We have seen or heard the term ‘unprecedented times’ more now than ever.
We are all going through our own difficulties, whether it be mentally, financially, or otherwise.
During this time where ‘we are all in this together,’ some companies are actually taking the opportunity to get ahead. Instead of figuring out how to survive, some companies are taking the opportunity to thrive.
In this article, we’ll cover three ways in which your company can decide to thrive, instead of simply survive.
Partnerships and Expansions
The phrase, ‘two heads are better than one’ has been passed down for generations.
In business, we know that two entrepreneurs are better than one, and two bank accounts are better than one. Applying this ideology to your business can greatly benefit your company, if you choose your partner wisely.
Here are a few examples of how partnerships can help expand businesses.
- If you are quick service restaurant, and you are having difficulty with your delivery operations, it may be beneficial to partner with a self-delivery service such as Postmates.
- If you are a retail business that primarily sells t-shirts, it may be beneficial to partner with an accessories company that will compliment your specific brand.
- A more personal example, is our company Franpos. We recently partnered with Intel IOT Solutions. With high-tech software such as Franpos, it made sense for us to integrate a reputable and efficient processor such as Intel for our POS system. So, whenever your Franpos touch-pad system is running quickly and seamlessly, remember that a strategic partnership has successfully taken place. 😊
So many businesses rush launches then messily try to run business operations to the best of their ability.
We understand, because most businesses have been chaotic post-launch.
The current pandemic has provided the perfect opportunity for entrepreneurs and business owners to ‘tighten up.’
Instead of trying to cut employees and costs, thus feeding into a declining economy, now is the time to maximize your employee’s potential. By offering further trainings, opportunity expansions, and more, you can actually maximize your business practices.
We advise our clients and business owners to further expand their businesses by putting energy into perfecting their operations. This may take place by cleaning and reorganizing inventory stock rooms, providing additional training, or by integrating technology.
Any way your business can be improved, we advise you to do so. The answer is different for everyone, and we believe you intuitively know what is best for your business practice.
Technology is our best friend and occasionally our worst enemy.
When it goes well, we love it. When it is faulty, we despise the ‘new era.’
As technology is adapting and improving, glitches and crashes within systems are decreasing with each update.
In 2020, most technology is essentially seamless. It is actually user error that causes most problems. User error can include forgetting your password, losing or breaking technology, or simply entering the wrong functions.
If you are careful and conscious when using technology, it can benefit your business substantially.
During unprecedented times, we advise our clients to cut the books and gain computers.
Franpos believes now is the perfect time to adapt new technologies.
There is plenty of time for training, implementing, and test running new business practices.
Additionally, there is plenty of time for learning, improving, and strategizing your business.
In the current economy, eCommerce sales are doubling, and advanced technology can even increase those numbers even higher.
Here are a few examples of how you can improve your business practices by using technology.
- Inventory: Instead of hand typing your online order numbers into your point of sale system, adopt to automatic reporting technology.
- Inventory: Instead of hand counting your stock quantities at the end of every day, adopt to an automatic inventory system. Especially if you have multiple stores, you should never have to update the other locations on inventory or lack thereof. Instead, your POS system should automatically update your stock amounts and create a report to automatically be sent to managers or other locations.
- Delivery: Instead of utilizing your own employees for ‘contactless delivery’ integrate your technology to a third-party delivery system such as Franpos/Postmates. Keep your specialized employees working their strengths, and outsource the rest through technology.
- Marketing: Instead of struggling to create and implement marketing campaigns for your store, hire an online Growth Marketer. These individuals create, strategize, and implement marketing for you. All you have to do is pay a small fee based off the increase in sales, and enjoy the benefits.
If you are looking to automate your business in any way, shape, or form, you can book a free consolation with one of our technology specialists here.
In conclusion, now is the time to expand, streamline, and perfect your business practices. Instead of preparing for the worst, be the best-prepared, with Franpos.