In recent years, consumers in Ohio and across the country have seen more retail giants facing bankruptcy or closing stores. For many, this drastic measure is the result of an inability to compete with e-commerce retailers like Amazon. Those companies that were unable to translate their brick-and-mortar success into an online trade struggled to remain relevant as consumers embraced online shopping. However, more small businesses are finding it beneficial to include an e-commerce component in their business planning.
More than half of small business owners surveyed say the shift toward e-commerce is not something that worries them. In fact, only a small percentage say they are in competition with large e-commerce retailers like Amazon or Walmart. For many small businesses, rather than struggling to convert to e-commerce, online business transactions are actually helping them to expand their clientele in a way they would not have done otherwise.
Most small business owners expect their online transactions to increase over the next few years. However, many of them expect that 75 percent or more of their business will be conducted face to face. Nevertheless, the need to continue upgrading technology is generally a positive thing for many business owners, and many say their current technology is appropriate for them to remain competitive. Small business owners tend to be more concerned about changes in the workforce, such as the evolution of the gig economy, which makes it difficult for business owners to retain an effective workforce.
Planning for the future of an Ohio business involves the careful consideration of many factors. A prudent business owner will evaluate tax ramifications, financial goals and personal risk at every stage of business planning. A skilled and experienced business attorney can offer immediate counsel as well as long-term guidance throughout the life of the business.