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Key Strategies For Business Growth in 2024

Posted on by Amit Raj

Let’s begin by understanding the concept of business growth strategy. In simple words, it is a plan of action designed to help a business increase profits, revenue, and market share.

It’s a detailed process influenced by multiple factors, such as identifying opportunities, making product or service adjustments, investing in more than one marketing channel, and reaching new markets.

So, whether you’re a small business or an international brand, aiming for business growth is essential to staying relevant.

In this article, we will explore the crucial business growth strategies you should consider in 2024.

Preparation To Implement Business Growth Strategies

Before you start coming up with strategies to implement, it’s important to organize your company’s tasks and team to accommodate these changes.

These are some key areas you should start preparing:

Get Your Staff On Board

The professionals on your team are the primary driving force of your company’s basic functions. If you want to implement a business growth strategy, it’s important to ask for their input by asking some questions.

Start by identifying better ways to communicate as a team, streamlining internal processes, and familiarizing yourself with common growth strategies. Once you’ve established this connection, it’s time to start developing ideas together.

Brainstorming

We know that regular business activities are the first priority for keeping the company running. Still, it’s also important to set aside some time for you, your management, and your sales team to exchange ideas about understanding your niche’s marketplace, finding opportunities, identifying challenges, and executing strategies.

This is a crucial stage for agreeing on specific actions and monitoring what works and what doesn’t. It’s also important to consistently update and involve the team even after the discussions because it shows that you appreciate their input and keeps everyone aligned about the business growth expectations.

Market Forces Affecting Your Growth

Analyze what the market looks like for you and your customer base. You can start by identifying social demographic trends in your region and the economic or political factors affecting their purchasing preferences.

Similarly, people spend most of their time online, and assessing patterns and data from social media platforms can give you detailed insight into buying habits and changing processes. For example, it’s becoming common for businesses to open an online store to reach a larger customer base.

Customer Base

Study your current customer base and identify the demographic concentration by age or sex and the industry sectors they operate in. This will give you an idea of potential customers, and you can start targeting them with revised strategies. Plus, improving your current offerings will also help with customer retention.

Similarly, communicate with your customers; ask them what they like, dislike, or face challenges when dealing with your company. Take their suggestions on what they’d like to expect from you in the future and work on it.

Profit Concentration

Take a look at your different revenue streams and total sales revenue to review which product line or service offerings are bringing in the most profits to your company, deliver the highest gross margins, and cover costs. Try to gauge what factors are affecting these differences; for example, outsourced and in-house labor would have created different prices.

Once you’ve identified these, highlight products or services that generate higher margins, so you know which ones you must promote and sell more. The ones that don’t generate enough profits reevaluate their prices to see if there’s something you can change; if not, save your resources on promoting them if it’s to obtain better opportunities.

Sales Forecast

For each trading month, set a realistic sales target based on your products or services and generate separate invoice codes to help you track what’s affecting your overall sales.

Analyse key customers’ purchase trends to predict what other products or services they could buy in the future; use this to plot sales revenue but also keep a record of these monthly sales.

Key Strategies For Business Growth In 2024

Referral programs, customer rewards, digital advertising, etc., have been part of business growth strategies for quite a while, and there’s no doubt that these tried and tested methods work.

However, with 2024 already here, it’s time to up your game and explore more effective and up-to-date ways to grow your business.

So, how what should you consider? Let’s find out.

Market Penetration

The market penetration strategy involves “growing” your business by increasing your supply of your product line or services. You can achieve this by encouraging current customers to buy more, grabbing the attention of your competitor’s customers, and converting non-buyers in the same market space into buying customers.

The aim is to focus on markets in which you already have a presence so you can leverage that presence as a foundation for cost-effective business growth. Common tactics for market penetration include increasing the marketing budget, making price adjustments, offering promotions or rewards, and improving products.

Online Presence

Start by optimizing your website to improve its visibility among search engine results so you can reach a relevant target audience with queries similar to what you offer. While hiring an SEO professional to guide you is best, the process usually starts with keyword research to find terms used by potential customers.

