Looking into the Future: Business Predictions for 2016

While we don’t purport to have a crystal ball, there are a number of trends that are expected to impact New York and New Jersey businesses in 2016.

Here is a list of the business predictions:

Business lending: Online lending is set to outpace more tradition financing methods. Eighty percent of small-business owners go online first to search for a loan, according to the latest statistics. The figure is expected to grow in 2016. For new and growing businesses, the overall outlook for small-business financing is strong, as the economy continues to rebound.

Social media marketing: Businesses should continue to build their online presence, including their social media identities. In addition to using search engines, statistics show that many consumers turn to social media when looking for a product or service. In fact, 88 percent of consumers are influenced by reviews and comments online. While companies can’t control what consumers post in online reviews, they can work hard to create a user-friendly social media page and work hard to make their customers happy.

Mobile payments: Consumers adoption of various forms of mobile payment is on the rise. With the introduction of Apple Pay, the number of transactions conducted via cell phone is expected to skyrocket in 2016. For businesses, it may be time to start researching the various platforms and hardware needed to accept mobile payments.

Compliance concerns: Businesses will have several new compliance concerns in 2016. For instance, several new reporting, disclosure and notification requirements under the Affordable Care Act take effect. In addition, several federal regulators have also announced stepped up enforcement in areas such as the Foreign Corrupt Practices Act and investment fraud. Efforts to protect whistleblowers are also expected to continue well through 2016.

Cybersecurity: Not surprisingly, threats to data privacy and security are expected to increase in the coming year. In addition to becoming more numerous, cyberattacks are also expected to become more sophisticated, and, therefore, more difficult to thwart. Given the rapidly changing threat landscape, businesses need to continually reevaluate their cybersecurity policies and procedures.

Disruptive technology: Technology will continue to challenge the “business as usual” mindset. From ride-sharing apps to e-commerce to 3D technology, technology is shaking up nearly every major industry. Companies that are slow to adapt their business models could be left in the dust.

Are you unsure about how any of these business predictions will impact your business? Then feel free to contact me, Dan Brecher