FACTS THAT MAY CHANGE YOUR BUSINESS & LIFE
It pays to step outside our own business and take a look at what is happening. Today’s blog contains a list of projections/predictions made by others that will affect our personal and business lives. I have shared information on artificial intelligence, 3-D printing, and virtual reality. Today we are going to look at factors that affect everyone.
- Phoenix is in the heart of the fastest growing and most dynamic metropolitan area in the country.
- Phoenix has a population of 1.6 million, fifth largest city in the U.S. The U.S. Census Bureau estimates that by 2030 Phoenix will grow to 2.2 million.
- Phoenix metro has a population of over 4 million and is projected to grow to 6.3 million by 2030.
- The Phoenix-Casa Grande-Tucson corridor has been and is expected to be one of the fastest growing areas in the U.S. in the next decades.
Interest rates – residential loans
- According to the Economy Forecast Agency, their prediction is as follows for the high mark over the next 5 years: 2018-4.75% 2019-5.12% 2020-6.52% 2021-7.17% 2022-8.14%
- These predictions are for residential interest rates, but rest assured, every other aspect of our business will be affected by higher interest rates.
As a small business owner you need to look ahead so that you can best position your business to take advantage of these changes. Are your marketing efforts going to take a new directions? Will you be moving your offices? Will you be buying a new home or vacation home while the interest rates are low?
I am challenging you to be a leader in your industry starting now. I believe that change will occur at such a fast pace that many small business owners and some large ones will get left behind. The way you do business will change as will the way you communicate with your prospects.
BizQuack will always work on bringing you pertinent information on the subject of change. Please share with us any changes that are occurring in your business so we can share them with the rest of our business community.
Tips & Advice by Nick Petra – CFP, Mentor, and Founder of StrategicDuck and BizQuack
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