There are about 30 million small businesses in America today and these companies are as diverse as the American economy as a whole. Ranging from restaurants and auto-body shops to construction and renovation firms, hair salons, and home repair businesses, they account for 48 percent of all U.S. jobs. You might say that small business IS big business. But even though they employ fewer workers and often focus on a local or regional customer base, small businesses are subject to the same forces as large corporations. Large businesses usually have an established customer base and steady cash flow to keep them afloat during periods of change. Small businesses often do not. They need to be nimble and responsive when it comes to marketing their company, developing customer relationships, and keeping records. Here are some of the best practices for small businesses entering 2020.
Paperwork has long been a mainstay of the business world. Documents, reports, contracts, bills, invoices, protocols. It's a never-ending list, and it all eventually turns into skyscraping stacks of files. Those files cost businesses a surprisingly steep amount of time and money to produce, store and keep track of. Businesses and their executives are becoming increasingly aware of these costs, and many are setting their sights on paperless operations. In fact, according to Device Magic, 80 percent of small-to-midsize businesses (SMBs) want to cut paper processes out of their workflows. Because they have fewer employees and less large bureaucratic structures in place, small businesses are in a unique position to embrace a paperless business model. Here are a few reasons why the paper-based processes are costing your business more than you know.