We live in a time where a lot has changed in our lives with the advancement of technology in the last 20 years. If you opened a business, even just ten years ago, the way we buy and sell things have changed so much.
As a business owner, you need to know how to adapt and respond when the world changes in order for your company to last in the future. Every so often, it’s good to update your business and make it fresh again.
If you feel your business might need to become more digital, continue reading to find out more!
Update Your Payment Methods
A cash-only business is a thing of the past. At this time, we use debit, credit cards, and digital wallets more than ever before. We’ll likely be moving farther away from cash in the years to come as well. It’s been reported that only 14% of people are using cash as their favorite payment method.
If you’ve been holding on to your cash-only business, you might want to think about updating because you can lose potential sales because people are carrying little cash and rely on cards a lot more.
You might be worried about an old dog learning new tricks, especially if you’re not super tech-savvy. The experts at Shinepay reassure you that “accepting mobile payments on your machines has never been more simple, reliable, and cost-effective.”
Start with accepting one form of payment, then branch out to more. There are a lot of systems now that are easy to use and come with detailed instructions and a customer service number to assist you.
You’ll boost your sales because more people will be able to buy your products.
Promote on Social Media
Social media has really changed how people buy things. It’s a great platform to use for advertisements for your business because so many people already use it, so you’ll know people will see it.
You should think about your target audience when deciding which social media site you’ll launch your business on. If your business is more aimed towards older folks, Facebook is the way to go. Why might you ask? It was reported that 79% of people the ages of 39-49 were active on Facebook.
If you have a younger target customer base, then another social media platform will be better. 72% of people ages 13 to 17 and 67% of those who are 18 to 29 were reported to be using Instagram more than other sites.
Once you find your social media platform, you can use it to promote sales or events. If you create events that are for a good cause or a charity, then people will be more likely to come to your business and buy from you. Using social media to get the word out is a perfect way to gain clients!
You may be keeping excellent records of your sales by writing it down, maintaining paper receipts filed, and tracking your inventory in a notebook. However, if you really want to update your business, digitizing your accounting system can really make the difference.
Doing this will keep you organized, and all of your documents will just be a click away. There are lots of free programs you can use that will do the math and create reports for you automatically. This will make your numbers more accurate because there will be fewer human errors.
Also, by doing this, when it comes to tax season, you’ll have all your income and deductibles already calculated. If you’re audited, then you’ll have all the information the IRS needs.
It will also be a great visual for you to understand how you’re spending your business money, which products sell the most, and where you could cut back on.
These digital accounting systems have so many features. It might seem overwhelming at first, but in the years to come, you’ll see how much more accessible and organized it is.
The Bottom Line
There’s no doubt that as a community, we’ll be moving more and more toward the electronic and digital ways in the years to come. If you’re still stuck in the past and are doing things by paper, it might be time to do some updating.
You don’t have to do it all at once. Little by little make the transition, and in no time, your business will be entirely up to date. It’s a great idea to add many payment methods, start a business social media account, and move to a digital accounting system. You’ll see your sales boost once you make these changes!