The start of a new year means different things to different people. A fresh start. New avenues of motivation. A reflection on what could have been better in the previous year.
No matter what 2015 brought to your small business, the following list of small business trends for 2016 will help shape how you go about your new strategy.
“Technology is allowing small businesses to think big. As millennials enter the workforce with a technical aptitude as never before, small businesses are realizing their endless potential through an expanded access to other revenue-generating areas,” said Eric Hernandez, VP of Client Success, Payroll at PrimePay.
“Small businesses have come to rely on their vendors more as partners than simply a vendor of any particular product or service. As we look to 2016, I think we will see small businesses engaging the firms they do business with to become more of a consultant than ever before. In our transparent world, we’ve moved beyond transactions and the lines are more blurred than ever-with the most competitive vendors out there viewing themselves as a virtual extension of the firms they work with, going above and beyond every day to continue to make the cut,” Karen Cimorelli-Moor, SVP, Sales at PrimePay.
“The new FLSA minimum salary requirements for employees to qualify for an exemption could have a huge impact on small business in 2016. The proposed pay level change would more than double the current minimum to $ 50,440. Businesses will have to adjust by increasing pay rates or by changing exempt employees back to non-exempt where they will qualify for overtime payment. While larger businesses will be able to absorb the blow, small businesses may be facing some surprising challenges in the years ahead,” Jamie Press, SVP, Organizational Development at PrimePay.
“One business trend I expect to see in 2016 is an increased emphasis on cybersecurity in the small business sector. While cybersecurity has long been a major focus in the larger companies, smaller businesses of all types are beginning to realize that they too are constantly subject to the threat of data breach and as a result, will be forced to make a significant investment in protecting their sensitive data. We have to be perpetually mindful that, because technology is advancing at astounding rates, we will always be vulnerable to cyber criminals. If your small business collects or maintains data, the mindset must be that it is not a matter of “if” but when a data breach attempt takes place,” Ed Hughes, EVP, Chief Financial Officer at PrimePay.
No matter what 2016 holds for your small business, I hope it’s the best year yet!
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