Running a business in 2020 is nothing short of an extraordinary challenge. Business owners and entrepreneurs don’t have the luxury to stand still even for a moment. It’s all about running by the clock. No wonder hustle is the watchword for business personnel in the current times.
The most successful business owners in the current times are always in a lookout to streamline their business process in some way. Either a business grows or it shuts down for good, there is no in-between. Back in 2019, 67 percent of small business owners were looking forward to increasing their revenue, and that trend is rising in full tide in 2020.
Since growth is the keyword that all SMBs are focusing on, the question remains, how to achieve this growth? While there are a lot many avenues to look into, a few prominent ones are listed below.
Automation is the key
Indeed automation technology is still evolving, however, more and more SMBs are becoming inclined towards this rising trend. Be it accounting, data entry, customer management, or email marketing; entrepreneurs are trying to achieve more with less.
Not only in the development of a business process, but automation is also going to open up more job avenues. As estimated, the automation industry is likely to create 50 million jobs in 2022.
Cash Free Trend
If you are planning on starting a small business, this is your time! Setting up a small business in 2020 is going to be as affordable as ever. Owing to smaller and smarter systems and manufacturing processes, the cost of running a business successfully is sure to drop.
Even if the infrastructure costs remain stagnant with a minimum amount of decline, technology is likely to become more accessible. Thanks to plug-and-play features and cost variables, accessing large scale business infrastructure will not be a problem.
Ease of Service
Small business owners often face a lot of resources obstacles. It’s quite difficult to provide enterprise-level services in a shoe-string budget. Additionally, SMBs do not have people to man the booking lines around the clock.
However, this problem can be solved to some extent by the online scheduling software. With the help of these software, companies can install booking buttons on the websites which makes it easier for customers to check the calendar, book the services or fix an appointment. There is no need to dial multiple buttons to make a call. It’s all a click-and- set process.
Enhanced Marketing Techniques
Indeed effective marketing can make or break a business. However, an SMB owner does not have to go bankrupt to achieve this. Multiple affordable ways can be used to market business efficiently. A few of the technique can be:
- Creation and usage of a promotional kit.
- Sending invoices attached with promotions
- Getting in touch with professional organizations
- Getting the press for product launches, openings, and other events
- Doling out free workshops and classes related to a given product and services
- Cross- promotional efforts with other business houses
- Cold calling and email marketing.
Keeping A Close Watch On Your Competitors
Competitor analysis and research is a major pillar which provides the required push effect to a given business. If an SMB aims to succeed amidst the cutthroat competition, then it needs to be aware of the efforts being made by its competitors. Though this task is important, it’s not always possible to keep a close tab on the routes taken by the competitors.
Most SMB owners have too much on their plates and following the competitor’s website and social media handles daily may not be possible. One simple way of doing that is by using Stillio. Stillio automatically captures screenshots periodically when required. That way a budding SMB is aware of the activities taking place on a competitor’s website and social media pages; and as they say it, half the battle is won if you know what your opponent is doing.
Spiced Up Employee Engagement
Employee engagement in 2020 is going to be as important as customer engagement. To think about it, effectively motivated employees are more productive and can deliver better results. A charged-up task force is crucial for small businesses since most of them cannot afford to hire multiple employees.
However, developing employee engagement is a multi-level process.
- The managers must delegate as much as possible and avoid micromanaging.
- All employees must be kept in the communication process by using KPI, celebrating success and helping with setbacks.
- The usage of new apps like Hi5, Bitrix24 must be encouraged.
The future is indeed challenging for SMBs. With proper steps and decisions, the scenario can be made even better.