The de-dollarization has begun. Countries worldwide are dropping the US dollar. It all started with BRICS, Brazil, Russia, India, China, and South Africa. It has expanded to ASEAN nations, Kenya, Saudi Arabia, and UAE, using local currencies to trade in. Sizable impacts will be felt within two years, 2025. So, how can you grow your business with the decline of the U.S. dollar? We’ve identified 5 sure ways to gain and maintain traction in an ever-shifting economic reality.
- Online presence
- Use of best technologies
- Mobile Market Ready
- A real social / marketing strategy and
- Tier loyalty program
Online Presence
You would think this is obvious, but it is not. Forty percent of all business do not have a website. It’s like having forty percent of business owners not having a business card. We found that 80% of people would like to search a company online prior to committing to a purchase. If your website lacks commercial appeal 57% of potential visitors stated, they will not purchase or recommend. Your online presence legitimizes, brands, and provides access to you.
Use the best technology and properly
Technologies released over the past 15 years have allowed small businesses to compete with the rival giants. But what we have noticed is, most small businesses are not using these technologies effectively or are using them in silos not creating operational efficiency in their businesses. Keep this in the forefront of your mind, all technologies, when you use them, are intended for business first. Not entertainment.
Two technologies that provide such substantial benefits to small business but, are not utilized properly are Amazon’s FBA program and the legendary Quick Books Online.
It will cost a local retail business at minimum $750k to $1.2 million to build an inventory management distribution warehouse supply chain. Amazon’s FBA is that. Yes, it is now costing some resellers up to 50% commission. But the potential for more sales and product exposure outweighs the costs. Where many users of Amazon’s FBA fall short is because they fail to redirect back to their websites. It’s akin to only picking the apples that hang low and leaving the unripe ones to another picker.
Data helps you make decisions. The right management (decision) reports will inform you of your businesses’ financial health. Quick Books Online (QBO) is a great tool to discover the health of your business. It’s amazing how many business owners do not know how much it costs monthly to operate. We highly recommend using a bookkeeping service like Posted Accounts. Just as your physical health is important, your business health is equally important.
Part 2 in a couple of days.