In a recent survey of more than 1,100 U.S. small businesses, Wasp Barcode Technologies produced a State of Small Business Report that reports on some of the distinct challenges that small businesses face in 2016. Inc. summarized the report which shows some of the top challenges for small businesses include hiring new employees (50 percent), increasing profit (45 percent), employee healthcare (43 percent), growing revenue (43 percent), and cash flow (36 percent).
While many of these concerns will continue to keep entrepreneurs up at night over the next few years, according to Greg Petraetis, Chief Operating Officer, Midmarket and Partner Ecosystem, for SAP North America, there are four emerging issues that will surface over the next five years; keeping up with and managing technology is at the heart of several of these concerns.
1. Customer retention
Retaining an existing customer can mean more to the bottom line than a new one. According to Bain & Company, a 5 percent increase in customer retention produces a more than 25 percent increase in profit.
Petraetis writes, “To reduce churn, you need to be agile and aware of your customers’ wants and needs. New technologies are emerging to help small business owners better understand their customers at an affordable price. It’s helping them quantify data and make smart business decisions.”
How Sinu helps: Sinu offers a number of free Business Intelligence reports to help inform your business decisions, and because we work with hundreds of customers from all industries, we are well versed in a number of solutions that might best help you anticipate your customers’ needs.
2. Developing the right culture and brand
For small business owners, developing a culture that reflects your mission and vision and helps attract and retain both customers and talent is critical to success.
“Whether it’s building a workplace that is diverse and inclusive, defining and executing on your mission of doing business responsibly, or building the culture that you want your business to reflect, building your business’s image will soon be a top priority versus a ‘nice to have’,” Petraetis explains.
How Sinu helps: By providing reliable technology and unlimited support, Sinu contributes to a company culture that supports employee productivity, less stress and overall satisfaction.
3 - Cyberattacks
According to the S.E.C., 60 percent of all targeted cyberattacks in 2014 struck a small- or medium-sized business. This number is likely to grow in the coming years as hackers become more sophisticated and businesses move mobile. These attacks are reported to have devastating effects: 60 percent of small businesses go out of business within six months of a data breach and it costs on average $690,000 to fix the damage caused by a cyberattack.
How Sinu helps: Sinu provides automatic backup of your desktops, network and email to help mitigate the risk of a breach. We also offer laptop backup and can help secure your mobile devices. We can quickly restore your data and you are always protected with the latest antivirus, anti-malware and firewall solutions. We can also help you create policies that support data security for your organization.
4—Finding qualified, tech-savvy employees
While finding and keeping good talent has always kept small business owners awake at night, they now need to look for employees who are fluent in technology. Whether its sales, marketing, customer service or product design, technology is critical to success. If you’re not utilizing the best, most reliable tech tools and resources, your competition likely will and that will give them an edge.
How Sinu helps: Sinu is your tech-savvy team. We can take the burden of managing the increasingly complex technology solutions so critical to core operations today off your plate. Sinu has already tested solutions so you know they will be reliable AND supported 24/7 by our team.
While Sinu cannot help with all the things that may keep you awake at night, we are uniquely positioned to be your tech partner and can help alleviate some of the concerns of small businesses owners. We can help you find the best IT solutions for your company, provide day-to-day support to keep employees productive, and secure and monitor systems so problems are prevented before they occur. Contact us to find out how Sinu can help.