3 Things That Can Impact Your Business in 2021

The dawn of a new year is well underway and what a ride 2020 was. Covid-19 has impacted each and every one of us. Some have come out worse than others and businesses of all types and sizes have suffered losses

But with 2021 comes new hope, and if you are lucky enough to still be in business, there are a few things you can do right now:

1. Implement the correct IT infrastructure
2. Manage inventory
3. Actively engage on social media

These three factors play a crucial role in any modern business and knowing how to manage these effectively can be a game-changer when it comes to business management.

1. Developing an Efficient IT System

Developing an efficient IT system is not an easy thing to do. Many business owners think that purchasing off the shelf software such as Windows and then installing MS Office for all their needs is good enough. But not only do such packages offer inadequate solutions, they often contain widely known vulnerabilities that can be exploited by hackers.

Every business is different and has different needs based on several factors such as their client base, what they actually do and who uses the system. Dealing with many clients might require adhering to strict confidentiality procedures as is the case with private medical or legal offices.

This is where it comes in handy to learn more about what managed IT services can do for you. Not only do most of these companies provide tailored solutions, but many can provide industry-specific software and security procedures based entirely on your type of business.

Regular data backups and vulnerability protection of your IT system are vital should the worst occur. The average cost of repairing a network breach can cost a business around $80,000 and the most basic forms of cybersecurity such as antimalware suites and employee security training can greatly reduce the chance of this happening.  

Such solutions usually provide regular backups of your data, 24-hour support and hardware upgrades to keep up with the latest technologies.

1. Controlling Your Inventory

Next to workforce management, inventory control is perhaps the most important part of your business. In order to maintain the business, you always need to know your inventory metrics such as stock control, monitoring and protection.

Controlling stock properly means that you can confidently distribute any product with the assurance that the current supply of stock always meets demand and that the chance of surplus is reduced. Too much stock is an unnecessary expense for any business while offering too little will reduce consumer confidence.

Actively monitoring stock ensures that none of the negative effects of poor stock control can occur. Realtime movements need to be logged while future forecasts of supply vs. demand should be observed at all times.

The protection of any stock is vital to keeping up with the demand for any product and protection comes in different forms. Cybersecurity should always be a priority when protecting stock and not just physical protection.

Of course, any stock needs to be physically protected as well, so investing in good security systems such as CCTV monitoring, electronically authorized locks and secure areas can all contribute to the safeguarding of stock against would-be thieves both internally and externally.

1. Actively Engaging in Real-Time

Developing a web presence in this decade has become a necessity rather than an option. Companies that don’t currently have a web presence will not profit as much as those who do. In the digital age of extremely fast information, getting your message out and engaging with potential customers is just as important as any advertising campaign.

Social media sites such as Facebook and Twitter are two prime examples of engagement-ready platforms that can add instant value to your business. By reaching potential audiences with small bits of information, you can say what you want to say very quickly and easily.

Posting to social media sites is all well and good, but real-time engagement can add tremendous value to your online presence. People feel closer to a company that actively engages with them and this helps to build brand loyalty since they won’t feel that they have been left in the dark.

Many of the best companies for engagement such as video game companies, fashion magazines and tech companies will often provide 24-hour engagement following an important post such as an announcement or product launch. This not only provides engagement with loyal customers but provides the opportunity for your company to actively gauge how your customers feel about your brand. 

The power of engagement cannot be underestimated.