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Four things SMEs should focus on in 2019
From a rise in consumer price inflation (CPI) causing consumers to spend less, to the value of the pound being dragged down. Not to mention, the widespread closures of high street retailers across the UK, after struggling under the pressure of increasing business rates… It’s been a tough couple of years for British businesses.
Despite the tough state of the economy, businesses have been feeling optimistic and more businesses are growing. There are many opportunities to maximise this growth, but we’ve chosen four that we think should be focused on in 2019.
Using right technology
We’ve all heard about the self-driving cars and new-age robots, but AI isn’t just about the expensive, revolutionary technology. AI is about using technology to enhance processes and can be as simple as a computer program for your till.
Historically, SMEs tend to hold back when it comes introducing new technologies. This sort of innovation is usually dominated by new entrants, or larger companies that have the scale and resource to fully take advantage of emerging opportunities. But with investment in research and development, more SMEs can start reaping the benefits of AI:
- AI enables businesses to make better, data-driven decisions
- AI allows businesses to anticipate customer behaviour
- AI allows businesses to deepen relationships with customers through greater personalisation
Learn to love admin
Admin and paperwork are the painful chores everyone hates to deal with. We created a whole service to tackle this for your utilities, named appropriately as the Do It For You service. For most businesses, the admin gets dropped to the bottom of their list. However, it’s vital that all the boring bits of paperwork such as licenses and certificates, are kept up to date.
To help you manage all the admin, use smartphone apps, services and phone reminder alerts.
Helping to save the environment
As you may know, the Paris Agreement is to limit global temperature rises to no more than 2˚C. With global warming being the world’s greatest crisis to date, it’s important that UK businesses pull together to help to save the environment and build a more sustainable future.
There are ways you can become more energy efficient without doing any work. You can use everything from heat-absorbing ceiling tiles, to automated lighting and high-tech thermostats. For more information, we’ve put together a guide.
Getting online and making it there
The recent high street retailer closures have shown us the impact of not getting your business online. With the rate of business start ups at an all time high, competition is fierce out there. One of the best ways to get noticed is to get your business online. Here are the advantages:
- Access to more potential customers: You can reach further than local customers.
- Learn more about your customers: You can request feedback and use online marketing tools to gain insight into your customer needs.
- Improve your offering: You can use information gained from online tools to improve your offering for your target and existing customers.