How to Keep Your Small Business Afloat in 2021

Anything you can do to secure financial assistance for your growing business has got to be a positive thing. Technological advancements have improved significantly in the last 20 years. What was prominent in the early 2000’s, is very much different to how things are now, with regards to utilizing technology to aid your business adventures and expenditure.

It is essential to also keep up to date with changing trends in the technological and investment markets, as these can also be beneficial with regards to investing in your business.

The internet as a key tool to drive your business forward

Being able to advertise your business on the internet is crucial. It enables you to reach out to a wide audience of prospective clients, the ability to manage orders, and distribute and communicate effectively with customers via email. Which is certainly a lot faster than sending letters in the mail.

Using Social Media as a tool to advertise

The use of social media has expanded dramatically since the launch of various platforms between 2004 and 2010. With the influx of social media, social influencers have the potential to address millions of followers, therefore striking up a business deal where you can get your brand and/or product mentioned through an ad campaign can certainly boost your online sales within a short time frame.  

Securing long term contracts with suppliers

If you are a business that relies on a constant stream of supplies to make your products viable, then it is essential to build up a rapport with your main supplier. In the long run it will always ensure you have a steady supply, but also it can be beneficial to build up a rapport as you could also discuss a discount being provided for customer loyalty or bulk buying in advance.

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Investing in Bitcoin

Since its launch in 2009, Bitcoin, a form of digital currency, usually referred to as ‘cryptocurrency’, has seen popularity soar in the last 11 years. To get an idea of the costs involved there are investment opportunities available on the internet which are worth exploring. You can utilize Bitcoin to both purchase and sell products. Benefits include low transaction fees, user anonymity, fast payments, and no paperwork to fill out.

Keeping up to date with the stock exchange

During the initial stages of 2021, it is most likely that central banks will endeavor to keep interest rates down whilst the world economies continue to recover from the COVID-19 pandemic. The low interest rate though will encourage investors to part with their cash still as the potential for high returns would still be favorable on the stock market.

Meghan Horneman, director, and portfolio strategist at Verdence Capital Advisors suggests that this would still push stock prices to a higher level. Using the stock market to invest some of your cash into a fluctuating market can certainly be beneficial if you want an easy return without having to do much.