• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

Small Business Tips for Success In the Age of Digital Disruption

By Corazon Gritar

small business tips for successSmall businesses are a major driver of innovation and progress in the US economy. In fact, there are approximately 28 million small businesses in the US alone, making up 44% of U.S. economic activity.

But despite their strides toward innovation, small businesses are still struggling with how fast markets and consumer demands are changing. Big companies often have more resources to catch up with trends and create solutions compared to small businesses.

The good news is that there are many different strategies you can use to help mitigate those struggles to give your business room to grow.

Plan for the future, prepare for the worst

We currently live in an age of digital transformation, which means an age of disruption for many industries. Automation has provided many benefits to businesses. For instance, organizations who used marketing automation saw a revenue increase of 10% in six months.

However, these kinds of changes can also cause small businesses to fall behind if they don’t have the means to keep up. That said, it’s important to plan ahead for the future and ask your business what’s next.

But it’s also important to prepare for the “what ifs.” You can’t count on the status quo to continue or you risk being left behind.

Embrace new changes

There are big changes happening in the market and in consumer demand right now. But instead of looking at those changes as major challenges, consider embracing the disruption they’re causing in your business.

Look for new ways to improve your services and expand your capabilities like changing your business model to go after a new goal. It can be scary to scrap a business model for a fresh approach. But if you plan accordingly and use your business’s size to be agile, you can take your small business to new heights.

Embracing new changes doesn’t have to mean changing your business model, though. You can embrace new, smaller changes that have just as big an impact.

One major change many small businesses are making is allowing their employees to work remotely. This is because two-thirds of managers agree that employees who work remotely actually increase their overall productivity and brings more employee satisfaction into a job performance. With 57% of organizations viewing employee retention as a problem, whatever moves you can make to keep a productive employee in place should be considered. And with so many businesses working digitally nowadays, partially remote work has become a viable option.

Secure and analyze your data

One dangerous disruption that the digital revolution has caused is an influx of data breaches and cyber threats. Since the Equifax data breach, clients have been on their toes and more suspicious of the companies they work with.

Cyber threats can not only drain your business’s assets but they can also keep your clients from trusting you again. Be sure to protect your resources by updating virus software and maintaining IT security at all costs.

When your data is secure, you can use it to your advantage by leveraging it to gain insight on what’s working for your business and what isn’t. It’s worth investing in technology that can benefit your clients and reduce friction in your business.

There are a lot of changes taking place in the economy, but that just means consumers are more open than ever to try new things when you’re open to providing better service. Don’t be afraid of disruption. Instead, let disruption work for you.

Photo Credit: stock photo

April 25, 2023

Comments

  1. 1

    Jimmy J. says

    I think everything posted made a lot of sense. However, think about this, what if you composed a catchier title? I ain’t suggesting your information isn’t good. It is. But what if you added a headline that makes people want more? I mean “Small Business Tips for Success In the Age of Digital Disruption” is kinda boring. Just my opinion.

    • 2

      Len Penzo says

      Interesting theory, Jimmy J. — then again, you not only clicked on the article, despite the “boring” title, but you also spent a few minutes crafting a comment. Think about that. Then think about what that says about your theory. (Hint: It’s a bunch of poppycock.)

Trackbacks

  1. Distributed Meets Growing Demands Through $1.9M Seed Funding from Fuel Ventures – Len Penzo dot Com says:
    November 30, 2019 at 12:36 pm

    […] businesses should focus on their own core competencies and use the Distributed platform to create better digital products for their […]

The Question of the Week:

Will you be taking a summer road trip of 500 miles or more this year?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: The Sky’s the Limit
  • The Difference Between Real Wealth and Paper Wealth
  • Savings Tips for High School Grads: 6 Ways to Kick-Start Your Savings
  • Shopping In the Modern Age: Does the Internet Encourage Overspending?
  • 9 Ways to Ensure Your Road Trip Sucks
  • Black Coffee: Tick Tock Goes the Debt Clock
  • Grandfather Says: The Continuing Chronicles of Elaine, Part 15
  • How to Determine If Your Artwork Is Valuable
  • 6 Ways to Clean Out Your House for Cash This Spring
  • 12 Good Reasons Why You Should (and Shouldn’t) Pay Off Your Mortgage Early

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. How to Fix Your Finances Without More Money
  2. 2. 34 Financial Tricks to Help You Retire Early
  3. 3. Why Coffee Drinkers Waste More Than Money at Starbucks
  4. 4. How Smart Couples Save Money by Gaming the System
  5. 5. Effective Negotiating Tactics Everyone Should Know
  6. 6. Credit or Debit: Which One Is Actually Better?
  7. 7. Is the Payback Period on Energy Efficient Lights Too Long?
  8. 8. Why Paying Off the Mortgage Early May Be a Big Mistake
  9. 9. Historical Gold & Silver Benchmarks for Wages and Commodities
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2023 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2023

x
x