Small Business Trends for 2018

Acumatica pricing makes it an affordable option, so you can be ahead of the trends for 2018

Trends in things like fashion and home decor come and go (remember bell bottoms and shag rugs?) but trends in business are important to watch. These harbingers of things to come can help you adjust your business strategy to reflect known trends and watch for new developments. The following small business trends for 2018 are worth watching no matter what industry you focus on.

Niche Markets

Successful businesses in 2018 are those that focus on specific niche markets. This is a trend that has continued now for several years throughout every industry. Giant superstores are failing, while niche boutiques are thriving. The same goes for small businesses in every industry. The manufacturer who concentrates on one area of food manufacturing finds itself developing a reputation for quality in that area and dominates the business, while the jack of all trades struggles and ends up competing on price, a no-win situation.

By focusing on a niche, whether it is a specific product, ingredients, or service, you will be able to concentrate on quality and service, the two areas that can set a business apart in 2018.

ERP Software to Enhance Productivity

Another area that continues to be important to small businesses is using ERP software to enhance productivity. ERP stands for enterprise resource planning. It is a software that enables companies to manage accounting, finance, and operations from one system.

Acumatica ERP is one software that many companies find especially useful. It’s cloud-based, which means that it can run over a standard internet connection. You can access it from any device that offers internet connectivity.

Acumatica also provides real-time updates, which means that if you access data at 3 pm on Thursday, it reflects your business at 3 pm on Thursday—not the day before or an hour before. That’s invaluable when market conditions change rapidly or you need an answer fast for a client.

For small businesses, Acumatica pricing also makes it an attractive package. Acumatica pricing is based on a license model and is available through Mindover Software.

On-Demand Markets

Sites such as Uber, AirLyft and others have made services on demand commonplace. This has a ripple effect on all types of small businesses. Customers become accustomed to a specific business model in one part of their lives and expect it in others.

For small businesses, this means to become more flexible in your approach to order fulfillment. You’ve got to be nimble with production and fulfillment and able to satisfy customer whims on a moment’s notice. Amazon changed expectations about delivery speed; Google changed expectations about information sharing and location. How will your company keep up?

Internet of Things (IoT) Will Continue to Grow

Just this week, news hit the mainstream media of a medication that includes a tiny radio transmitter. When patients swallow the pill, it signals a patch on their skin, which beams a signal through the internet to a physician’s console alerting the doctor that the patient has taken their medication on schedule.

While this seems “big brotherish” to many, it’s an example of how the Internet of Things is reshaping our lives. On a more prosaic and less creepy level, our digital devices now transmit geolocation data so you know where your laptop or smartphone is when it’s been stolen or misplaced and a pallet of raw materials from a supplier alerts the manufacturer that the items needed for production are on their way. The IoT is becoming commonplace.

How the IoT impacts your business is your choice and highly dependent on your industry, customer needs, preferences, and other factors. But, it’s certain that it’s in effect in some part of your life, whether it’s on your cell phone, your HVAC system, or the truck making its way to your manufacturing plant.

Watch for More Trends and Prepare with Mindover Software

These are just a few of the many trends potentially impacting small businesses in 2018. Mindover Software can help you with ERP systems, Acumatica pricing, and other needs to help your business remain competitive in this fast-paced environment.

Mindover Software provides business software and solutions to companies big and small. We help companies select and use technology, adapting to the ever-changing demands of their industries through new and innovative software products. Contact us today for more information.

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