Starting a new decade gives many small business owners pause to consider their place in the economy and where they should be headed. There are a number of ways to help position your company for the future.
Trade Shows – Don’t overlook the human element when you are planning your marketing efforts. There are a number of industry events, trade shows, expos, association meetings, etc. where you can forge relationships and mingle with suppliers, partners, customers, and competitors.
Social Media – Especially millennials are using social media to base their purchasing decisions. This can be a good time to review your online efforts and the statistics related to hits and conversions. Search Engine Optimization (SEO) is always developing new strategies and techniques. It is possible you need to hire the services of a company that specializes in SEO to enhance your website and posts. Don’t overlook email. There are still a large portion of the population that relies on that for communications.
Competitors – Keeping a careful eye on your competition means that you won’t lag as they move ahead with new products or selling methods.
Security – Never underestimate your need for electronic security. Cybercrime doesn’t stop. Make sure your websites and systems are as protected as possible and check for possible breaches periodically.
Go Green – More and more consumers are basing their decisions on environmental concerns. When faced with a choice, they will favour the company that supports sustainable products and will happily pay a premium for the opportunity. If you are currently participating in ecologically preferred products or services, make sure the public knows about it. Look at energy efficient power sources will save you money on utility bills and make you more appealing to potential customers.
Automation – Sitcoms may make light of robots in the business world, but it is a reality that entrepreneurs need to face. A good starting point is with routine or tedious tasks that keep your employees occupied but are blocking them from the work you hired them to perform. You will have a happier staff and still get the work done.
Work Force – Remote work has been shown to increase productivity and can mean reducing the size, or eliminating, office space for clerical and administrative personnel. Video conference calls will reduce travel costs but still experience the face time necessary to build good employer-employee relationships. Many new programs are now available to help with tracking and reporting the numbers involved in your business. Freelancers are working through online services that can make selection and payment much simpler than hiring a labour pool.
There are no crystal balls to help you plan for the future of your small business. But there are a number of resources you can rely on. Good accountants, solid financial advisors, and capable attorneys are all ready to help guide you in long-term planning and thinking. Careful application of cutting-edge technology and methods should help the entrepreneur survive and even thrive during the next decade.
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- The Capex Team