With concern growing over the health of the global economy, many consumers and businesses alike are doing whatever they can to ride out the impending storm- and that can spell growth and financial opportunity for those who can capitalize on it.
So which sectors should still thrive in the current credit crisis?…
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Financial consulting and tax planning. As the economic downturn forces businesses and consumers to focus on savings, the need for professional financial consultants and tax planners will only rise.
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Accounting/performance management software. Any software applications that are designed to increase performance or efficiency, such as accounting suites and CRM packages, should remain in strong demand among businesses seeking to preserve their profit margins and maintain their competitive edge.
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Outsourcing services. As businesses seek to reduce costs, expect a continued increase in infrastructure management and applications services. This also spells good news for free-agents, telecommuters, and “momprenuers.”
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Telecommunications. Manufacturers of mobile devices and telecommunications equipment as well as supporting software should continue to perform strong as businesses rely more on telecommunications to reduce the ever rising cost of travel. Reliance on IP data, such as VoIP, is also expected to increase among small and mid-sized businesses due to the tremendous cost savings.
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Online Marketing. By tapping into web-based marketing, businesses have several relatively cheap alternatives to traditional marketing at their disposal, such as e-mail marketing, blogging, and sending out newsletters, press releases, and articles. In fact, Google recently announced a 26% rise in their third quarter profits that they attribute to the fact that “targeted, measurable ads” are becoming more important to advertisers looking to reach as many possible customers while operating on a tight budget.
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Entertainment. Video game sales are on the rise as consumers with tight budgets are foregoing travel, trips to the cinema, and dining out in favor of staying in.
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Alternative financing. In this shaky financial climate it is no surprise that it is getting increasingly difficult for American small businesses to receive traditional bank loans. There has thus been an ever growing trend towards alternative financing ranging from the risky high, interest payday loans to the more mainstream invoice factoring, equipment leasing, and business cash advances.
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