Last year brought with it its fair share of challenges for small businesses. If you’re one of them, you’ve likely experienced some of these challenges, including economic turmoil, cyber attacks and disruption of supply chain.
But there’s plenty you can do to ensure you’re in better shape this year. Keep reading to learn about a few small business solutions you can implement to turn the tide and be more successful going forward.
Rethink Your Supply Chain
If the coronavirus pandemic has disrupted your product management (like it has for thousands of companies around the world), it might be time to rethink your supply chain. Are you saving the most money possible? Sourcing with a supplier to approve second-source tooling or part production can save lead time, quality assurance and reduce costs. Low-cost vendors (like those overseas) often come with high risks, so if you’re using one, think about switching to a local supplier that values quality control and limits supply chain disruptions.
Invest in Small Business Security
Small businesses are typically the target of cyber attacks, and you could be next. That’s why it’s wise to do whatever you can to ensure that your small business is protected, such as training employees in security principles, providing firewall security and making backups of important business data, among other things. Investing in identity monitoring services can help you keep your business information private. Encrypting and enabling two-factor authentication for your website can also help keep your business and customer information away from the eyes of prying online thieves.
Get Accounting Software
If you don’t already have it, invest in accounting software so that you can easily and efficiently keep track of your company’s finances. This can be a huge time saver when tax time rolls around. So start researching the best software for your business and narrow it down until you find the right one. Look at reviews before you buy, and choose the one that’s most affordable based on your budget.
Get Your Marketing Strategy in Order
Don’t have a marketing strategy? Create one immediately. Most companies ramp up marketing activities in times of economic turmoil and you should, too (if you have the budget, of course). If not, consider using content marketing to get people to your website to buy your product or service. It’s a low-budget, high-impact way to get your business out there. There are tons of ways to market your business and new ways popping up all the time, including:
- Building a social community
- Leveraging online review sites
- Optimizing your website for local search
Create a marketing strategy that outlines what methods you’ll use to market your business and outline how you’ll allocate your budget to each marketing activity.
Implementing the Right Solutions
As a small business owner, dealing with the many ups and downs, trials and tribulations of running a business can be overwhelming. That’s why it’s worth it to consider the solutions discussed above so that you can get back to focusing on what matters most. These solutions can help you ensure your supply chain is in tact and that you’re serving your customers in the best ways possible.