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New Technology Can Help Small Businesses Thrive
Special to The The Truth
Only half of U.S. small
businesses survive more than five years, according to the
U.S. Small Business Administration. This data underscores
that small business ownership is no cakewalk.
Beyond the classic
entrepreneurial challenge of making and sustaining a profit,
small business owners now struggle to find time and
resources to adapt to new technology, say experts.
“The pace of technological
development is as staggering as the ever-changing ways that
consumers engage and utilize it. To stay competitive to
consumers and to employees, small businesses need to adopt
and incorporate online technology into their everyday
business operations,” says Seong Ohm, senior vice president
of merchandise business services at Sam`s Club.
To help entrepreneurs
navigate new technology and embrace the evolving business
operations landscape, Ohm offers six tips for small business
success:
• Speed up payroll: New
mobile and tablet apps make tedious tasks easier and more
efficient. For example, online payroll apps allow employers
to run payroll in under a minute, pay workers by direct
deposit, and e-file taxes.
• Protect your sales: The
latest payment processing technology can better protect your
business at the point-of-sale. Businesses relying on
magnetic stripe terminals face an October 1 deadline to
upgrade terminals to accept EMV chip-enabled credit cards,
which more securely protect consumers. To avoid bearing
liability for fraudulent credit charges, small business
owners can depend on merchant services experts to become EMV
chip card-compliant, affordably and without hassle.
• Be visible: Even if your
business is centrally a brick-and-mortar operation, the
importance of having an online presence cannot be
overstated.
It’s not enough to simply
have a website, you need to be discovered. Google frequently
changes the way it determines search results rankings.
Invest in search engine optimization (SEO) not once, but
periodically, to conform to Google’s make-or-break formulas.
A solid social media
strategy and mobile capacity for your site will also
positively impact your search ranking. Put the marketing
books away and lean on digital marketing experts to audit
your current online presence and build a strategy that works
for your budget and grows your customer base.
• Stay connected: You may
be the one pulling the trigger on big decisions, but that
doesn’t mean you are expected to know it all. Seek advice
from trusted industry peers or a local SCORE mentor through
LinkedIn and social media. Make time for webinars and
networking events. Most importantly, stay connected to
friends and family during times of stress.
• Get smart about taxes:
Set up a legal entity for your business online. This will
allow you to hold on to more of your income and increase
your asset and liability protections.
Business taxes can be more
expensive and complicated than personal filing, so find an
accountant that gets your business. You can greatly benefit
from the assistance of online accounting experts. They will
help you take advantage of deductions and tax credits and
assist you in filing your frequent, varied deadlines on time
to avoid penalty.
• Safeguard your data:
Small businesses are often targets of identity theft. Create
sophisticated passwords to protect sensitive information.
Consider investing in a protection service with
round-the-clock threat monitoring and recovery support in
case of fraudulent activity.
To tap into these
resources that will create efficiencies when starting or
running a business, visit SamsClub.com/benefits.
Don’t let the adoption of
new technology overwhelm you. Many of these services are
more affordable than you think, are easy to update and offer
anytime, anywhere access to experts. These tech tools can
swiftly fuel your business operations, streamline processes
and save you time and money.
Courtesy StatePoint
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