Small business owners are the life blood of America. In 2007, the Small Business Administration calculated at least 2.3 million businesses in the mix, a number likely to keep growing as the economy slowly recovers from recession.
However, as a small business owner, you run the risk of filing for bankruptcy if precautions are not taken to prevent hurdles big and small. According to the U.S. Bankruptcy Courts, over 1 million businesses filed for bankruptcy in this year alone. So, how can you prevent your business from being included in this mess?
Avoid Data Loss
There is nothing worse than keeping meticulous records on your earnings, client information and other receipts only to have it destroyed in an accident or be mismanaged by one of your employees.
You can protect and secure your company’s documents by using cloud storage, which allows you access to anything you might need without tying the information to a specific device. This can minimize any damage caused by a fire, virus or loss of a device because everything is secured offsite. Companies like Mozy offer custom cloud storage options, which can provide a secure place for documents and make file sharing easier.
Prevent Customer Dissatisfaction
Technology might scare you or you are simply in your business comfort zone, and you are doing just fine. However, in order for you to appeal to the current consumer, you need to consistently evolve to meet their needs, which means that you need to be Internet savvy.
This can be as easy as setting up accounts for your business on social media sites like Twitter and Facebook. As Mediabistro reports, 87 percent of small businesses found that social media has helped their business. Getting tuned into the market will only help you grow as a business and make a wider circle of connections.
Be sure to listen to your customers on social media, and make improvements and adjustments based on their concerns. Experian reports that 91 percent of online adults use social media, so this makes it the perfect place to reach your target market and send them surveys and questionnaires. In addition, if you take the time to respond to your customers, they will return and bring their friends with them.
Save Money for Later
There are many ways that businesses of all sizes can save money. Going green is one of the latest trends in saving money and helping the environment. According to Energy Star, the nation’s small businesses spend $60 billion a year on energy. Even simple things like turning off lights when rooms are not in use, bundling electronics on power strips and unplugging battery chargers when finished can really reduce your energy bill. These minor fixes can save your business money that can be saved for later in case of an emergency or used on something more productive for your business. Small businesses can’t afford to waste money, so be sure to check out different, green ways to save.
The tips above will surely ensure a long lasting life for your business, and will help you grow into a thriving enterprise that can take on any unforeseen disaster, big or small.