Small businesses may need to reevlauate their approach to employee and customer engagement
Inflation isn’t the only challenge facing today’s small businesses, which are also being forced to confront the realities of a highly competitive labor market, elevated consumer expectations, and the rapid shift towards digital services. But according to a recent installment of the Expert Insights podcast from BizFilings, a leader in online incorporation services for small businesses and part of Wolters Kluwer CT Corporation, there are key steps that small businesses can begin taking now to future-proof their organizations against an increasingly dynamic business landscape.
Mike Enright, Operations Manager at BizFilings, notes that many small businesses are attempting to mitigate the impact of inflation and supply chain bottlenecks by advancing purchasing schedules or diversifying their vendor portfolios. However, addressing the constraints of a volatile labor market or facilitating the types of seamless digital transactions that customers grew accustomed to during the pandemic may require a more internalized focus.
Enright urges small businesses to consider how they might leverage incentives such as flexible work hours, remote working or learning and development opportunities to help retain their existing workforce and attract new employees. Sustaining customer loyalty, on the other hand, might push companies to double-down on digital service options such as online ordering or contactless payment.
“Small businesses should continue to reevaluate their existing employee and customer engagement strategies,” Enright says. “Don't assume that what was once attractive two or three years ago is still going to be attractive today."