Small businesses are becoming uncertain about the future of their business with the economic climate bringing in unprecedented change.
In order to help businesses manage through the economic crisis, seasoned management consultant, Bullseye & RANONE CEO and Australian Angel Investor Jim McKerlie, has provided the following predictions for 2009:
1. CIO’s will be asked to cut IT costs and look at changing IT procurement policies. This may have a short term positive impact on earnings, but in the long term, the competitiveness of the business may be impacted.
2. Most Australians will struggle to receive a pay rise, but may receive a bonus instead.
3. There will be a strong demand for part time and casual workers, along with contractors, as businesses will look to bring in help for projects rather than employing permanent building staff.
4. Businesses will experience a working capital squeeze with debtors taking longer to pay, due to reducing sales and banks getting tougher on lending.
5. Digital marketing will experience significant growth as compared to traditional marketing as businesses look for more targeted advertising that provides better measurement and engagement for consumers.
6. Business life cycles will be accelerated with those who have lost their edge, no longer able to hide their inefficiencies that high economic growth provides.
7. There will be significant consolidation within industries as business valuations slide to dangerously low levels.
Bullseye business solutions division, RANONE, is currently conducting a global survey on how small to medium businesses believe the economic climate will affect their companies. Final survey results will be released early 2009.
To participate, go to http://survey.ranone.com/akira/TakeSurvey?id=1113643