The new year brings about new opportunities for businesses. There have been many changes economically both internationally, nationally and locally and it will be interesting to see how small businesses respond to the changes in order to create new opportunities. 2016 has seen the fall of the British Pound after Brexit and there might be trade improvements between Asia and the rest of the world after Donald Trump announced his position on the Trans-Pacific Partnership.
Here are some things that your business should be taking advantage of in 2017:
Improvements in technology and currency differentiation has opened up the world to trade opportunities for labour and goods. As a business, you can outsource many of your daily operational tasks to a virtual assistant at a fraction of the cost that you would pay in your own country. For example, having access to a full-time virtual assistant in the Philippines might cost your business $700 per month, rather than paying the local award salary of $3000 or more per month.
Eco-friendly energy schemes
You can minimize the consumption of energy from your business by investing in energy-efficient technology. The technology that will have the biggest impact on energy consumption will be LED lights, which save up to 80 per cent on energy consumption and reduce lighting overhead costs by up to 60 per cent.
The lights have a direct impact on electrical supply from non-renewable resources, such as coal- or oil- fired power plants.
Alternatively, your business can invest in smart eco-friendly technology that powers down when it isn’t in use. For example, printers, computers and televisions can use a low voltage or turn off completely when they aren’t being used.
The rise of cloud technology has been incredible, as it is forcing businesses to operate as a minimalist organization. Employees are able to work remotely and processes can be implemented quickly. Overall, cloud technology helps to improve the business’s productivity.
Look into implementing systems that can help with storage, process automation, communication and collaborations.
The world is becoming more integrated and competition is getting more fierce. Barriers that once prevented foreign businesses from operating in the local market are quickly being eroded. Many traditional businesses are standing their ground trying to fight the growth of globalism. As a business owner, you need to realign your business to retain and grow your position in the market.
This can be achieved by improving the USP (unique selling proposition) so that your products or services aren’t seen as a commodity in the market. This could be done with pricing, the way the product or service is delivered or a brand promise. Review your business’s USP and align it to a micro-niche so that your business can be more competitive in 2017.
Seek out government support
There are several grants and incentives being launched by the Federal, Regional and Liberal governments to stimulate economic growth. You can apply for grants, that will provide you with capital to stimulate growth and profits; as well as create jobs in the region.
You can check the following site’s to see if there are any grant or bursary opportunities that your business can take advantage of:
You can also use this tool to search for grants and assistance: https://www.business.gov.au/assistance.
Tremaine Fernandez, Sales Manager, www.savewise.com.au