After assessing the keywords’ search volume and difficulty, you can start creating content about those topics to appeal to users who are looking for them. Similarly, building your website’s backlink profile indicates that you’re a trustworthy source since other websites are linking to your site. While building links is a long process, it’s worthwhile once you start seeing the results.

Social Media

It may sound cliche, but the power of social media platforms like Instagram, Facebook, TikTok, LinkedIn, etc., is truly unmatched; it’s because you don’t just get to share your products or services but also educate your audience about its USPs, communicate with your customers and answer their queries, and also stay connected with other leading brands in your industry.

Similarly, you can launch marketing campaigns and track their effectiveness based on engagement, conversion, audience growth, and click-through rates. It’s all about finding the right balance between attractive content, audience engagement through quizzes, polls, etc., contacting influencers, cross-promoting collaborations, and maintaining consistent branding across different platforms.

Market Segmentation

Market segmentation involves identifying small groups within a broad market based on specific characteristics, needs, and behavior patterns; this allows you to take a personalized approach and make the right offers to specific customer types.

You can also adjust your marketing efforts to appeal to these subgroups based on location, media preference, demographics, and psychographics. Therefore, segmenting is an effective growth strategy for your sales, product, and marketing development because it helps you capitalize on strategic growth opportunities.

Product Development

The oldest trick in marketing efforts has been creating new products or innovating existing offerings to better fulfill customers’ needs. These developments ensure customer satisfaction and help your company stay relevant to changing trends.

For example, the emerging awareness about animal cruelty led to many people choosing the vegan path. While many others may not support it, major franchises like Starbucks, Burger King, Dairy Queen, Subway, and many more have included vegan menu options to cater to these new trends even though they already have a devoted customer base for their non-vegan products.

Business Expansion

A central part of any growth strategy is business expansion; the goal is to go beyond your business’s current market capacity by targeting new markets or tapping into different demographics with potential customers. This also includes expanding internationally, especially if you’re looking for large-scale growth opportunities.

It’s important to note that this process is more challenging than it sounds. You must conduct market research to understand and adapt to customer preferences while also complying with the quality standards and regulations of the country or state you’re expanding to. You will also have to develop strategic partnerships in the region to understand the local audience better. After launching your plans, it’s crucial to monitor the response of market trends to cultivate a local presence online as well as offline.

Diversification

Branching into other industries and markets while creating new products and services to serve them is part of the diversification strategy. It involves exploring opportunities beyond your existing market and entering industries with fewer competitors but higher growth potential.

Apart from the opportunity to capitalize on new markets, diversifying also improves your company’s resilience by teaching it how to adapt to different industry settings, changes, and consumer preferences. For all you know, this new business vertical might prove to be a more successful business growth strategy than any of your previous ones.

New Sales And Distribution Channels

Finding new distribution and sales channels is solely to improve your business’s reach and revenue and, eventually, increase sales. This also teaches you how to cater to changing preferences; for example, some people prefer online shopping while others enjoy shopping in person.

You can explore other distribution channels by launching pop-up stores, creating online marketplaces like Etsy or Amazon, forming partnerships with retailers, and participating in industry-relevant workshops, trade shows, events, etc. Using these methods will also create opportunities for word-of-mouth promotion.

To Conclude

In 2024, business growth strategy is more than just having a great product or service—it requires a multifaceted, strategic approach that considers the demands of changing times and adapts to new markets or preferences.

From utilizing data analytics to taking constructive criticism from customers, it’s a lengthy process but one that will amplify the business you worked so hard to build.

How To Prepare For A Small Business Loan

Posted on by Steven Briggs

While well-off businesses don’t need extra cash, some find themselves in between money-related struggles that could use a boost, and that’s when they turn to business loans.

Whether you want to expand your operations, clear outstanding invoices, purchase inventory, or require some quick cash for miscellaneous expenses, you can turn to lenders to help you out.

If this is your first time taking a loan, it’s no surprise that some things will confuse you. Here’s our detailed guide on preparing for a loan and key factors to consider before taking one.

When To Get A Small Business Loan

Since there are so many types of loans, you must decide why you need any financing to begin with. Doing so will help you make the right decision and choose what works best for you.

