8 best practices for midsize business in 2019

| January 15, 2019

As we enter into another promising year, it is time to reflect on the new measures that you should take to ensure that your business keeps making profits. According to a report by one of the biggest insolvency firms in Australia, thousands of small, medium-sized businesses are likely to collapse due to uncertainty in the political and property market.

Thus, it can be said that surviving in the market as a midsized organization is anything but easy. Hence, you should engage in the best practices that will help you to attain success. If you want to make a big difference, you should look closely at the practices followed by those who are successful in the market. You can take up their best practices, modify it according to your business, and then incorporate the same.

In 2019, there will be a lot of advancements on the technological front. If you are far from being a tech-savvy entrepreneur, this post will provide you with relevant insights.

Here are the top business practices you should adopt in 2019:

  1. Incorporate social media in your marketing campaign

If you are not doing this already, you are losing out on many potential customers. Stats reveal that social media covers 91% of the digital B2B digital marketing efforts. The most effective way to market for any small to midsize business is through social media. Not just for B2B businesses, B2C businesses can also benefit immensely from the social media platforms like Facebook and Instagram. Facebook will allow you to interact with your consumers directly and take your brand out there. You might have your page on Facebook. However, with the regular change in the algorithm, it can become quite hard to reach out to your potential customers. In that case, you can follow some effective practices: know who your target audience is, post regularly while ensuring that the content is original and do not forget to measure the results.

  1. Secure your business from cyber attacks

Rapid digital advancement increases the chances of cyber attacks manifold. Whether you have a marketing company or a company that provides assignment help, there is no reason for you to think that you are safe from the cyber attacks. Are you wondering how to save yourself from these attacks? Make use of the best practices given below:

  • Keep your software updated and networks secured– If you don’t want your business to be vulnerable to cyber attacks, you must always keep your software up to date. Attacks like the WannaCry ransomware attack can be really devastating for your business. In order to protect the products against new cyber attacks, the software companies regularly patch them. Do not avoid these patches if you want to keep your business safe.
  • Use firewall- Put up a firewall in order to keep the cybercriminals away from your sensitive data. You can also get some additional protection by installing the internal firewall, besides the standard external firewall.
  • Invest in anti-malware software- It was found in a recent report that phishing emails were opened by thirty percent of the employees. This kind of action makes the data of your business highly vulnerable as malware gets installed by clicking on the link in the phishing email. This is why it is important to install malware software on all the networks and devices.
  • Keep a back-up of your data- You should ensure that you do not lose the important information during an unfortunate situation. Keep a back-up of databases, word processing documents, account files, financial files, electronic spreadsheets, human resources files, etc. Along with this, take a back-up of the data that you have kept on the cloud. You must regularly take back-ups to make sure that you have the latest data.
  1. Be aware of the laws and regulations related to your business

It must be very boring for any business owner to memorize all the legal information. Just because you have a lawyer doesn’t mean that you don’t need to keep yourself updated with the legal information. If not all, you should at least be aware of the small changes that have taken place in the legal space related to your business. It is very important to ensure that your business complies with the legal rules and regulations accordingly. Consult with your attorney to know how a change in a specific law can impact your business. This way, you can make smarter and better business decisions.

  1. Focus on a transparent business process

It is very important to ensure that the business process is clearly understood by all of your team members. If you can ensure clarity, the tasks will be easily completed. Make sure that there is a clear order of operations to finish the work. This will help in avoiding confusion and all the correct information will be circulated to the employees of all levels. Thus, you can achieve a smoother workflow.

  1. Learn from your mistakes

It is obvious that you must have encountered many failures since the establishment of your business. Instead of getting disappointed, you should try to learn from the mistakes that you made in the past. This is the best way to improve yourself and make changes that will bring in more benefits to your business.

  1. Get feedback

In order to increase the efficiency of your workforce, you need to identify their inefficiencies. Thus, it is very important to take feedback from your employees on a regular basis. You can stay anonymous while obtaining feedback, so that the employees can share the information more freely. Taking feedback will also give out the impression that the higher authority gives value to the employee’s opinions. With the help of the feedback, you can also make constant improvements and reap in more profits.

  1. Take more challenges

The secret to being successful in your business is to take on more challenges. A business is never free from risks. Thus, if you want to take your business to the next level and turn it into a big enterprise, you should be ready to challenge yourself. Don’t give up just after a few minor failures. Instead, prepare yourself and your team to take up new challenges.

  1. Make sure your customer service is up to the mark

As per a report by CNBC, by 2022, business costs will be reduced by $8 billion with the help of chatbots. According to an estimate, more chatbots will be used by companies to give automated, 24-hour replies to the customers. You should start making strategies to keep your business in line with the latest trends in the field of customer support. How your customers perceive your brand and feel about your service can immensely impact your business. In today’s digitally-dominated world, it is not rare for an unsatisfied customer to speak out his/her mind. This can severely harm your reputation. Upgrade your customer support strategy according to the emerging trends is a must.

These were the practices that you must incorporate in 2019 to run a successful business. Every year ushers in newer challenges. If you are equipped with the right measures, you can easily modify your strategies and add to the growth of your business.