ISOs like you are in constant contact with owners of small businesses across America each and every day. If you are like most ISOs, you probably know the ins and outs of all sorts of businesses. From food service, to lawn care, to home building, to hospitality supplies. But it’s important to understand where small business is trending towards as a whole, and not just on an individual level.
Knowing what experts predict to see in the coming year allows for you to plan your business model accordingly. If for instance you did not focus on women owned businesses in 2017, you may want to in 2018. Did you know women business owners are predicted to increase their investments by 29% in 2018? That is something you wouldn’t know from speaking to individual business owners. It sure helps plan how you approach leads in the coming year, though.
In our article “Removing Randomness Will Make You A More Profitable ISO,” Mike Langford of finServ Marketing notes “you should know what makes your target market tick, what are their problems” and “what are their goals.” That means keeping up with trends, knowing where industries are heading, and what you should anticipate to happen in the months to come. We hope these insights from the Biz Journals SMB Insights 2018 help you plan for the coming year. If nothing else, they are interesting to take note of!
Women Small Business Owners Will Increase Investments
Women in positions of ownership at small businesses are predicted to increase personal investments at a higher rate than male business owners in 2018. ISOs who have found success in developing a niche market in women owned businesses take note! And if you haven’t thought about it before, consider targeting more woman merchants.
More Millennials In Business Management
More millennials are predicted to be in management positions than ever before in 2018. That means a change in what businesses are most concerned about compared to previous years. That isn’t necessarily a bad thing for ISOs. 35% of millennials very concerned about accessing capital, business loans, or credit for their business. You very well could be the solution to their cash problem in 2018!
Small Business Owners Are More Optimistic Than Ever
National Federation of Independent Business Small Business data expects small to medium sized businesses to be more optimistic in 2018 than in recent years. What does this mean for you as an ISO? Confidence in their businesses means confidence in growth and in a profitable future. You can expect more businesses looking for capital to cover growth and expansion, marketing, advertising, and hiring.
Small Business Owners Will Invest More In Advertising Budgets
With the increased confidence in the success of their businesses, there will be an increase in ad budgets. In fact, the Business Journals SMB Insights report estimates that 13% of SMB owners have increased advertising budgets in 2018. That’s a good thing! More advertising budgets means more capital needed. While speaking with merchants, you may hear more than years prior the need for financing relating to email marketing, social media advertising, and direct mail.
Have any questions about the Business Journals SMB Insights report we reference on this page or what being an ISO Partner with Pearl is all about? Please email [email protected] or call 1-800-888-9959 anytime.