As surprising as it may sound, you should take a loan when you have a good credit score and when the business cash flow is strong so you aren’t desperate for money; this is so you meet the eligibility criteria set by lenders. If you qualify for lower interest rates, you’ll have more loan options, and this won’t happen if you are neck deep in bills.

Plan ahead by going through your financial reports and making decisions based on your needs. For example, if you’re not in immediate need of a lump sum of money, don’t choose a term loan for working capital; instead, a line of credit will be a better option since it allows the borrower to take money from the line as and when needed.

When Not To Get A Small Business Loan

If you’re struggling to meet your financial goals according to the business plan, then don’t take out a loan. The main reason you shouldn’t wait until there is an extreme cash crunch is that you might struggle to afford to pay back the loan, making you a risk to potential lenders.

If your business or personal credit scores are dwindling, avoid getting a loan. Considering your personal credit history plays a vital role in determining whether or not you’re eligible for a loan, you’re better off trying to rectify it first so you qualify for these financing options. Pay your bills on time, watch out for your credit report, and reduce your debt.

Even if you do qualify for a loan with online lenders despite having bad credit, you may not get an unsecured loan with a low annual percentage rate. Consider a short-term loan or merchant cash advance if you really need the money. You must ensure they’re credible sources, so when questions like “is 5k funds legit?” pop into your head, go ahead and check their reviews to know for sure.

Applying For Small Business Loans

Get Your Documentation In Order

Once you decide you need a loan, gather the important documents before going to the lenders, or just contact them if you’re unsure. Usually, these are the items your lender will require:

  • Business License
  • Personal and business tax returns
  • Personal and business bank statements
  • Business plan
  • Building lease
  • Financial statements
  • Articles of incorporation
  • Profit and loss statements

Submitting Your Loan Application

With all the documents ready, it’s time to get started on your loan application process for your small business. You have the option to do this online or in person based on which lender you decide to work with.

These are details lenders commonly ask for:

  • Your name
  • Social security number
  • Business name
  • Business tax ID
  • Loan purpose
  • Desired loan amount
  • Annual revenue

Best Types of Small Business Loans

SBA Loans

The U.S. Small Business Administration (SBA) guarantees these business loans because the federal government guarantees a repayment of up to 85% of the loan in case the borrower defaults. SBA-approved lenders choose their own annual percentage rate (APR), and the interest rates can range between 2.8%-13%. These are the most popular SBA loans: 7(A) loans, 504 loans, and SBA microloans.

Line Of Credit

These business loans work like a credit card; financing with a business line of credit allows you to borrow money as you require it and pay interest accordingly. After approval, you’re given a credit limit, and you repay what you owe as you use it. You can access this credit anytime during the draw period (usually 12-24 months), but after it expires, you no longer have access to the credit line.

Term Loan

Terms loans are a common search for small business loan options; businesses borrow money from traditional sources like banks, online lenders, or credit unions and repay the funds over time, often at a fixed interest rate. Although the terms and conditions vary, qualified businesses can borrow $500,000 or more, with an APR starting at 9% and repayment terms of up to 10 years.

Personal Loan For Business

Small businesses usually opt for personal loans because it relies on the business owner’s personal credit score and not the business credit score. These loan amounts are generally small, and the maximum borrowable quantity depends on the individual’s debt-to-income ratio, personal finances, and assets, so you must have strong personal credit.

Equipment Loan

Small businesses usually need financing for new equipment, and these loans help you do just that. The equipment you purchase using this loan serves as collateral. In the case of a default, the lender can claim the equipment to resell it and recuperate the losses. Since there is an inevitable collateral involved, the lender’s investment risk is low, which means you may get competitive interest rates ranging from 8% to 30%.

Microloans

Compared to other business loans, microloans offer small amounts of money with short repayment terms. The eligibility criteria are less stringent, and businesses can usually borrow up to $50,000. Microlenders typically involve nonprofit organizations and focus on underprivileged small business owners like women and minorities. Interest rates are quite low and sometimes non-existent.

Conclusion

With that said, every smart business owner knows when they need extra financing, but it’s all about planning ahead to ensure you don’t have to make hasty decisions that leave you in a downward spiral. 

