We are reeling from the destruction caused by Covid-19. WHO reported over four million died because of the pandemic. But they also pointed out that roughly the same number of vaccine shots have been given.
The latter may signify that we are rounding the curb. But we still have a long way to go when it comes to financial matters. Early this year, CNBC reported that approximately nine million small businesses are at risk of closing.
Experts are anxious about this number because 99.9% of US companies are considered small businesses. Their loss has a snowball effect as they employ more than 40% of the country’s labor force.
The government intervened to prevent a total collapse of the economy. But it will take more than that for your small kingdom to survive. You need a strategy on the path that your company will take. It is a daunting task so allow us to help you.
Reinventing Yourself
Harley Davidson struggled to keep afloat. It still dominates the motorcycle industry. But it is having a hard time keeping control of its market share. It is trying to win over the younger generation to avoid fading into obscurity.
You can apply these lessons to your business. Like Harvey Davidson, your company should build on its name. Consumers should associate your company with excellent customer service or the best local cronut. It does not necessarily mean that you create an entirely new product.
Do not settle for what you already offer. You should find a way to enhance things. As was mentioned, you can work on improving your customer service. You can invest in ServiceNow to achieve this goal.
This system empowers employees because their tools are at their fingertips. It makes them more efficient. It also lessens their frustrations. Thus, they will be happier to serve your customers.
The Right Equipment
We also mentioned improving your product. It is easier to achieve this if you have the right equipment. This leads us to the question if you should buy it or lease the machinery.
Equipment financing allows you to use the expenses associated with the acquisition as deductibles. Unless the money lent for the equipment comes from family or friends, you will pay for interest. In that scenario, you will not be eligible to use such costs as tax deductions.
Financing your equipment makes sense if you will be heavily relying on such a piece of machinery. Let us say that you run a patisserie. You need to purchase an industrial-grade oven.
Let us continue with the previous example and assume that you have read that online shopping is the current trend. You want to purchase a delivery van to capitalize on this. Such a purchase is not necessary. In this second scenario, you are better off leasing the equipment.
This step makes sense because you will not be using your customers can get your goodies through other apps. They can use GrubHub or Uber Eats. These apps might even make the delivery van redundant.
Getting Customers
Now that you have established your company, let us work on getting you more customers. A few years ago, the government published their finding that traditional advertisement is still effective. But is this still true in the age of online shopping?
With that said, is it wiser to invest in digital marketing? But you might be hesitant to do so because the government study mentioned that consumers hate pop-up ads. Digital marketing encompasses all advertising schemes that use technology.
If this was the case, why do you need to hire a professional SEO company? After all, you can create your website. But the website is not the end. People should visit that website.
A professional SEO company will tidy up your website. It will make the website look more professional. Doing this will attract corporate clients.
They will also make blogs that will boost your online visibility. The traffic that visits your website will turn into paying customers. The SEO company will also give suggestions on how to generate more visitors to the website.
Wise investment can help your company weather the economic downturn brought about by the pandemic. You can use these strategic expenses as a competitive edge. They can help you create a niche for your company and can command loyalty from your customers.
If you play your cards right, you can turn these investments into a path to expand your business. They can help you establish a branch in another city and make it boom. You can do achieve all of these if you make the right decision.
