According to a report by the World Bank, small and medium enterprises would need an estimated 600 million jobs by 2030 to accommodate the growing labour force in the world. While excellence was an option a long time ago, now it is a necessity in a highly competitive marketplace. As challenges of small businesses are mounting, you have to find your own solutions. Here is a list of ways to boost the performance of your small business in 2020.
Get Small Business Insurance
The role of small businesses in India cannot be emphasized too heavily. In fact, 65-75% of all the innovation in India are coming from small businesses. A whopping 95% of industrial units in the country are actually small businesses, and these businesses contribute an estimated 40% of all exports from India. With the ever-increasing number of small businesses in India, more and more of these businesses will contribute to the country’s labour force. However, entrepreneurs need to focus on growing their business and protecting it through insurance.
According to Cerity Insurance, no employer should live without workers’ comp insurance coverage for his employees. You should choose an insurance company that is smart, easy, and AI-based. It is only a good insurer that entitles you to expert support and assistance. It also provides you with a 5-star Google rating guarantee from over a century of experience. You should choose an authority in handling your worker’s compensation insurance for the protection of your finances and business operations.
Make Efficiency a Rule
Based on a report in India Times, small business start-ups have been relying heavily on AI technology for the past five years. Also, the estimated size of the AI market in India may reach $89.8 Billion by 2025. This is a huge difference from $11.3 Billion in 2019. As the competition toughens among small businesses, you should look more into AI because AI is synonymous with automation. Automate your accounting, tax prep, customer service, and email marketing.
Get Skype and other online messaging programs leverage your communication process. Boost your productivity with collaboration tools. Most of all, employ more mobile payment options online.
Manage Social Media Marketing
Based on the article in the 2017 issue of the Journal of Business Research, social media marketing is essential to a small business enterprise but the company should have social media guidelines. If the managers do not define these guidelines, then employees would be able to write anything about the company on the web. While basic and advanced social media marketing is easy, the one thing you need to do is to manage it.
With social media tools, you can tap into the millennial and Gen Z markets, but you need to give it direction. Build a new email marketing list from the ground up. Also, encourage clients to provide online reviews.
Prioritize Security Enhancement
A report from The Hindu Businessline reveals that the Indian government has experienced an estimated 207 websites attacked from 2016 to 2019. These websites were those of the Central Ministries and State Governments. The aim of these hacks is naturally to cause confusion and disinformation.
As the small business industry becomes more and more competitive among many entrepreneurs, there will probably be more and more incidents of hacking. Thus, there is an increasing need for Cloud-based security platforms and more sophisticated data encryption software.
Whether you’re a new entrepreneur or a business expert, your small enterprise can benefit much from current technology. Choose easily scalable platforms for your business while you enhance its overall AI structure.