New Year's resolutions for SME owners

The New Year is the ideal time to think about past achievements and
challenges and set goals for the coming year. For many Australian businesses,
2021 was a year to pivot, introduce remote working arrangements and fast-track
eCommerce.

SME owners should now do something to streamline processes that worked
well last year, take advantage of new trends and alter systems that are
causing disruption. Using a quick assessment of your systems, you can
streamline all aspects of a business, provide operational efficiencies and
improve trading relationships. By taking a look at your options and the latest
innovations, you can bring liquidity and cashflow optimisation to your company.

Areas where business owners can make improvements for 2021 include:

1 Improving eCommerce

More than 2.14 billion people are expected to buy goods and
services online in 2021, according to Statista. More people are joining the
online revolution due to convenience and competitive prices.

Take advantage of online sales by ensuring your digital store is
user-friendly and well-functioning. Choose an eCommerce site that is integrated
to your business software and updates stock levels and price changes in real
time.

Make the user experience seamless and quick to avoid shopping cart
abandonment. About 88 per cent of online shopping orders were abandoned in
March 2021, based on Statista. Giving customers more ways to pay, such as
buy-now pay-later or pay-by instalments, will help secure online sales. “Remember-my-credit
card” functionality also makes it easier for returning customers to make a
purchase.

2 Concentrate on customer experience

Providing things to look for is essential in the success associated with a
business. Returning customers usually buy more with time, with customers likely
to invest more in 24 to 30 months compared to what they are in the first six months.
Based on Entrepreneur Handbook, it costs six times more to get a new
customer than it costs to obtain more business from an existing customer.

One of the easiest ways businesses can enhance customer experience is by
providing a seamless payment system. Ensuring payments can be made with a
tap-of-a-card or a click-of-a-button should be the endgame for all business
owners.

3 Compare financial transactions fees

Competition in the financial technology sector has resulted in many
businesses moving away from the large banks for their business payments. This
trend will probably continue with businesses taking advantage of innovative fintech
solutions offering payment packages and merchant rates at huge discounts.

Australia is a global leader in fintech, there are plenty of
opportunities for local businesses to adopt cutting-edge technology to keep
their business agile. For example, buy-now pay-later services were relatively
expensive for businesses, but competition on the market has resulted in good
value options. Other locations to shop around include merchant and Eftpos
transaction fees.

4 Integrate your software

Many business owners use multiple software products to operate each aspect
of their business. But, they're likely to be paying excessive fees and often
different systems don't communicate well with each other. Choose one software
product that will support every aspect of your business: from ordering, invoicing
and payments. Ensure there is a seamless financial integration with accounting software.
A great program can be tailored for particular needs. Operating on one source of
digital truth for the business ensures quick processes, real-time updates and
fewer mistakes.

5 Optimise your cashflow

Make simple to use for businesses who owe you money to pay off their debt.
Many companies only offer outdated and inefficient payment options. Most
b2b (B2B) payments are made through bank transfers, which can
leave a business exposed to human error, fraud and security breaches.

SME owners should let the pre-authorisation of payments from a customer's charge card to process payments efficiently. This way the payment is made in real time when goods or services are delivered. A recently released and different payment solution enables people to track, group and batch-pay all their outstanding invoices simultaneously. This allows customers to pay-off their debt in just a few clicks, saving time, money and resources.

By implementing the right tools and processes, business owners could
anticipate a busy and prosperous new year.