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2020 is still likely to be a great year for the economy despite what some in the media think is a recession looming over the nation. But there are many changes that have taken place and will continue to take place that business owners should be aware of, and here’s a few strategies they may want to consider implementing for their businesses.
Consider What Kinds Of New Technologies You Want To Utilize
Some businesses are a little reluctant to buy into new technology because they aren’t sure if it’s worth the cost. You definitely need to be able to test new technologies you’re considering buying and research what your potential ROI could be, but if you fail to change any part of your business and adapt to the new technology landscape, your competitors probably will and then pass you by as a result. Many new technologies that are becoming a part of today’s retail spaces are cashless electronic payment systems, advance ordering and delivery, integrating apps into the shopping experience and many new disruptive services. That doesn’t mean you have to do away with all your old legacy systems, but you should be aware of how profitable new technologies can make sales.
Evaluate And Implement A Great Marketing Plan
To begin a phase of growth and get where you want to go, you have to be ready to implement an innovative marketing plan that can bring positivity and enthusiasm about your brand to your customers. Old marketing methods aren’t done yet because after all, customers will still read flyers and brochures if you pass them out, and people still listen to radio and watch TV. But word of mouth also tends to spread online as well, and it’s here that people like to gain information about your business. That’s why you should have a plan to use SEO marketing, social media, email and an online reviews page to get your message out.
Have A Plan In Place For Emergencies
Any business owners will tell you that there will be times where you have to balance your business finances and personal finances. It is wise not to mix both. So, what do you do in the case of a sudden personal financial crisis, such as an unexpected emergency auto repair, when you have invested most of your savings into your business? If you find yourself in times of unexpected personal financial need, but are short on cash, you could consider online loans from direct lenders. Just as in business, there will be ups and downs in life. It’s best not to let your business go underwater to cover an unexpected personal expense.
Have A Plan For Managing Employee Slow Periods
Like every year, 2020 will probably have a few fast-paced and very slow periods you have to get through. This usually means taking a close look at your budget and sometimes having to make cuts or looking at how you can manage your employee tasks a little differently. Sometimes it pays to reassign employees to new tasks when your budget gets a little tighter, and sometimes you have to cut down on temporary or seasonal employees. But using down periods to take up projects that have been put on the back burner and encourage further employee training can help you get through these times.
As 2020 approaches, you can go into it fairly confident about the direction of your business if you’ve taken the time to review your finances and know what kind of risk your growth plan entails. But always be willing to adapt if things don’t quite go the way you had hoped.