5 Unique Services That Can Benefit Your Business
How to Elevate Your Business with Services
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Running a business often requires delicate budget balancing. You have to carefully choose where you spend your money for effective growth. Many businesses fail due to budgeting constraints. According to the Bureau of Labor Statistics (BLS), 20% of businesses fail in the first year. This article looks at five unique essential services that can help your business weather the storm and continue to expand.
Business Banking
Your personal banking choice should be kept separate from business banking. A business has very different banking needs from your personal account. The right banking relationship can provide you with valuable financial advice and funding to grow your businesses. Below are some services to look out for before choosing your bank.
Payroll Solutions - Look for a bank that offers payroll management solutions to help you pay workers. Some banks even offer integrated accounting software that saves you from having to hire a bookkeeper.
Retirement and Health Savings Account - Perks such retirement benefits attract qualified staff. Many banks are offering their business clients retirement accounts for their staff. You may not have to go to your insurance agent to set up a 401k or pension for your employees.
Automated Clearing House - In the modern business environment, a lot of money changes hands without having to use paper checks. Automated clearing ensures you can pay your vendors and settle loans easily. It also makes it possible to accept payments, involving large invoices.
Transportation Logistics Suppliers
Transportation is an essential service for most businesses. It is especially a big burden for businesses that deal with shipping freight. In addition to rising fuel costs, such businesses often have to deal with the pressures of deadlines. As a small business, your best bet is to find a transportation logistics supplier to shoulder this burden. For instance, if you own a dealership, find an auto transport company to do the shipping. It allows you to focus on what you do best, which is selling cars. Another benefit of outsourcing shipping is that you don't have to employ drivers or deal with fleet maintenance costs.
Business Insurance
There are a lot of uncertainties that come with running a business. The prospect of losing everything can be quite scary, especially at the beginning. Taking out insurance liberates you from the fear of the unknown and allows you to make bold decisions. There are numerous insurance products that every business needs. Workers compensations and automobile insurance are top of the list. Other insurance products that may benefit your business include, personal liability and renter's insurance. Alternatively, you can save money by opting for the all-inclusive business owner's policy (B.O.P).
Digital Marketing
While location is still key to most businesses, you make an average location work better by hiring a digital marketing firm. These days, your digital location is just as important. Digital marketing involves setting up a website and social media pages for your business. It lets people know that your services or products are on offer. The great thing about digital advertising is that it lets you target a specific demographic. For instance, you can post a Facebook ad and set it to target people within a certain age bracket. Although you can try managing this yourself, it is best to leave this to a professional who will provide a full range of services.
Cybersecurity
According to a report by IBM, the average cost of every data breach in the U.S is $242. In total, businesses in the U.S lost about $ 8.19 million in 2019. As technology continues to get more sophisticated, cybercrimes rates will continue to spike. While having internet presence is great for reaching out to clients, it leaves your businesses vulnerable if you don't invest in cyber security. Cyber safety starts with small things like setting strong passwords and updating the antivirus. Depending on the size of your business, you can either outsource cybersecurity solutions or employ an in-house team.
Takeaway
Hopefully, this article helps you find painless ways to cut operation costs. For a business to survive, it must continually adapt to the changes. Larger companies have the resources to create an entire division within the company to provide things like cybersecurity. On the other hand, small businesses are better off outsourcing most of these services. The fewer things you have to juggle the better.
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