Discover the Benefits of Employee Work Flexibility Solutions

Posted on by Eleanor Hecks

Work flexibility can save businesses thousands of dollars yearly, increase employee satisfaction and improve the customer experience. Workplace policies like flexible scheduling and remote positions have tangible benefits that revolutionize jobs. What are some of the top benefits of flexible employment and why should companies embrace them? 

Higher Productivity

Work flexibility can significantly improve productivity by empowering employees to build a schedule that works for them. Everyone has different times when they work more efficiently throughout the day. Some people perform best early in the morning, while others are more productive at night. 

A flexible schedule policy allows everyone to work at a time when they will be at their most productive. It also reduces distractions and stress from doctor’s appointments and family commitments. Employees can more easily take care of these things if needed and better focus when working. 

Additionally, some employees are more productive outside an office environment. For example, people with ADD, ADHD or OCD may find offices distracting and stressful. Working from home affords more peace and efficiency. 

Work-Life Balance

Work flexibility is transformative for work-life balance. It allows employees to save time on commutes, adapt to needs in their personal lives and spend more time with their families. A flexible arrangement is among the top three factors influencing job-seekers’ employment choices today. 

Employees with some say in their hours and job location can build a schedule that works for them. It allows them to get the most out of their day at home and work. As a result, they can take care of important personal matters without negatively impacting their jobs. 

Flexible work policies are especially helpful for families. Many schools now allow hybrid learning arrangements, which means parents must be home while their children attend class remotely during the day. Hybrid and remote options give people the needed flexibility for situations like this, as well as everyday family matters like activity schedules and sick days. 

Increased Employee Loyalty and Engagement

Retaining top talent requires creating an environment that supports employees’ needs. Work flexibility shows that a business cares about its workers’ health, time and work-life balance. It also builds the foundation for mutual trust between company leaders and employees. 

Workplace flexibility has a real impact on employees’ success, as well. It improves engagement by allowing them to build a schedule optimized for their peak productivity, which results in higher-quality work. For example, research shows that financial businesses that used flexible policies improved service quality by 23% due to higher engagement. 

Flexible work builds trust and support for employees, encouraging top talent to stay. It also results in higher engagement on the job, creating tangible benefits for businesses and their customers. 

Improved Health and Wellness

Employees are less likely to let serious health and wellness issues go unresolved when they have a more flexible schedule. Most doctors’ offices are only open during the week, so employees may be reluctant to take time off to schedule an appointment when needed. 

Work flexibility lets employees shift their hours or projects to make time for self-care and doctor’s visits. Flexible schedules and remote work options also allow more time for wellness activities like jogging and yoga. As a result, people can take better care of themselves, improve their performance at work and reduce sick days. 

More Diverse Teams

Work flexibility can open up new hiring possibilities. Remote and hybrid environments allow businesses to recruit from a larger geographic talent pool. As a result, they can find employees they might not have met otherwise. 

Businesses can build more diverse, high-talent teams when their work environment is accessible to more people. Flexible hours and location make a job more appealing and functional for a larger number of employees. These workplaces can build more diverse teams, powering creativity and a better customer experience. 

It’s also worth considering the needs of employees with mobility challenges. People with limited mobility or access to transportation are often highly talented but may have more difficulty getting to offices. Flexibility for remote work increases workplace accessibility for these employees. 

Lower Energy and Real Estate Costs

Businesses worldwide spend thousands or even millions of dollars annually on office-related expenses. A remote or hybrid work environment reduces the need for large office spaces. Companies can significantly reduce their costs by adopting more flexible arrangements. 

Research shows hybrid work can save tens of thousands of dollars yearly on office real estate and operating expenses. A work flexibility policy means the building doesn’t need to support every employee simultaneously. Businesses can rent smaller office spaces and purchase fewer desks and equipment. 

Additionally, businesses can lower their office utility expenses by allowing employees to work partly or fully remotely. Smaller buildings use less electricity to begin with, but hybrid employers can also schedule “dark office days” when everyone works remotely. 

Both options lead to major cost savings on electricity, HVAC, internet and more. Less utility consumption also reduces carbon emissions, which helps build a good environmental, social and governance (ESG) profile and supports workplace sustainability. This is especially appealing to eco-conscious employees and customers and can improve your reputation as a green company.

