How to Plan Your Business Growth After And During a Recession?


business-growth-after-and-during-recession

The COVID-19 pandemic has disproportionately affected small businesses, with twenty-five percent expressing concerns over the supply chain and twenty-nine reporting a drop in sales. To make matters worse, the National Bureau of Economic Research has confirmed that the US is in a recession.

What can you do to ensure you are one of the recession-proof businesses? Here are the top 6 proven strategies to not just survive, but also to tap into the business opportunities during the recession and emerge successfully from the effects of the pandemic.

• Keep close watch over your company’s financial health

Since most small businesses fail due to a lack of consistent cash flow, you must monitor the metric closely during a recession. Having proper data is important, so ensure to invest in proper invoicing software for small businesses, such as the one from Cloud Books that can help in business expense tracking. Once you have the crucial data, you can proceed to cut back on unnecessary expenses and spend more wherever needed to keep the company afloat.

  Also Read: 10 tips for growing your business

• Offer new products and services

A time-tested way to attain business growth in a recession is to build multiple revenue streams by offering new products and services. As the needs of the market change during a recession, it would be prudent to offer repurposed versions of your product to meet those demands. Coming up with more cost-effective variants of the product/ service can also help.

• Ramp up your marketing efforts

Small businesses often make the fatal error of cutting back on marketing. With the recession happening, it is more important than ever to come up with innovative campaigns to reach new customers and retain the older ones. One of the first things to do is analyze your customer’s recession behavior, following which you can tailor your marketing to increase your conversion rates and bring in new prospects.

  Also Read: Looking to the Future: Preparing Your Business For Success or Failure

• Explore various financing options

The best time for exploring credit options is before you need them. Even if you do not require loans or lines of credit, it is best to keep track of them for use on a rainy day. As a small business owner, you can choose from business credit cards, credit lines from the Small Business Administration (SBA), and invoice financing or factoring, which allows you to sell your unpaid invoices to a factoring company.

• Look into insurance/ disaster relief

One way to raise money to keep the company running through a recession is tapping into your business insurance funds. Also, during times of disaster, many organizations provide disaster relief. For instance, the San Francisco Small Business Resiliency Fund has been giving out up to $10,000 for making business payments, so reaching out to such groups for assistance can bolster your chance of survival. It is also worth noting that you can get SBA Disaster Relief Loans for a low-interest rate.

• Consider international expansion

Expanding globally can be a great way to diversify your business even if your operations at home are not yielding results.You may still get consistent revenue from elsewhere. However, this is to be undertaken with meticulous planning and market research.

Bottom-line

Although we cannot predict for sure when things will get back to normal, effective business strategy during a recession can go a long way in helping you stay afloat. There are also numerous new opportunities that small firms can use to their advantage. All that is required is the willingness to follow the proven measures to get through and thrive in a recession.

  Also Read: Five Tech Solutions Your Small Business Needs

Important Tips to Protect Your Business Documents


The IBM Cyber Security Report estimates an yearly $2 million loss for small businesses in financial damages due to cyber security attacks. Since your sensitive business documents are at risk, here a few tips to protect your valuable data

Every day you store gigabytes of sensitive business information on your local server.If somebody catches hold of that data,they have the power to completely hijack your business. You need to protect sensitive documents in a way that your organization can access the data without compromising its security. Most organizations are so focused on securing their research and sales information that they forget about invoices –the most vulnerable documentation in the business today.It is not enough to secure it with a password, you need to have a dedicated and secure invoicing software.

With that in mind, here are a few effective ways to keep your business documents safe.

Know your weaknesses
Organizationsthat use multiple tools on a daily basis to manage their cash flow and client details are compromising their cyber security. With no attention to online hygiene, your sensitive business documents are bound to be insecure. If you are still using MS Excel for invoicing, then you are in for a major cyber security attack. However,you can secure your business and client data with an online invoicing software. The technology not only allows you to customize your invoices butgives all the project management tools your organization needs under one roof.For small business owners, invoicing software provides a robust and secure platform through which they can start billing without worrying about the data leaks.

The Cloud protection
Even with secure connections, your data can be leaked to parties of ill-intent, much to the dismay of the clients. You can never trust your local server to be a 100% secure. And that is why you should shift to cloud storage as soon as possible. A good and dedicated cloud storage not only manages your data efficiently without cluttering your local server, but also provides you security against frequent cyber-attacks. Most cloud serviceoffer a dedicated storage with a layered password protection model, which restricts access, and in turn, protects your sensitive documents. Cloud service providers (like CloudBooks) offer a centralized secure channel that use encryption algorithms and run constant data monitoring to keep your sensitive informationsafe. And the best part is, you can access your files virtually anywhere on the planet.
Data backups

It is important to keep data backups for unforeseen times. If you lose your data without maintaining a data backup, you lose your business. Hence, it is highly recommended that you perform periodic backups on your data and maintain a healthy copy at all times. This is obviously a tedious task and performing it periodically can take a toll on your productivity and balance sheet. Online invoicing software use SSL encryption to protect your data in case of a loss or missing link. This is known as an offsite backup where a third party handles your data on a cloud-based server. These services make regular backups and secure the data automatically. You can also link your onsite or local server to offsite database at any given time to load any new or missing files. Not only it is convenient and accessible but also fully secure. Offsite backups offer application level data protection which means your backup cannot be accessed through external indexing, as all your files are private by default.

You can use CloudBooks for all your data security and invoicing needs at a reasonable price and a premium support service. CloudBooks is a fully automated invoicing software specially for SMEs and freelancers looking for documentation support. Learn more at CloudBooks.

Coolest Things About the Cloud That You Might Not Know


You’ve certainly heard of the cloud. Even if you haven’t, you’ve been using it for years. It’s what enables you to access information on the internet that is stored on servers all over the world.

The cloud is expanding, enabling us to do more with the power of the internet than ever before. Businesses are finding it easy to keep up with compliance using cloud-based software and companies are able to store massive amounts of information without having to house a huge server in the building.

We all have a basic understanding of the cloud, but you probably don’t know these cool things about cloud technology.

You Only Have to Pay for What You Use
Do you remember the days of buying external storage devices? The more storage you purchased, the more expensive it would be. However, most people bought more storage than they needed. It was especially difficult for businesses to gauge just how much storage they needed and how much they would have to pay to ensure they have extra storage, just in case.
With the cloud, you only pay for what you use! When you need more, it’s there for the taking. There is no longer a need to pay for storage that you won’t use.

There Are Different Kinds of Clouds
People always talk about ‘the’ cloud, but it’s a lot more than just one concept. There are actually many different kinds of cloud computing that include:
• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)
In addition, you can choose to operate entirely in the cloud, use a server on your premises, or a hybrid of both.

It Can Save You Time and Money
The most convincing reason to use the cloud, especially for businesses, is because it can help you save time and money.
In addition to the fact that you only pay for what you use, a company will also save money because they aren’t spending cash to maintain hardware and subscribe to software and other services that require monthly fees. You can also scale up or down instantaneously without having to spend days or weeks planning a new strategy.

You Might Not Ever Have to Worry About Backups or Disaster Recovery Ever Again
Losing important files is a nightmare that every business shares. It would be even worse if the system was compromised because it would prevent employees from getting their work done.
With the cloud, you may never have to worry about backups or disaster recovery ever again. Although you shouldn’t depend on the cloud completely, if you choose a cloud server that provides disk-based replication, you can rest even easier.

Don’t forget that the cloud is the reason why we’re finally starting to live in smart homes that look like the ones predicted in the mid-20th century! The cloud is here to stay, which means it’s well worth your time to learn everything about how it works.