What Businesses Need to Worry About in the Modern Age
A small business doesn't need to have the insight of Warren Buffet to know that the world, and particularly the economy, is in a constant state of flux. New challenges seem to be popping up for businesses on a daily basis, and these new worries can have a negative impact on a company’s bottom line. A business can't react to every problem in the world, but it has to at least be prepared to deal with them. To that end, here are six areas that businesses need to pay attention to in a modern economy.
Digital Marketing There is no question about it. Marketing through mail, television, or newspaper advertisements simply isn't enough anymore. You must market your business through digital means like search engine optimization (SEO) in order to attract new customers and be successful in the modern business environment. This may mean different things to different businesses. For some, Facebook's robust targeting system will be sufficient. For others, Instagram or Reddit may be the better way to go. Regardless of the platform you use, it's up to you to determine where your customers are. Once you have figured that out, make sure to try and reach them via digital means.
Information Technology Having quality IT services can help you save time and increase productivity in your workplace. In some cases, if your business needs are relatively small, you may be able to handle everything that you need to accomplish by purchasing computers and briefly hiring the services of a professional to set them up and periodically maintain your network. Larger companies may need to outsource their information technology needs while even bigger companies will have to hire someone in-house to maintain their computer networks and network security. However, one thing is certain. Regardless of the size of your company, you will need help managing your information technology resources.
Brand Loyalty All businesses need to work hard to compete against brands like Amazon. You will most likely not be able to compete with them on price, so you must beat them by establishing real brand loyalty. This may mean engaging in a variety of sales techniques designed to enhance your brand loyalty, like setting up reward systems. It also likely will require you to engage in marketing that goes beyond just attempting to sell. You have to create your brand and leverage it appropriately in order to entice customers to return.
Internet-Based Competition Internet competition is about so much more than Amazon. Small, internet-based businesses are often nimbler and have lower costs and fewer employees, so they are able to pass those savings along to customers. To compete, you must be internet-savvy and have internet-based sales options. Your website should also be top of the line and feature any and all of the latest technological options that customers have come to expect.
The Gig Economy
The gig economy makes it easier than ever before to hire freelancers. They possess experience in many different areas, including industries like writing, graphic design and transportation. While there is no doubt that this economy may hurt your business and ability to recruit employees, it's also very likely that your business can identify ways to take advantage of the gig economy, including by altering your hiring practices and saving money on business services.
Health Challenges There are multiple concerns when it comes to workers’ health. First, employees' health needs are evolving. Chronic conditions are becoming more prevalent. This includes illnesses like cancer, obesity, addiction and mental illness. Second, as the current news clearly indicates, our interconnected world is causing more health scares. It seems as if there is a new illness sweeping the globe every year. The current scare is coronavirus (or COVID-19), which officials caution has the potential to cause a major economic disruption. While this will hopefully not be the case, your business should be prepared for the worst.
While the modern age has ushered in many benefits, it has also brought about several challenges. The world is changing, and simply put, your business must change with it. Fortunately, as the world evolves, so does technology, morals and work ethic. You must be aware of what your business is up against, but as long as you are prepared, you will likely have the resources you need to succeed.
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