2020 has begun, and if you are a small business owner, you know that this means opportunity. You likely have goals for the year, and to realize them, it will be important to consider specific ways you can maximize your profits, cut your costs, and produce the best outcomes. While some ways of reaching your goals may be obvious, some may be less so, and that’s why we are here to help you. From tech options like the Poynt Smart Terminal to streamlining processes, here are some tips for improving your small business this year.
In 2020, a great way to help your small business will be looking for ways you can trim the fat. That doesn’t mean you have to eliminate items or services that you need, though evaluating what your needs really are is a great place to start. Instead, you can start looking for more affordable solutions. For instance, consider replacing costly programs like Microsoft Office with cheaper or free alternatives. You can look for affordable alternatives to pricey options in accounting software, project management, and telecommunication services. Replacing costly services with cheaper or free alternatives and reducing unnecessary recurring costs will be a great way to help your business this year.
For many small business owners, there may be a tendency to try to have your employees on-site during all working hours. In some businesses, this is necessary. But there are also many situations in which providing more flexible alternatives may be feasible. If this is the case for your business, then you may want to consider offering flextime or telecommuting opportunities to employees. According to studies, this is likely to increase employee satisfaction, and even improve productivity and increase profits.
When looking at ways to help your business this year, it will be natural to consider profits and up-front costs, but there are some costs that you may not be accounted for. Fraud can be very costly, and it is important for you to look for ways to reduce or eliminate it so that you can make the most of the year. At Moolah we take fraud protection seriously, and because of that, we provide DataGuardian fraud security with every account.
Because you are dealing with private customer information, you know the importance of security for your business. Though we have discussed fraud protection, there are other security risks your business may face. There are many ways to increase security, including providing training to all employees, which is something we highly recommend, as well as staying on top of PCI compliance standards. However, a simple way to monitor and improve security is by conducting security audits. If you want to make the most of your year, make sure routine security audits are part of your business plan.
There are many reasons to consider replacing your traditional card reader with a more advanced option, like a POS system. One of the reasons that doing so is so necessary is that POS systems improve fraud protection, which as we have outlined, is absolutely essential for your business. POS systems are also much more efficient, and can significantly simplify the payment process. This year, consider improving your business by upgrading your payment terminal. At Moolah we make sure all our customers have access to streamlined payment processing with the Poynt Smart Terminal. With the Poynt Smart Terminal, your business will have a payment terminal that is sure to increase efficiency, safeguard against fraud, and help your business thrive.
While we cannot cover all the ways for your small business to make the most of this year, we hope these tips will help. If you are looking for ways to meet your payment processing needs in 2020, make sure to consider Moolah.