Apr 15 2024
It is estimated that in America, small businesses form around 99% of the total economy. This impressive statistic demonstrates the importance of small businesses as key contributors to the GDP of the country and significant employers of adults of working age. Across the country, small businesses encompass all sectors of industry and commerce. However, in recent years, millions of small businesses have found that their trading environment has become increasingly competitive.
A main factor in this is the dramatic success of e-commerce. Today, small firms can find that they need to compete with other overseas companies if they produce similar goods and services. As customers become increasingly willing to make online purchases (provided that delivery timescales are not excessive) the world of business takes place in a global marketplace. If your small business is enjoying success, you may be seeking to expand your operations. In this article, some top tips for expanding your small business will be discussed.
In the last decade, millions of larger firms have made the transition from locally held IT systems to cloud-based operations. It is now estimated that 60% of all business data is now held in cloud-based systems. Moving to the cloud can help your small business work more efficiently, and it supports a remote workforce. When your business applications are completely held online, there is less need to invest in corporate premises, thus saving the company money and allowing scaled growth to take place without the need for additional investment in offices, etc.
However, cloud-based systems need to be supported by fast and reliable internet connections, especially in the business premises. This allows efficient working practices to take place, with minimal delay when downloading information or accessing online applications. Small businesses should look to upgrade their internet access as they transition to a cloud-based setup. If your small business is located in New York, search online for fiber internet in New York City. In this part of America, it may be possible to enjoy some of the fastest modern fiber internet access with speeds of up to 5 Gig per second. This can allow your staff to multitask effectively on several online applications without experiencing lag or delays.
As a small business grows, there is typically a need to hire more staff or create new teams and departments to deal with increased workloads and business projects. This results in a larger wage bill for the firm and the need to provide additional IT equipment (and potentially office space) to support the increasing workforce. However, it is important to consider the value of outsourcing when it comes to business expansion. Put simply, outsourcing is where your business hires specialist staff to complete tasks, projects, or business functions. They are only employed for as long as the project or tasks dictate and can then be removed. Typically, outsourced staff work at a third-party site (or remotely). This means there is no need for additional office space and the related costs. In short, outsourcing can be a cost-effective way to benefit from highly trained staff while giving your company the flexibility to cease their work at short notice once their purpose has been served for the business.
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