Currently, Western Europe and Asia account for 43% of the Gross Domestic Product.
With the population growing older, there is a demand for health-care and pensions that will drive up taxes. The technology revolution is far from over, in fact it’s just started. There is a battle for talents that will be ongoing as labor shifts and societal suspicion about big business will continue, paving the way for more and more small businesses to fill the void.
While these are not absolute certainties, the forecast for the future of small business sounds pretty good.