The Transformative Benefits of Work Flexibility

A flexible work environment supports employee wellness, improves productivity, increases engagement, expands the hiring pool and reduces office expenses. Flexible hours and locations can make a monumental difference in the worker experience with tangible business gains. When people have the support to do their best work, customers receive the highest quality service and products possible.

How Should You Effectively Communicate Change in the Workplace?

Posted on by Adela Belin

Change is an ever-present reality in the workplace, requiring businesses to constantly adjust to many factors, including technological advancements, market dynamics, and internal restructuring. Within the workplace setting, these changes can disrupt established routines, generate a sense of uncertainty, and evoke resistance among employees.

However, successfully navigating change requires more than just implementation. It necessitates effective communication. Therefore, establishing a robust communication strategy becomes crucial to mitigate these challenges and foster a smooth transition. 

This article explores the importance of effective communication during workplace change, highlighting how it promotes understanding, builds trust, encourages engagement, and ultimately contributes to successful change implementation. 

1. Understanding the Change

Change in the workplace encompasses various types and is driven by different reasons. 

  • Organizational changes can include structural changes, such as mergers, acquisitions, or reorganizations, aimed at improving efficiency or responding to market demands. 
  • Process changes involve modifying workflows or implementing new technologies to enhance productivity and streamline operations.
  • Policy changes may occur to comply with legal requirements or address evolving industry standards.
  • Leadership changes, such as executive transitions, can bring new strategies and direction.
  • Economic factors, market trends, competitive pressures, or the need for innovation are common catalysts for change.

Understanding change is essential for maintaining a positive employee relationship. Organizations can address concerns, alleviate resistance, and foster a sense of trust and transparency by comprehending the reasons behind the change and its potential impact on employees.

Not to mention that recognizing common reactions to change, such as fear, uncertainty, and loss, makes it much easier for organizations to tailor their communication strategies effectively, promoting employee engagement and cooperation throughout the change process.

2. The Role of Leadership In Communicating Change

Leadership plays a pivotal role in effectively communicating change in the workplace. Leaders must demonstrate active involvement and unwavering commitment to the change initiative. 

By embodying thought leadership, leaders inspire confidence and create a sense of purpose among employees. Fostering trust and transparency is equally important. Leaders should clearly articulate the vision and goals of the change, openly addressing concerns and providing regular updates. 

Establishing open lines of communication and active listening to employee feedback also helps build trust and encourages a collaborative approach. When leaders effectively communicate change, they foster employee engagement, minimize resistance, and drive successful change implementation.

3. Crafting The Message

Crafting the message for communicating change in the workplace requires careful consideration. It involves identifying key messages and objectives that align with the company culture and resonate with employees. 

Effective and concise communication, utilizing formal writing words and language, plays a vital role in conveying professionalism and establishing credibility. It is crucial to tailor messages to different stakeholders, taking into account their specific concerns and interests. 

By customizing the message, it becomes more digestible and engaging. The message should clearly and articulately outline the purpose, benefits, and expected outcomes of the change while also addressing potential challenges. This, in turn, can create a shared understanding and foster a sense of unity among employees.

4. Choosing The Proper Communication Channels

Selecting the proper communication channels is essential to captivate the audience and effectively convey change in the workplace. The choice of channels should align with the nature of the change and the target audience. 

Channels such as company-wide emails, intranet portals, or town hall meetings may be appropriate for broad announcements or updates. Platforms like team meetings, small group discussions, or online forums can be utilized for more interactive and personalized communication. 

Social media platforms and digital newsletters are effective for reaching a wider audience. By carefully selecting communication channels, organizations can ensure the message goes to employees compellingly and engagingly, fostering better understanding and buy-in during times of change.

5. Creating a Two-Way Communication Process

Creating a two-way communication process fosters meaningful engagement, empowering employees to contribute their ideas and perspectives actively. 

By creating an open dialogue, organizations facilitate a smoother transition by ensuring that employees feel heard and valued. It promotes a sense of ownership and involvement, as employees are given opportunities to share their insights and suggestions.

This collaborative approach strengthens employee morale, enhances problem-solving capabilities, and cultivates a supportive environment where everyone is invested in the success of the change. 

