This is the time of year that I always predict what will happen in 2017. My small business predictions last year were 70% right. I got a few big things wrong like who would be the new President, GDP growth and the increase in the stock market.
For 2017, my vision is even less clear. With the unpredictable nature of the new President, the future is cloudy with thunderstorms possible, but my small business predictions are:
- The stock market is at an all time high this month. It will sink lower as a predictor of a coming recession in the next two years.
- Real estate prices will stagnate especially in colder climate markets as a sign of a new recession by 2018.
- The Fed will raise interest rates twice in the next six months.
- Fears over national security will have a dampening impact on consumers’ buying habits throughout the economy which will shrink the GDP.
- The Republican Congress will officially repeal Obamacare, but not effective for a few years until they come up with a replacement plan. They will however relieve businesses and individuals immediately of being required to offer or have health insurance.
- The Republican Congress will repeal President Obama’s overtime wage threshold for higher paid employees.
- More small businesses will be hacked every day as cyber crime skyrockets. The cost of these breeches will put some out of business.
- Live streaming will be the most popular type of video that small business owners use to market their company.
- Small business owners will refuse to work with some vendors (and customers) based on their political views. “Red and Blue” alliances will divide the overall market.
- As a result of the presidential election rhetoric, individual small businesses will be forced to define their culture either as one of diverse inclusion or one of exclusion. Employee turnover will increase and they will seek companies that share their values.
What are your small business predictions for 2017?
