There is no better time to prime your business for growth than now. 2020 is not only a new year – it’s a new decade. And if you can turn this new leaf to your advantage, then you can further grow your business. Start the decade strong by following these tips.
Nurture your client base
The Pareto principle, also known as the “80/20 Rule,” states that 80% of any outcome will result from 20% of the inputted effort. In the business perspective, this means that 80% of your revenue likely comes from 20% of your clientele. Determine the key accounts that comprise this 20%, and plan a business dinner with them. This not only strengthens rapport but also provides an opportunity to discuss how you can deepen your partnership.
Establish a strong presence on social media
At the start of the 2010s, social media was not that big a part of our lives, but faster internet speeds and the rise of mobile devices soon changed that: A decade ago there were around 500 million Facebook users; today there are over 2.3 billion.
It’s therefore imperative to have a strong presence in online spaces where your consumers are, especially in an age where people look up reviews of items before purchasing them. A social media page also makes a business seem more legitimate, as it gives potential customers a glimpse into their brand. The most successful social media pages generate engagements by regularly posting updates, interacting with the audience, supporting a social cause, and adopting a consistent tone and aesthetic.
Train your people
A portion of your budget should go into training your people and honing their talent. This will not only equip your employees with skills that allow them to do things more efficiently, it also helps mitigate threats to your business. For instance, training your employees on how to spot a phishing scam can save your company from a potential disaster.
Conducting training sessions also shows that you are committed to your workers and that you would love to see them grow. The new year is the perfect time to sit them down and discuss their career paths and development.
Turn to subscription-based models
In the past decade, we saw subscription-based models take over the entertainment industry, led by giants like Apple and Netflix. Your company should also be looking to partner with vendors that allow you to purchase their services on a per-month basis, giving you the option to scale or cancel a subscription anytime. Avoid signing long-term contracts that may hold your growth back. Vendors tend to be complacent in delivering quality service when they know that you can’t break an agreement.
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Prepare for remote work
Remote work is the new norm. In fact, as of 2020, 83% of US businesses have introduced a flexible workspace policy, or are planning to.. Prepare for this change by investing in infrastructure that will empower remote employees, such as laptops and stable Wi-Fi. You should also start drafting a formal remote work policy if you don’t yet have one. Consider the baselines of your productivity and the tools your employees will need to get work done. Also consider the cybersecurity threats that remote work will bring to your company, which leads us to the last point.
Invest in cybersecurity
Forty-three percent of cyberattacks are aimed at small- and medium-sized businesses (SMBs). Unfortunately, only 14% of SMBs are equipped to deal with them. If you don’t fortify your defenses against cyberattacks, it can cost you up to $150 per record lost. For your peace of mind, as well as for compliance purposes, partner with a managed cybersecurity provider that can give you a worry-free, proactively secured IT ecosystem. Choose one that offers a holistic cybersecurity package, from malware detection to robust backup and disaster recovery.
Terminal B is a national IT services firm based out of Texas. From cybersecurity to cloud services, we have you covered. Our wide range of services allow you to leverage technology to streamline your operations, facilitate your regulatory compliance, and ultimately boost your bottom line. Discover how we can take your business further in 2020. Get in touch with us today.