Amidst uncertain economic times, there’s a surprising trend emerging – small and mid-sized businesses are prioritizing one skill set above all others: financial expertise.
Tarci dug deeper and uncovered some fascinating insights. Our data shows that over 34,700 businesses are actively seeking to fill financial roles every year. That’s a lot of hiring going on!
But what does it all mean, and how can enterprise companies take advantage of this trend?
We’ve got you covered. We will look closer at the numbers and explore why SMBs prioritize financial talent like never before.
We’ll also share some ideas on how your enterprise can leverage this information to offer relevant products and services that meet the needs of SMBs.
So, let’s jump right in and discover the potential within the numbers.
Surprising Reason Behind SMBs’ Hiring Frenzy
You do not hire someone to manage your finances on the spur of the moment. Therefore, we delve deeper into the underlying reason for the high demand for financial skills in SMBs.
Here’s what we discovered:
1. Shift Towards Data-Driven Decision Making
In these uncertain and inflationary times, the path to success is anything but clear.
However, more than two-thirds of small businesses have survived and thrived. How? By rethinking their budgets, revising their plans, and looking into alternative funding sources.
The key to their success? Financial professionals who can sift through mountains of data to identify opportunities for adaptation and growth, even amidst economic turmoil.
SMBs increasingly rely on data-driven decision-making and long-term profit predictions to stay ahead of the pack and ensure survival.
In short, data is the name of the game for small businesses. And those who can wield it effectively hold the keys to the kingdom.
2. Financial Technology (Fintech) Adoption
In the world of small businesses, it’s not just about age anymore.
While millennials have long been seen as the trailblazers of the SMB race, new data suggests that baby boomers and GenXers are making up a growing share of small business owners. But regardless of age, one trait unites all successful SMB owners: a fierce sense of independence.
And as technology becomes more and more integral to the business world, savvy entrepreneurs are finding new and exciting ways to use it to their advantage.
From cutting-edge payment structures to the rise of digital currencies, small businesses embrace fintech with open arms.
But with this shift comes a new demand for tech-savvy financial professionals who are quick on their feet. In other words, the rules of the game are changing fast. And those who can keep up stand to reap the rewards of a brave new world of fintech-powered entrepreneurship.
3. Expansion and Growth
In the business world, tough times often call for tough measures. But for many SMBs, the answer to economic hardship is not to shrink but to expand.
One strategy that’s gaining steam in these uncertain times is franchising. Despite the challenges of the recession, small and mid-size businesses have increased their franchise offerings by a whopping 67% since the end of 2022.
But as these new franchises continue to spring up, the need for financial talent is more pressing than ever. The key to success lies in cohesive financial skills that can help small businesses manage their money from end to end.
From faster access to funds to real-time insights for strategic planning to seamless integration across money-management tools, the right financial talent can make all the difference in streamlined operations and sustainable growth.
In short, the expansion game is on for SMBs. And with the right financial strategy, they can weather any storm and come out on top.
How Your Enterprise Can Seize the Moment
Are you ready to seize the moment and help SMBs navigate their financial challenges?
As the demand for financial talent continues to skyrocket, enterprises that offer products and services to SMBs have a unique opportunity to step up and make a real difference.
Whether you specialize in technology, insurance, banking, or beyond, there are countless ways to meet SMBs at the point of their pain and provide solutions that scale your business.
So what exactly can you offer? Here are just a few ideas to get you started:
Tailored financial services that cater to SMBs’ unique needs and challenges
- Cutting-edge technology that streamlines financial processes and delivers real-time insights
- Innovative insurance solutions that protect SMBs from risk and uncertainty
- Access to funding and capital that fuels growth and expansion. And much more.
In short, the sky’s the limit when helping SMBs thrive. So why wait? The time to act is now.
What’s Next? Turn Insights to Impact
You’ve learned about the pressing need for financial talent in the SMB world. So what’s next?
The key is identifying the specific processes and steps involved in helping SMBs achieve their financial goals and tailoring your product or service accordingly. But you’ll need data – and lots of it to do that.
That’s where Tarci comes in. As experts in the SMB space, we’ve been monitoring this trend closely. We have all the insights you need to stay ahead of the curve and provide the best solutions possible.
Take advantage of this chance to grow your business and reach a wider audience. Whether you want to streamline your offerings, expand your reach, or stay on top of the game, Tarci is here to help.
