Small Business Success In 2020: Overcoming Challenges
Small businesses and startups have today become a major driver of change across geographies irrespective of the business domain. This paradigm shift has been brought about by a number of factors with technology being the number one among them. With powerful digital tools and channels, small businesses were able to disruptively grab market share from established business houses with lower costs and fewer resources.
2020 looks to be yet another exciting year for such businesses. But before they reap the benefits, we feel that there are still some challenges small businesses need to overcome to remain competent and successful in 2020. Here are 6 of them explained:
1. Employee Engagement
Your employees are your biggest strength. If they are happy and committed to your customers, then business growth is guaranteed to happen irrespective of the strategy you follow. However, building an engaged workforce is no easy task. Companies must try out innovative and intuitive ways to engage each and every employee in the workforce like creating channels for them to transparently share feedback and opinion, considering their inputs while taking crucial decisions and so on.
Employees should feel that their voice is recognized and that leadership is approachable. Higher engagement levels are directly related to better productivity and profitability of teams.
Related Reading: Tips For SMBs To Boost Growth With Increased Employee Engagement
2. Planning and Project Management
A business performs at its optimum when every department is organized and works together to achieve a common objective. This happens when proper planning and seamless project management are in place.
Irrespective of the size of your workforce, project and task planning needs strict emphasis. Insights from such initiatives will be helpful in deciding the future course of action across multiple departments like recruitment, infrastructure, marketing, and sales. There is a need to bring in effortless project management tools to make it easier for companies to plan and schedule their work and meet customer expectations every time.
3. Cyber Security
It is estimated that in every 39 seconds, a cyber-attack or hack occurs globally. As more small businesses embrace the digital bandwagon, the amount of channels where sensitive data is stored or processed has increased monumentally. This means that there are more avenues for cyber threats to occur and every business big or small must address this issue seriously.
Any breach of sensitive data can lead to damages worth millions as regulatory bodies and authorities across the globe have tightened their grip on user data security. Small businesses must, in particular, be aware of threats lurking in their digital channels and take appropriate measures to avoid any mishaps.
Related Reading: Top Technology Challenges Faced By Small Businesses
4. Intuitive Marketing
It doesn’t matter much if you have a great product with mouthwatering features. It must be discoverable for potential customers and this is where marketing becomes a key challenge. Today there are tons of channels where small businesses and startups can showcase their offerings to win business deals. The trick is applying intelligence to identify the correct audience, the best-fit approach, the right content and the most cost-effective propagation technique to reach them.
From email marketing to social media advertising, there are several areas to explore for today’s businesses. Also using smart marketing automation platforms to understand sentiments of customers is also a very fruitful initiative for identifying the best marketing strategy.
5. Customer Experience
You are required to provide a great experience across any channel that customers interact with. They need faster responses to every query or concern they have and delays are usually punished with negative sentiments on social media. Additionally, there is a need to be aware of trends and interests that can be used to offer personalized experiences to customers. To bring all this in one place, small businesses need to have a Customer Relationship Management or CRM solution that is capable of encapsulating all customer relations in one spot and deliver insights to serve them better every time they reach out to you. A satisfied customer is your biggest marketing tool as their positive sentiments about your brand will bring in more customers through referrals.
6. Talent Management
In addition to employee engagement, there needs to be a powerful and seamless collaboration platform within your organization for managing talent. Right from onboarding to payroll and attendance management to complex records and file management, there is a need for seamless digital transformation within the workplace.
Employees demand flexibility in their work with options such as remote work options, shared collaboration spaces with secure file exchange. If you need to create a workplace for the future, it is important to equip your employees with the digital tools that make their work easier.
Related Reading: 5 Digital Capabilities Every Small Business Needs To Invest In 2020
2020 looks to be an exciting year for small businesses that identify their core strengths and invest in mitigating their core challenges. As customers evolve with dynamic needs, small businesses and startups must bring on-board state of the art digital platforms that can help deliver meaningful experiences to end customers. This is where platforms like Infince can be a game-changer. From being the digital backbone of your small business and handling every critical aspect from employee collaboration to customer relationship management, Infince can be your success mantra for 2020. Get in touch with us to know more.