Published On: Wed, Sep 16th, 2020

What Does the Future Look Like for Small Businesses?

If you’re a small business owner that’s suddenly wondering what the future looks like after 2020, then you’re at the right place. 

Despite the financial safeguards you can set in place in terms of insurance, there are small but crucial steps you can take in the right direction. The experts at Brokerlink believe prevention is better than cure, so let’s see what that can look like for your business.

Changing a few aspects of your business can give you an entirely new perspective and even entice you into new directions as well. 

Set up a Home Office

If you’ve already made a 50% move from the shop or office back to your dining room table, it’s the right time to create a proper working space at home.

It may feel like you’re taking a few steps back again, but you’re not. What might feel like negative growth could save your business and even streamline it enough to make some additional profit on the bottom line by cost savings?

If you can, recreate your office in a separate room. It helps if you can pull the door closed behind you after a day’s work. 

Create Virtual Inventories

If you’re in retail, it’s time to get your inventory virtual, if you haven’t already. 

According to Jeff Bezos, the well-known founding member of Amazon, there are certain aspects regarding retail that’ll never change. Customers want a good selection of products at low prices that are easy to find. Looking at Amazon’s success should be an excellent motivation for you to take your business online.

It might not be as difficult as you think to do this from home. Here are a few tips to get you started in the right direction:

  • Streamline your logistics – direct from the manufacturer to the customer’s delivery address.
  • Rent a small storage unit for the products you manufacture in-house.
  • Invest in an affordable but efficient software accounting program that can link your inventory, sales, and invoicing all together.
  • Create an interactive website with good quality photos of your products and a real-time cart for orders.
  • Build affiliate links on your website and sign legal sales agreements with all affiliates.

Before you move out of your rented retail shop, draw up an achievable plan for the homeward bound business trip, and stick to it.

Use Social Media Marketing Tools

A large part of the success of a small business is the intimate relationships you build with your customers.

If you’ve recognized the need to go virtual with your business, include your customers in the journey. By allowing them to participate in your growth, you’ll create a trust relationship with them that multi-corporational retailers can’t. 

Facebook and Instagram have excellent tools that are both affordable and can take your business directly to your customers’ screens. 

You can engage with your customers daily and keep them up to date with all the changes happening in your organization. 

Finally: Don’t be scared – take the plunge

The best way to tackle something new is to try it. The world has taken a new direction in 2020, shouldn’t you do, too? 

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