Published on August 30th, 2016 | by Guest

Technology and Your Business: What You Need to Know to Survive

We all know these places, they come in all different shapes and sizes and like fingerprints, each one is unique. Some of them are red, some are blue, and others are a combination of multiple colors making it hard to look. But whether or not we visit these places, there’s no denying their existence. That’s right, I’m talking about businesses. Product merchandising is all around us, and just like the internet: it’s nearly impossible to escape from.

As a customer, I’ve always respected small business owners for a couple reasons. For one, they typically have to work harder to gain the attention of customers using things banners, lanyards, and fabric display. They also tend to show more compassion towards their customers as opposed to larger franchise corporations, which gives them the ability to build relationships with customers and find out what they really want. In other words, cater to their consumers on a personal level.

Here are some helpful things to keep in mind throughout the process.

Things Small Business Owners Should Be Aware Of

1. Security

Security for any business, as you know, is important. They protect your merchandise from potential robbers, and they also make sure the shopping environment isn’t just safe for buyers, but safe for owners as well. Although security guards are necessary, there’s a type of security, most shop owners overlook. It’s called cyber security.

“What’s that?” you ask.

Well, think of your business like the human body, with hackers (much like viruses) attacking you and looking for a way break in. They develop new programs to steal information and compromise systems the same way viruses try and kill off bacteria to prevent your body from fighting back. Leaving you (the owner), vulnerable by exposing bank information, consumer information, and in some cases, personal information. So it’s important to stay up to date on your antivirus, and always double check your files to make sure everything is going according to plan.

2. Make Your Presence Known

According to Mark Alfieri, the founder and CEO of Brandstar, “entrepreneurship” is the key for any business to succeed. To put it differently, get out there and let the community know what separates your employment from everyone else’s. “A real sense of purpose,” Alfieri said, “one that goes far beyond paychecks and making money.” Before you open the doors to your business, make sure you know your target audience, and figure out what makes your place unique.

3. Use The Media To Your Advantage

For business owners today, promoting your company couldn’t be easier. You’re no longer restricted to newspapers, magazines, and yellow page books. You now have the option of going viral and promoting your business on the internet, connecting with billions of users from all over the globe. Things like Facebook, Instagram, Snapchat, and Twitter are just a few of the many ways you can keep customers up to date on items in the store.

Social media can help with:

Brand awareness and loyalty
Gaining insight about customers
Building relationships
Generate leads

4. Budget Forecast

There’s no shortage of ways we can spend our money: food, video games, clothes, and car maintenance of just a few of the millions money can be spent. With cash constantly walking in and out the door, it’s extremely necessary for business owners to know how to budget money using the 50/20/30 rule.

The 50/20/30 rule not only helps owners keep track of their spending, it also helps keep track of financial priorities. This can help cut unnecessary spending, and allows you to visually see where your money is being spent.

5. There’s No Such Thing As Too Much Planning

For small business owners in particular, it’s never a bad idea to plan ahead in advance. The constant flow of foot traffic is never promised, which could result in your company losing money rather than gaining it. Having a backup plan is vital to make it through tough times as a business owner. Setting money aside, and coming up with different ways to market your merchandise will help you succeed in the long run.

Another point that’s often times overlooked, involves training. Unless you plan to work alone, the way employees are trained will also help the company prosper. If the employees are trained the right way, and they enjoy their job, they will be willing to help out as much as possible.

Now that you’ve looked over some things to keep in mind before starting a business, the next step is turning your dream into a reality. The project won’t be easy, but it will pay off sooner or later.

About the author:

Cody Hill

Growing up Cody loved reading, and exploring the wilderness to get out the house. Throughout his childhood, Cody always managed to get his hands on books and loved playing with animals. Now, as an adult, books are still a part of Cody’s life and he loves reading them.

Cody is also a recent graduate from Boise State University, receiving a degree in English, Writing Emphasis. Today, if you can’t find Cody online reading articles, you can catch him watching football (go Seahawks!) or chasing his dog, Bruno out in the park.

Thank you again for taking the time to read my article. I would like to know, what are some tips you might have for people interested in starting a small business? Or how do you feel about smaller businesses versus larger corporations? I will be checking for comments, so feel free to express your thoughts and opinions.

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