Ultimately, the two-way communication process drives positive outcomes and facilitates a seamless transition throughout the change journey.

6. Training and Support

Identifying training needs is crucial to equip employees with the necessary skills and knowledge to adapt to the change effectively. Organizations should provide resources such as training programs, workshops, or online learning platforms to address these needs. 

Additionally, establishing a support team or mentorship program can offer guidance and assistance to employees navigating the change process. 

Investing in training and providing comprehensive support can empower employees to embrace the change, reduce anxiety, and build confidence in their abilities. This contributes to a better transition and enhances overall employee performance and satisfaction.

7. Overcoming Resistance and Conflict

Overcoming resistance and managing conflict is crucial for successful change implementation in the workplace. Organizations can employ several strategies to address opposition and handle conflicts effectively. These include:

  • Actively listening to employees’ concerns and empathizing with their perspectives.
  • Providing clear and consistent communication about the change, addressing misconceptions, and highlighting the benefits.
  • Involving employees in decision-making processes to foster a sense of ownership and engagement.
  • Offering training and support to help employees adapt to the change and build necessary skills.
  • Implementing conflict resolution techniques, such as mediation or negotiation, to address conflicts constructively.
  • Recognizing and celebrating small wins and positive outcomes to motivate employees and promote a positive change culture.

8. Monitoring and Evaluation

Collecting feedback from employees and stakeholders provides valuable insights into the effectiveness of communication efforts. By implementing surveys, focus groups, or one-on-one interviews, organizations can gather feedback on the communication’s clarity, relevance, and timeliness. 

Additionally, measuring the impact of communication on employee engagement, morale, and understanding can be achieved through metrics such as employee satisfaction surveys or communication effectiveness scores. 

For example, a study found that organizations with high levels of employee engagement during change initiatives experienced 22% higher productivity and 25% higher profitability than those with low engagement. 

Monitoring and evaluation allow organizations to make data-driven adjustments and improve communication strategies, ensuring continuous improvement throughout the change process.

Conclusion

In conclusion, effective communication is a crucial element in successfully navigating change in the workplace.

By implementing the strategies discussed in this article, organizations can create a supportive environment where employees feel engaged, informed, and empowered during times of change. 

Prioritizing effective communication during change will allow organizations to navigate transitions successfully, foster a positive work environment, and drive positive outcomes for both employees and the organization. As a result, employees can work better, increasing productivity and achieving organizational objectives.

What Being Remote From Your Job Means For Your Career

Posted on by Jeff Peters

In recent years, the trend towards remote work has become increasingly popular. Advancements in technology, such as business management technology, have made it easier than ever to work from anywhere in the world. However, this shift towards remote work has also had a significant impact on careers, and it’s important for professionals to understand what this means for their long-term career prospects.

Remote work has several benefits, including increased flexibility, a better work-life balance, and the ability to work from anywhere. However, it also presents a number of challenges that can impact career progression. In this article, we’ll explore what being remote from your job means for your career, with a focus on the role of business management technology in supporting remote workers.

Limited Opportunities For Face-to-Face Interaction

“One of the biggest challenges of remote work is the lack of face-to-face interaction with colleagues and clients,” notes Martin Taylor, a resume writer at Discursive Essay Service and MLA Format Outline. This can make it harder to build relationships, collaborate on projects, and get feedback on your work. It also means that remote workers may miss out on important networking opportunities, such as industry events or team-building activities.

Business management technology can help to mitigate some of these challenges by providing remote workers with tools to collaborate and communicate with colleagues and clients. For example, video conferencing software like Zoom or Skype can be used for virtual meetings, while project management software can be used to manage tasks and keep track of deadlines.

Increased Reliance On Technology

Another challenge of remote work is the increased reliance on technology. Remote workers must be comfortable with using a range of software and tools to communicate and collaborate with colleagues, manage tasks, and stay organized. This can be a challenge for some workers, especially those who are used to more traditional ways of working.

Business management technology can help to alleviate some of these challenges by providing remote workers with user-friendly software and tools. For example, cloud-based file sharing platforms like Dropbox or Google Drive can be used to share files and documents with colleagues, while time tracking software like Harvest can be used to keep track of billable hours and ensure that projects are completed on time.

