Technology-as-a-Service Blog

2017 Economic Trends You Need to Know

Written by Scott Morgan | Jan 20, 2017 3:29:45 PM

Having looked at Technology and Business trends, let's shift to something a bit broader in scope and consider some key Economic trends anticipated for 2017.

Being aware of these forecasts may help you plan for any potential impact to your customers, your competitors, your market, and your business model.

Economic Trends to Pay Attention to in 2017!

Various sources suggest the following are five economic trends we will experience in 2017.

#1 New Opportunities via Globalization!

According to Inc., globalization is opening up new opportunities for small and medium sized businesses.

#2 Gig Businesses are Gaining Power!

As the gig economy continues trending this year, gig type companies, such as Uber and Airbnb, are going to continue growing and become more powerful.

#3 Wage Growth Moving Faster than Inflation!

Forbes is indicating that wage growth is increasing faster than inflation, representing a real increase in spending power. With more money in consumers’ pockets, an uptick in consumer spending is also likely.

#4 Thought About Outsourcing, Contingent Labor or Internet Service?

This year more and more entrepreneurs trying to build their business are using outsourcing, contingent labor, and Internet services and platforms instead of traditional employees.

#5 Goldilocks Economy!

Continued positive outlook for most economic indicators creates potential Goldilocks economy (at least for now).

Interesting Economic Statistics

A rising tide will lift all boats, including your business. Real gross domestic income (GDI) increased 4.8% in the third quarter of 2016, compared with an increase of 0.7% in the second. - bea.gov

Look for increasing rates on your trade accounts and financing arrangements.  Fed Funds Rate targeted for 3% by 2019.

Keep an eye on your cost of securing good talent. Employment Cost Index was 0.6% and has remained stable over the past 5 quarters. - bls.gov

The unemployment rate can be another gauge of the ease and cost of securing the talent your organization needs.  We continue to hover around 4.7% unemployment which is a nine year low. - tradingeconomics.com

Staying Ahead of the Curve

You have almost completed the tour de trends for 2017.  With one more post on Sales and Marketing trends, you should have a good sense of what your business can expect this year and how to best prepare for success.