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Small Business Essentials

The recession has discouraged entrepreneurs from engaging in business for fear of huge and unexpected losses. To this day, nearly six years since the credit bubble burst, the economy has not fully recovered, and consumers and financial institutions continue to feel the repercussions. Managing a business effectively—even a small one—can help owners recover their losses and protect themselves from future economic disasters.

Operational Efficiency

Who says small businesses can’t manage huge workloads? Careful choice of equipment and strategy can get a small office running like a sizeable firm. After getting the business address and phone number down, it pays to think about how best to deal with business traffic. Small office phone systems bring the capacity and efficiency of large call centers to small businesses. Traditional offices have numerous extensions hooked together to enable call transferring. The better way to go about it is to have a system that provides for voicemail, phone conferencing, and smooth transfers. Modern office equipment makes these options available for low monthly fees.

Incentives for Employees

Small businesses with 50 employees or more are required to provide health insurance for their employees. In return, they become eligible for tax credits under Obamacare. Health insurance and other incentives such as paid leaves can be taxing to a small business, but they help attract the best people to work for you. In the long run, this will profit the business as well, especially in terms of quality of work output and customer satisfaction.

Social Media Marketing

It’s imperative for today’s businesses to have an online presence. Customers are more likely to look for you online rather than in person or in the yellow pages. It would be ideal for your business to have its own website, but if it isn’t workable yet, you can start with a blog or a Facebook Page. Blogs are a better option because they are highly customizable, and you can always convert it into your business website in the future.

Cloud Integration and Security

Various business software allow you to automate many of your day-to-day processes, which saves you time and money. It’s also a smart move to back up all your important data online through Cloud computing—this way, you will be able to access your transactions and other data from practically anywhere with Internet connection. However, this can also place your privacy and trade secrets at risk, so be sure to invest in solid online security as well.

Smarter Financial Strategies

Be wary of shark loans and deals that seem too good to be true. Everyone is trying to find a way out of the recession, but not everyone is above taking advantage of others. Decent loans are difficult to come by, especially for small businesses. Consider investing in your existing banking relationships and alternative sources of funding.

Success in business is not impossible to attain even in a time of recession. Increased spending and economic activity will help get the economy back on its feet, and small businesses have a big role to play in making this happen.