Why It’s a Great Time To Rethink Your Business Strategy
2020 presented challenges to the U.S. economy that no one foresaw. We were struck by the COVID-19 pandemic, and suddenly, entire cities were closed. Many business owners had to close their businesses never to reopen them again. If your small business is struggling to survive this economic recession, it’s probably time to rethink your business strategy.
Increasing your bottom line in these difficult economic times is difficult, but not impossible. The business world was already evolving to become more digital, and the pandemic has simply expedited the evolution. It’s time to rethink your business strategy and get your finances back up and rolling so you can have peace of mind. Right now is a great time to reconsider some key components of your business strategy. Continue reading to learn why.
Outsourcing professional services is a great way to save time and money.
Being a small business owner doesn’t make you an expert in finances. No matter how many years of experience you have as a business owner, managing your revenue is difficult when you have so many other business operations that need your attention.
Outsourcing your accounting needs is a great way to ensure you’re able to keep an eye on your revenue while focusing on the operations that generate cash flow. Fully Accountable is an eCommerce accounting firm that manages finances for medium and small businesses.
If you have an eCommerce business, you need different accounting solutions than you would for a brick and mortar business. Fully Accountable has years of experience helping small businesses to manage their eCommerce cash flow. With a fractional CFO managing your finances, you’ll always have the cash flow to pay for marketing, order supplies, and issue paychecks while making a profit. To learn more about how Fully Accountable’s fractional CFO services can help optimize your business, visit FullyAccountable.com.
Prioritize your team members
Your team members are the most key component of your small business. When they’re unable to perform because of injuries or sickness, it hits your business hard. However, imagine how it hits them when an injury or sickness takes them out of work for extended periods of time.
One of the most important lessons we’ve learned due to the COVID-19 pandemic is the importance of having a steady income when your paycheck stops. Almost everyone in the United States fell on hard times due to the pandemic, and if it weren’t for government intervention, many families would have found themselves homeless.
The best way to help your team members avoid cash flow issues due to sickness is with an insurance plan that supplements their regular income until they can get back to work. By offering your team members income protection coverage, you can show them that you care about their personal prosperity and appreciate the value they bring to your small business.
With iSelect, you can compare income protection insurance plans to ensure you get the best price and value. Even though you want your team members to stay healthy, they’ll be relieved to know they have disability insurance if they need it.
Optimize your customer service
Aside from the team members who make your business run, your customers are the most important part of your business. There probably isn’t much difference in the prices and quality you and competitors sell. Your customer service is the area where you have the greatest opportunity to differentiate yourself from the rest of the field.
One of the most frustrating things for customers is waiting for customer support. The more you can do to cut down waiting times, the happier your customers will be.
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With virtual contact center software, your team members can work remotely while connecting to your cloud-based server to provide around the clock customer service. Making support and solutions more accessible to your customers is the best way to enhance the customer experience.