Growing a Small Business – COVID 19 and the New Normal
Traditionally, growing a small business was always a challenge. The impact of COVID 19 and what was initially viewed as a temporary way to do business now appears to be the new normal in many cases. Digital transformation and an increase in the “work from home” workforce were already on the horizon. However, the efforts to control the spread of COVID 19 have accelerated that transition, often leaving small businesses struggling to adapt.
The IDC (International Data Corporation) calls this the era of multiplied innovation. They predict that worldwide spending on the technologies and services that enable the digital transformation of business practices, products, and organizations will reach $1.97 trillion in 2022. That’s less than a couple of years away. When growing a small business, it is important to keep up with current business trends to remain competitive. Deciding which factors to focus on when developing a digital transformation plan for your small business can be difficult. Business owners tend to put customer-centric and revenue-generating processes at the top of the list. However, there are other processes that are equally important which will, in the long run, improve customer experience and your bottom line.
The security of your business’s intellectual property, as well as your customers’ information, should definitely be among the items at the top of the list. The digital transformation of any business whether it’s B2C or B2B can increase the risk of a breach without the proper security in place. When growing a small business, a security breach is the last thing you want. Unfortunately, the pandemic has pushed some businesses into digital transformation so quickly that they may neglect to implement sufficient security measures. This can make those businesses sitting ducks for hackers.
Communication and Productivity
When transitioning to either a partial or entirely remote workforce, ensuring effective and efficient communication can often be an issue. The workflow procedures used in-office may not work as well when employees are working remotely. Casual coffee break conversations and impromptu brainstorming sessions are lost when your employees are working remotely. To keep everyone informed and maintain productivity, business owners will discover they need to implement or update their project management software.
While IT security, employee communication, and productivity do contribute to the customer experience, the experience the customer has at the point-of-sale is what matters most to them. The ease of finding the products or services they are looking for and completing a hassle-free purchase can go a long way when it comes to customer loyalty and repeat business. These are essential to growing a small business. If your business is just transitioning to an eCommerce store or haven’t upgraded your online presence recently, it’s important to make sure your website is providing the same high-quality service they would receive when shopping in person.
Growing a Small Business with CFG Merchant Solutions
Developing a proper digital transformation plan takes time and money. As it was after the financial crisis of 2008, a traditional loan to fund business growth can be extremely hard to obtain. Because of this, many small businesses are exploring alternative funding options.
To remain competitive and grow a small business, it’s important to maintain a healthy cash flow. CFG Merchant Solutions offers a variety of funding options to help maintain your cash flow and keep your business on track. Whether it’s a merchant cash advance, invoice factoring, equipment financing, or any of our other funding options, we will guide you in choosing the perfect solution for your individual business needs. Our team brings to the table more than 60 years of institutional investment banking experience in the credit, commercial finance, and capital markets. Contact us or apply online today.