Small business owners have been through a tumultuous two-year span that has tested the resilience of their business, business model, and staff. With the pandemic beginning to wane and society starting to get back to normal, owners can begin to focus on growth initiatives and building toward the future. Here we take a look at four ways to set your small business up for future success.
Add New Revenue Streams
Finding ways to bring in additional revenue that do not exactly align with your current business model is a great way to safeguard your small business for the future. A few examples include restaurants offering delivery, brick-and-mortar retail turning to ecommerce, and clothing stores offering masks and PPE. Adding revenue streams diversifies your business and ensures that if one of your offerings becomes obsolete or unavailable, you will still generate income.
Invest In Technology
Every industry is undergoing a digital transformation, and the pandemic has hastened those initiatives. Technology that improves communication streamlines processes and upgrades the customer experience should all be accounted for. This may include purchasing a VoIP phone platform, a new POS system, accounting software, inventory management software, marketing automation software, and even new tech that provides entertainment value to your customers.
Move To The Cloud
Many organizations, both big and small, are migrating to the cloud. Whether it is to house applications or store critical data, the cloud has proven to be a safe and efficient way to ensure business continuity and increase productivity. Cloud-based systems update in real-time and do not require physical equipment to be maintained and stored on-premise. The cloud is also more secure and allows access from anywhere you can establish an internet connection.
Incorporate Automation
Your technology investments will have a great deal of impact on your ability to automate specific tasks. Accounting software, inventory management software, POS systems, and marketing automation platforms will allow you to automate various essential tasks, eliminating the chance of human error and greatly reducing the time it takes to perform these tasks manually. Automation frees up time to focus on growing your business and reduces labor costs.
With an eye toward the future, we've put together this eBook to guide your small business through some key initiatives for 2021 and beyond. Click below to download free!
