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5 Trends Small Businesses Shouldn’t Ignore

Back in the old days, businesses might have been able to survive solely thanks to a decent shop sign and local trade.

But now business behemoths and chain stores are cropping up everywhere and cutting out the little guys.

Even if the product or service you’re selling is absolutely incredible, it can be a challenge to get the recognition you deserve in order to sustain and grow your small business.

No matter what your trade is, small businesses must adopt these trends in order to survive.

1. Branding

Branding is everything: It’s the first impression, the message you want to communicate to your customers and your platform for growth. A mediocre sign could be the difference between a bustling trade and zero customers.

Consumers have been trained to expect beautiful, engaging and innovative branding, so your business has to stand out. It has to accurately convey what you’re selling as well as the way you’re selling it.

Many small business owners say that they can’t afford to do branding, but really they can’t afford not to. Sixty percent of consumers prefer to buy new products from a familiar brand rather than switch to a new brand. Creating a recognizable, consistent and attractive brand is the first step to small business success.

2. Going Digital

While there’s certainly been a resurgence of interest in shopping local, hoping that passers-by will pop into your shop probably isn’t going to be enough to secure a generous profit margin. Getting your name out there online is essential.

For those of us who aren’t web-savvy, this can seem like a daunting task, but a website is an absolute must for all businesses. Fortunately, you can hire a web design team to get you set up with a basic template.

For those who feel up to the challenge, there are plenty of DIY guides available. Getting the basics right is essential for a successful website. Remember that the better your website is, the longer users will browse and the more customers you’ll have.

3. Being Social

Putting your small business on the web is one thing, but actually getting people to visit your site is a whole different ball game. The emphasis here is very much on using social media as a way to engage with your target consumers and promote your brand and business.

Google My Business gets your business listed on Google Maps, searches and helps potential customers find the location of your store or service. When it comes to other social media platforms, different approaches benefit different businesses.

If you run a salon, then using Pinterest to pin beautiful styles could attract customers. On the other hand, if you’re a painter and decorator, a Facebook page can be a friendly way to engage with customers and post information about your projects.

4. Investing in Software

Running a small business means that often certain responsibilities, such as HR tasks, are delegated among other employees. For example, an admin worker may be involved managing staff holidays.

While this might work well short-term, small businesses usually find that delegating these tasks to employees who have other responsibilities results in lower productivity and increased stress. A good way to get around this without breaking the bank is to use online software to lighten the load.

Small businesses can invest in accounting software to record invoices and track payments, HR software which monitors staff sickness and plans staff leave, and even online training programs to improve your staff’s skills.

5. Outsourcing

There’s no doubt that small business software can make your life a whole lot easier, but as your business begins to grow you may need to consider outsourcing. The freelance industry is growing rapidly, and many businesses are realizing the advantages of outsourcing project-based work to professionals who have the skills and knowledge they need.

Outsourcing can keep costs low while ensuring projects are done quickly and efficiently by skilled workers, leaving business owners and in-house employees to focus on the core business. Human resources, public relations and admin work are the most commonly outsourced services.

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What trends do you think would help small businesses?

(Photo by Independent We Stand / CC BY)

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Reasons Why You Should Retire Now

Most of us have to work.

This is how we put a roof over our heads, food on the table and care for other personal needs.

Nothing in life is free, and it takes income to do just about everything.

But although many people have jobs, you might be plotting your retirement as we speak.

According to CreditRepair.com, “Retirement kicks in for most people at around 65 years of age, when they cease working and live off of money saved up during their lifetime.” However, there’s no rule that says you have to wait until you’re much older to leave the workforce.

It doesn’t matter if you’re in your 40s, 50s or 60s, your circumstances might make it possible to retire now. Retirement planning is crucial, and the earlier you start saving your money, the sooner you can stop working and start living your life to the fullest.

Of course, you shouldn’t jump into retirement prematurely. The last thing you want to do is retire and then realize you can’t survive on your retirement income. Narrowing down the perfect time to retire can be challenging, but there are clues to discern when the time’s right.

1. You’ve Paid Off Your Debts

You don’t have to be debt-free to retire, but the less debt you owe, the easier it’d be to survive on less income. Depending on how much you’ve saved over the years, your retirement income might only be half, or a little more than half of your regular income.

When deciding whether to retire, take a close look at debts like your mortgage, credit cards and auto loans. You’ll want to pay off as much as you can, especially larger balances that eat at your cash.

2. You’re Ready to Follow Your Passions

After working 20 or 30 years in a particular field, you might be ready to spread your wings and follow your passions. Many people are stuck in jobs they don’t like. These jobs might pay the bills and provide an opportunity to grow a comfortable nest egg, but there’s no personal satisfaction.

Since we only live once, you owe it to yourself to be happy. So if you’re in a position where you can retire now, take advantage of this opportunity and use your free time to start your own business or follow your dreams.

3. You’re About to Lose Your Job

If your company is downsizing and you’re about to lose your job, early retirement might be more attractive than starting over at a new company.

Between a severance pay and retirement plan distributions, your monthly income might be more than enough.

Will You Be Financially Stable?

It takes more than a “desire” to retire. You need to count the cost and make sure you’ll be financially stable in retirement.

Take a look at your monthly expenses and calculate every single expense from auto insurance to buying food. Some people make the mistake of retiring too early. As a result, they’re forced to downsize or sell possessions in order to drum up extra cash or live within their means. You can avoid this scenario by having a clear understanding of your personal finances before retiring.

Speak with a financial adviser to get an idea of what you can expect from monthly retirement distributions based on how much you’ve contributed to your 401(k) or IRA over the course of your career.

Next, take into account income you’ll receive from Social Security benefits (if eligible), as well as funds in your savings accounts, certificate of deposits and money market accounts.

Based on your potential income and current monthly expenses, you can determine whether you’ll have enough income to survive financially.

If you plan to seek part-time work after retiring from a full-time job, estimate potential earnings based on the type of job. This income can supplement your retirement income providing an additional cash cushion.

Bottom Line

There’s no way to know with certainty how your finances will fare in retirement. However, using a retirement planning guide to prepare early can ensure you save enough to maintain your lifestyle. Additionally, you can increase financial stability by spending your money wisely and avoiding new debt after retiring.

(Photo by Daniel Condurachi / CC BY)

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