Tips for small businesses

4 tips for small businesses getting ready to reopen
While 2020 was a challenging year for many businesses, it was particularly tough for small businesses. A SCORE survey found that only 34 percent of small businesses had a profitable year, down from 55 percent the year before. Twelve percent had to lay off staff. But 2021 will hopefully be different. Just like large businesses, small businesses too are reopening or increasing their capabilities.
Here are five tips small business owners should consider as they reopen.
1 – Flexibility and adaptability are key
The pandemic is far from over. That means businesses will have to continue to remain flexible and adaptable since no one knows what will happen one week from the next. While planning, it’s best to consider alternative options and be agile as the situation changes.
2 – Do you need all that office space?
If you haven’t already, it might be a good time to decide whether going back to the office is worth the effort. How did your business do without being in the space? Depending on the company, it might be worth researching whether it’s better to use the rent money to expand your presence online.
3 – Try different marketing strategies
There’s a lot of noise out there, and it’s hard to be heard when you are a small business. Now is a great time to take some chances and switch up your marketing strategy. There’s plenty of ways to do it, including social media, paid ads, podcasts, and more.
4 – Save on the commute
If you are staying in the office, it’s worth looking into commuter benefits for your staff.
Commuters can save up to $270 per month tax-free in their paychecks to use towards commuting. They can use the money for qualified parking, mass transit, rideshares, and more. You can also offer your employees prepaid cards if they prefer to use e-bikes or e-scooters.
Employers save on payroll tax because the employees are lowering their taxable income. A general rule of thumb is that businesses save $40 for each employee per month who participates in payroll taxes.
Ready to try something new in 2021? For more information on commuter benefits, visit www.commuterbenefits.com.