Owning a small business can be rewarding, but it isn’t always easy. Taking charge of your own operation means you are responsible for any problem that presents itself. As markets change and the industry shifts, it’s almost inevitable you’ll encounter some form of obstacle.
As a security provider operating in 2016, you should expect a new year to bring new consumers, regulations and workforce requirements. Here are obstacles to prepare for in 2016 and some suggestions to help you overcome them:
Tax regulations
2016 is in an election year, which means there will be a number of candidates making small businesses promises. You need to keep a close eye on politics and do what you can to support the changes that will help your business prosper. When a new president is elected, it’s helpful to have a proper company infrastructure built on cloud-deployed security business software to respond to shifting government regulations.
Programs created by the existing administration changed in beginning 2016. For example, the Affordable Care Act increased its compliance demands, according to the Motley Fool. Large and mid-sized companies – those with 50 – 99 employees – used to have to cover 70 percent of their workforce, that number grew to 95 percent in 2016. Penalties also increased.
Your financial software for security companies needs to offer flexible functionality so you can update records easily and gain visibility of adjustments as they happen. When you have to make any major financial decisions based on changing tax regulations, it’s good to create projections to anticipate challenges with filing.
If you’re using a paper system to manage financials, changing tax regulations can be particularly challenging.Keeping up with technology
Alarm system technology constantly improves, and you need to watch your industry to see if you offer your customers with the innovative security solutions they want. You also have to monitor possible tools to help with back-office tasks, marketing and customer service.
More technology moves online. Not only are business software solutions offered through the cloud to promote agility and mobile performance, but there are online platforms you can use for employee management, communication and marketing. You must know which options can drastically increase the speed of your back-office procedures, which ones are free and the challenges presented by each innovative tool. Business News Daily said many modern companies start online advertising campaigns but don’t account for obstacles like adblock or mobile performance.
Even if you employ social media solutions to keep track and communicate with consumers, you have to follow what’s popular. Business Insider suggested small businesses in 2016 might be better off using Instagram for marketing than Twitter.
Candidate-driven hiring
Social media and online resources don’t only create more informed consumers, modern tools allow the hiring process to be more applicant-focused. Talent searches in 2016 may favor candidates. Job seekers can hop on a site like Glassdoor and see how your company was rated by past employees or other applicants before they submit a resume.
This also gives your talent pool options. Small businesses may have to work harder to sell their positions to skilled candidates. When potential employees can easily locate every organization that’s hiring, you have to use online tools and candidate-focused strategies to stand out.
Rethinking financing
Forbes said that 2016 could by a year of cautious growth for small businesses. It’s possible for organizations to move past the financial hardships started in 2008 to improve the U.S. economy, and the government wants them to do so. This can help you seek funding for startups or expansions, provided you can overcome the fears of investors skittish due to past market crashes.
Business proposals must be build on hard data, gathered and managed by innovative software tools. You have to show possible donors your plan is secure and you’ve anticipated the most common sources of obstacles. It may be a good idea to seek out new channels for investments, like online crowdfunding.