Last week gave mention to small business trends within the U.S., but ever wonder what’s going on with the rest of the world’s business climate? Being “in the know,” even as a domestic entrepreneur can give insight to what’s next and keep your business ideas in perspective, as well as relevant on a global scale. See if your business fits in with major upcoming trends in international business!
- Shift in Demographics. As mentioned in last week’s post about Gen Z, this is a trend that’s been consistent throughout time and will depend on your market. Just the same, if your company is new and innovative, keep geared towards Millennials and future generations; aka, go for where the money is likely to be and where your niche can fit! In Western societies, there is still benefit to targeting older pension-carrying boomers, but for a longer lasting (though more tumultuous) profit, the younger crowds may be the way to go.
- The Race for Innovation. Now that technology is ever-changing, the race to be the forefront of any technology is a challenging and near-impossible competition. Never before have we lived in a world where improvements and developments of technology happen so rapidly. This pace is likely to only intensify as more countries gain access to technological advancement.
- Communication Surges. This ties in with technology, but the world’s market is preparing for a continued increase in communication with other capable entities across the globe. It’s getting quicker and easier to make ties with business overseas, with business trips not always necessary to close a deal or share a new marketing concept.
- A Slower Growth. Despite so much technological innovation, the actually growth of small businesses is actually expected to slow, or at least even out. Western economies are apparently stagnating, which might make growth in general slow down (at least compared to the rapid increase in growth in countries as China and Brazil over the past decade). This will make for a decreased international demand across the world, and something all small businesses should be aware of.
- Going Green. No, it’s not just a hippie fad that came straight out of Boulder! A major international global trend is pushing for clean technology and development with so much concern over global warming, despite what our current President might have to say about it. Environmentally-friendly technologies are more likely to have a foothold in the world-wide market than similar companies who don’t prioritize this.
As a small business in the U.S., it’s likely that you already have a step-up on other businesses across the globe via access to information and technology. That said, the rest of the world is watching and working on catching up to the small business standards we may have taken for granted in the past. Keep tabs on your market, not just in Denver, Colorado, or the U.S., but worldwide to stay current, relevant, and prosperous in your own success.