Small Business Owners Should Stay Updated

Every small business owner should take the time to learn new technologies and updates to existing business aids. He or she should stay abreast of the most efficient and expedient ways to conduct small business activities. Every day there are new developments making the business world an easier place to navigate and function.

Stay On Top of Business Trends

Subscribe to your most prominent industry publication or your trade journal. Join your local union, if your industry has one. Network with other members of your industry and its supporting industries.

Take refresher courses to keep you up-to-date on important functions in your business. For instance, if you are involved in non-emergency medical transport (NEMT), take a NEMT Transport Specialist Online Refresher Course. By completing this training, each student will be nationally certified and recognized as a professional within the industry.

Also, you could interact with your customers using surveys, employee rating systems, comment boxes, and actual conversations when you are face to face with them. Keep an eye on your competition to see what may be catching on with the consumer.

Business Accounting

Computer accounting has existed since the 1980s. Accounting software can collect data entered, record, classify and summarize it for making financial decisions. Computerized accounting makes the process more accurate, data more accessible, reliable, scalable, speedier, cost-effective and visual. When new accounting software becomes available, a small business owner should consider whether or not it could better serve his needs than the system he is currently using.

New Accounting Systems to Consider

• Sage50Cloud is accounting software that is integrated with Office 365 and allows you to work remotely, syncing your bank account and interacting with your vendors and contractors.
• Quickbooks Enterprise offers accounts receivable, accounts billable, and invoicing, purchase orders and tax management. This software can be designed for your specific industry and can grow with your business.
• Sage Intacct provides comprehensive financial consolidation, illustrates the core financials: general ledger, accounts payable, accounts receivable, order management, purchasing, cash management, communication between departments, reporting, and digital board book.

New Business Laws

Business laws issued by the city, state, and federal government change all the time. It is imperative that a small business owner stays aware of the laws pertaining to his business. A good small business attorney could provide that information to the owner as needed. New employment laws must be adhered to strictly. For instance, employers must stay aware of the laws governing the minimum wage. In California, the minimum wage was increased in 2020 for employers with 26 or more employees to $13.00 per hour. If there are 25 or fewer employees, the minimum wage will be $12.00 per hour.

New Industry Technology

With every industry, there are methods of creating or developing a product or service. Some of these industries rely on technology. For instance, in the transportation business, there is the Global Positioning System or GPS. This system tracks the location of shipping trucks, limousine drivers, and actual shipments. LocationSmart goes far beyond the capabilities of GPS. Its a comprehensive location platform that offers asset tracking, verification, compliance, cybersecurity and operational efficiencies to businesses. LocationSmart will use your computer’s IPO to locate you, allowing the verification of where you are.

Consider Expanding or Growing Your Business

Expanding your business to include a larger inventory or another service requires you to do your due diligence. Before you take the leap, dip your toe in the water. Start out slow. Begin with a small inventory of the new item and watch how it sells, or only offer the new service for a limited time and advertise it well before the service starts. Watch and see what happens. If sales are good, consider adding the item or service to your regular offerings. If the service demands you hire new employees, try to start them out on a part-time schedule with limited benefits.

Should You Automate or Not?

Whether or not you should automate depends on the business you are managing. Most businesses rely on some form of automation. However, if you are considering becoming primarily automated with a reduced number of human workers, you’ll have to look at how that system will be maintained. You will always need a production specialist, an automation mechanic, and employees to remove the automated production, package and ship it, or place it on the store shelves. The cost of automation should be compared to the value of shifting to that form of operation. The first question you should ask is how many years will it take for you to begin to earn a profit after the initial expenditure? If it makes economic sense, make the change.