Potential For Isolation

Remote work can be isolating, especially for workers who are used to working in a traditional office environment. “Without regular face-to-face interaction with colleagues, remote workers may feel disconnected from the company culture and miss out on important social interactions,” says Amanda Webb, an eCommerce writer from BeeStudent and Paper-Research.

Business management technology can help to mitigate some of these challenges by providing remote workers with opportunities to connect and collaborate with colleagues. For example, team chat software like Slack or Microsoft Teams can be used to facilitate real-time communication and help remote workers feel more connected to their colleagues.

Lack Of Visibility and Recognition

Another challenge of remote work is the lack of visibility and recognition. Without regular face-to-face interaction with managers and colleagues, it can be harder for remote workers to demonstrate their skills and contributions to the company. This can impact their chances of career progression, as managers may not have a clear understanding of their strengths and abilities.

Business management technology can help to alleviate some of these challenges by providing remote workers with tools to showcase their skills and contributions. For example, project management software can be used to document a worker’s involvement in key projects, while time tracking software can be used to demonstrate their productivity and efficiency.

In conclusion, remote work can have a significant impact on career progression. While it presents several benefits, such as increased flexibility and a better work-life balance, it also presents a number of challenges that must be overcome. Business management technology can play a key role in supporting remote workers and helping them to mitigate some of these challenges. By providing tools for collaboration, communication, and productivity, business management technology can help remote workers to stay connected and engaged with their colleagues and the company, while also showcasing their skills and contributions. Ultimately, the key to success as a remote worker is to stay proactive, communicate effectively, and stay up to date with the latest trends and best practices in remote work and business management technology.

Is Your Small Business Ready for a Large Disaster?

Posted on by Eleanor Hecks

People don’t like to think about major disasters affecting their businesses. Day-to-day operations can feel stressful enough without envisioning the worst-case scenarios. However, failing to get your company ready in case they happen is a recipe for disaster in itself. 

Disaster planning can seem scary at first. Once you get started, though, you’ll see it can provide you more peace of mind. For example, you may find that many of the steps you take apply to small issues, as well as large disasters.

1. Identify the Most Significant Risks to Your Small Business

Start by determining the biggest risks facing your enterprise. For example, if the business operates solely online and maintains massive amounts of information, a cybersecurity breach or data center outage may be near the top of the list. On the other hand, maybe you live in an area that typically experiences several disruptive natural disasters per year. 

After figuring out the types of disasters your business has the highest likelihood of facing, don’t overlook other things that could happen even though they are less likely. For example, many small business owners probably didn’t plan to deal with a global pandemic for most of 2020. If your company has operated for 75 years so far, a total collapse is probably not at the top of your list of worries. 

Even so, you should plan for what’s most likely to occur, as well as the unexpected. Covering all your bases is a practical way to become as prepared as possible. You’ll also find that many of the steps you take to protect your small business from the most severe consequences of a disaster are the same, no matter what goes wrong.

2. Gauge Your Current Readiness Level

It’s also essential to learn how prepared your company would be if a large disaster happened today. Suppose your e-commerce website went down for a day in the thick of the holiday shopping season, or you got a phone call from your most important client and heard they’re ending the business relationship with you. Could people at your operation spring into action immediately to mitigate some of the worst effects?

When was the last time your employees received disaster preparedness training? Do you carry out regular scenario-based exercises that let workers show how they’d respond in a real emergency? Letting them go through role-playing exercises could help them feel calmer under pressure. 

Your small business should also prepare key members of your team to speak to the media. If your CEO does not regularly interact with people in the public realm, think twice before throwing them into the spotlight after a massive disaster happens.

While examining how prepared your company is now, it’ll be easier to identify the vulnerabilities that need addressing. For example, it may become clear that it’s better to have someone other than the CEO speak on behalf of the company in most cases.

3. Keep Your Disaster Plans Accessible and Current

Many small businesses have disaster response plans, but they don’t keep them updated. That problem could prove almost as harmful as not having a framework for emergencies at all. 

