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Half-full or half-empty?
U.S. small-business owners see the proverbial glass as “half -full” when it comes to the future success of their companies. Smaller firms continue to face a host of issues and challenges, forcing them to adjust their business models.
In fact, some experts suggest the factors most likely to affect firms of 100 employees or less are: emerging business technologies, new healthcare laws and regulations, revised tax codes, greater competition, staffing and cybersecurity. To help you stay informed and ahead of the game, here’s a more detailed analysis of financial, regulatory and management issues that will impact the small business community over the next decade:
Chief among emerging technologies is “Cloud” computing, which involves storing data on virtual servers hosted by third parties. Cloud computing is particularly small-business friendly because it allows access to a variety of office productivity tools (email, calendar, word processing, databases, invoicing, CRM, intranet, etc.) without an investment in expensive, standalone software licenses.
In considering what technologies will help your business thrive, be sure to research your options, confirm the benefits and start small when possible.
Familiarizing yourself with the tax code’s current and future status as related to your small business will help you keep more of what you work so hard for – your money. To this end, the IRS provides a comprehensive Small Business and Self Employed Tax Center, which answers a multitude of questions concerning tax credits, legal deductions and filing late returns.