When the global recession stuck, small businesses or SMEs took a hard blow. Everyone thought that investing in small business is risky. But, the scenario has changed over the years. It was small business sector, which took the major damage due to recession, it is the same sector which is showing the way to overcome global economic recession. Today, small businesses are rising again and they have become major players in shaping up modern economy. Governments are also supporting small businesses or SMEs, by launching various schemes as well as aids for the small business owners. This is the time when the world is set to see the rise of small business once again.
Changing Global Economy
Global economy is changing; so as the mentality of global based service seeker is changing. Today, people are looking for low cost services and that is where small businesses have important role to play. Large businesses cannot serve in low cost, but small businesses or SMEs definitely can. Moreover, large companies are relying on their outsourced projects on the small businesses. It helps them to gain high profitability, and at the same time they can retain their clients without providing pressure on their in- house team. Outsourcing is beneficial from various aspects, and without the presence of small businesses, outsourcing would not be possible.
Robust Global Communication
One of the major factors that have given steady leap to small business sector is the advent of high speed and cutting edge internet technology. Internet has made communication easier. Today, people can communicate with each other based on internet. The beauty of internet is that there is no boundary of communications. Small businesses can penetrate global based service seekers or clients base with the help of internet. On the other hand, global based clients can also opt for service providers from any regions they want. Choosing offshore service provider is always cost-effective.
Social Media – Easy Online Promotion
Growth of social media is a major advantage for all the rising small businesses. It was impossible for a small business to compete with large scale businesses when it comes to promotion of business. Large scale companies have more funds for promotion of their businesses, while small scale businesses often run short of funds for business marketing as well as advertising. But, no worries today, as social media platforms are there for business promotions. To promote you business on social media, you do not have high amount of investment to allocate. With small funds, you can generate excellent marketing leads through social media. No just social media, different other marketing techniques are there. All these techniques are affordable, but highly effective.
Increasing Government Aids
In Asian subcontinent, in USA, UK and Australia – in all leading countries around the world, small businesses are rising as they are getting various benefits from the government. First of all, small businesses have important contribution in shaping a country’s economy. Secondly, countries can combat unemployment by encouraging small businesses. More small business ventures means more scopes for jobs. Sighting overall benefits for the country, government of leading economic countries are providing various aids, tax relaxations, easy loans etc, to the small business owners.