A 2019 study revealed some surprising findings. The respondents were mostly senior and middle-level managers, and 43% of those polled cited involvement in a past crisis. However, 13.44% of people said they’d never seen their company’s disaster response plan. Another 10.75% were not sure if the business had one. An additional 21.97% of people said their plans were out of date, and 28.90% did not know if they were current for the business.

If your company has a disaster plan now, update it whenever it goes through a major change. For example, relocating your main offices to California likely necessitates ensuring that your plan covers earthquake preparedness. Otherwise, review it at least every year and update it as necessary to maintain relevance. 

Moreover, when you hire new people who would play important roles in resolving a disaster, ensure they know the plan exists and how to access it. Make sure people who have been at the company for years understand their responsibilities if a disaster happens.

4. Consider All the Possible Ramifications of a Disaster

Your disaster-planning efforts must account for the reality that disasters have varying effects. Some are short term, albeit severe. Others could pose complications for much longer. Some could even affect your budget long after a catastrophe occurs. For example, a natural disaster could raise insurance premiums for your small business or necessitate making extensive renovations. Many company leaders expect decreased profits for the foreseeable future due to the COVID-19 pandemic, even though they pivoted to stay as resilient as possible.

Suppose a destructive event like a fire or explosion happens at your small business. In that case, you may face injuries or fatalities, investigations from regulatory bodies, monetary penalties and temporary disruptions to operations. A more widespread issue such as a hurricane or snowstorm could cause flooding, fallen trees or downed power lines that disrupt your supply chain and stop customers from coming to the business for several days or weeks.

Think about the consequences if a cybercriminal targets the small business. You could lose access to crucial files, face questions from customers who are concerned about identity theft, and may need to spend tens of thousands of dollars to recover from the incident and stop a similar one from happening again. Some consumers who hear about data breaches or cyberattacks lose confidence and stop buying from the affected companies forever. 

Map out all the what-if scenarios that could occur due to a large disaster. Then, assess what’s in your control to influence. For example, staying up to date with all equipment inspections and enforcing safety procedures could help regulators more efficiently determine why an accident happened. Keeping crucial data backed up in several places could help you recover faster after a cyberattack compromises the information stored in one location.

5. Develop a Crisis Communication Plan

Excellent communications help small businesses operate smoothly, and they are vital during disasters. If people only hear rumors of something going wrong at your company, they may start assuming wholly incorrect things and sharing them with others. Additionally, when business leaders stay tight-lipped during crises, people often accuse them of being misleading and keeping them in the dark. 

First, consider that many groups want and deserve to get information after a disaster. They include the family members of those directly affected, your employees, customers, community members, reporters and elected officials.

Next, realize that the information given to each audience varies. You may tell your investors, customers and employees that your business is at risk of folding due to financial troubles. However, when speaking to community members, you may also discuss the various things your company has done over the years to improve the area — whether through litter cleanups or fundraisers for local charities. People may recognize that you bring something valuable and rally to help you stay open. 

When you don’t have all the answers that people want and need, admit that immediately. Also, give them an idea of when they should expect to hear more news from you about the incident. Mention all the ways they can get the latest, whether by calling a phone number you set up or going to a dedicated website.

6. Assess Your Suppliers and Partners

Getting ready for a disaster requires evaluating all your external support sources that keep the small business afloat. Some of the assessments could also happen before you choose to hire someone. For example, maybe you run a company centered on female empowerment. In that case, it’s not ideal to hire a lawyer charged with sexual assault several years ago. People could accuse you of making a hypocritical decision by bringing him on board. 

Fantastic suppliers and partners can steer you out of disasters. They might become sources of trustworthy advice that you would not have otherwise. However, if they are ill-prepared for disasters, they could worsen your situation. 

For example, maybe you’re thinking about hiring a new supplier in an area prone to tornadoes. You could explicitly ask them if their operations were disrupted before and what plans they have in place to remain functional. 

Ask your suppliers about their readiness to stop cyberattacks, too. Perhaps you work with a service provider to streamline some parts of your business. If that entity suffers a data breach, you could experience ramifications to your reputation even though the online criminal didn’t target you.

Preparedness Brings Resilience

You cannot know for sure whether your small business will go through a major disaster. The best approach is to assume it will. Then, take measures to boost your company’s chances of coming back strong, even after severe disruptions, losses or failures.