5 Economic Trends Affecting Small Businesses

 

Zorayr Manukyan

The global economy is constantly changing and evolving, and this has a direct impact on small businesses. To stay ahead of the curve, it’s important to be aware of the latest economic trends and how they might affect your business. Here are some key economic trends by Zorayr Manukyan that business owners need to watch out for in the coming year.

5 Economic Trends That will Affect Small Businesses

Rise of the Gig Economy

The “gig economy” is a term used to describe the growing trend of people working freelance or short-term contracts instead of traditional full-time jobs. This trend is being driven by the increasing popularity of online platforms like Airbnb, Uber, and Etsy, which make it easy for people to find work that fits their schedules.

While the gig economy can offer flexibility and freedom, it also comes with some challenges. For businesses, the biggest challenge, according to Zorayr Manukyan, is managing cash flow, as income can be irregular. For workers, the lack of job security can be a worry.

Rising Inflation

Because of the volatile economic situation globally, inflation is rapidly increasing in many countries. This means that the cost of living is going up, but wages are not keeping pace. This can be a real challenge for businesses, as they have to find ways to increase prices without putting customers off. Moreover, businesses need to be extra careful about their cash flow as they may find themselves having to pay back loans at a higher rate than expected. 

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