Today's small business environment is always shifting, so what worked only several months ago could now be outdated and inefficient. In many cases, the business itself isn't ready to change with the times, and that could lead to serious problems down the line for the company.
Instead of becoming a small business owner who is stuck living in the past, it might finally be time to take a look at the new trends that have emerged in the corporate sphere. Thankfully, there are a number of fresh ideas and concepts that can invigorate a business banking account.
To get started, here are four must-do changes for any small business:
1. Reevaluate the planning stage
For many companies, creating a financial plan requires long meetings and time-consuming discussions. However, this isn't always needed today. According to Entrepreneur magazine, consider eliminating these specific aspects and instead focus on implementation and execution. If the financial plan looks long-term, it may need to be revised. Few companies can truly predict several years down the line, and it can actually be more beneficial to adopt a "what have you done for me lately" mindset.
2. Ramp up face time
Every company thrives on its people and quality relationships, which makes it surprising that so few businesses spend a lot of time meeting face-to-face. To avoid this problem, spend a good amount of each day meeting with customers, partners and other involved parties, the news source noted. Small business owners should be talking to as many people as possible, and delegating this important role could have negative consequences.
3. Create better training programs
Once, great employees were created, not found. Today, too many employers try to find the perfect fit and are then angry when the hire doesn't work out. Hunter Hoffmann, head of U.S. communications at small business insurer Hiscox, told Business News Daily that this should change. Take the time to improve employee skills and knowledge by offering training days, attend a conference or spend time researching online.
4. Take advantage of new social media
Social media is a cost-effective, valuable resource for any small business. According to Hoffmann, one of the best out there right now is Google Plus. This site can boost search engine optimization, has an increasing user base and is growing in value for companies. Finding other social media sites besides Facebook and Twitter could be one of the best ways to make money in 2014.