7 Services Which Will Help Your Small Business Grow in 2023

15 Best Investor Pitch Deck Examples from Successful Startups

7 Services Which Will Help Your Small Business Grow in 2023
November 16, 2022

Are you neglecting to focus on expanding your company because you’re putting in too much effort in handling operational logistics? 

It's not just you. Almost 15% of company managers and owners believe they are allocating their time to the proper tasks. 

However, when expenses and competition rise, it's time to drop the confusion and prioritize. Especially as a small business, it's vital to take some time off and rethink your decisions. 

Which services should you focus on? 

Which applications can best help grow your start-up? The following sections will answer your queries.

7 must-have services for small-scale enterprises to scale up in 2023

Here are seven services that each small business MUST consider albeit every organization is unique.

1. Travel management systems

Source 

Travel management via corporate travel agencies is essential for handling all matters related to business travel. Depending on each company's needs, their duties will vary, but generally speaking, they'll include:

  • Planning and managing all business travel, involving meetings, seminars, and events.
  • Supporting changes, disruptions, and assistance while traveling.
  • Keeping tabs on and reporting trip expenses.
  • Making appropriate company travel policies.
  • Processing the cost of trips.
  • Negotiating for corporate and group reservation rates.

Corporate agencies come in a wide variety of shapes and sizes, much like enterprises. While some firms may be big, with offices throughout the world and multilingual support, others may have a narrower concentration on an area or sector. The average cost of working with an agency differs; some charge per transaction, while others impose a set monthly price.

How do SMBs (small and medium businesses) benefit from travel management systems? 

Among the choices open to small enterprises is a corporate travel agency. Instead of handling everything without a travel coordinator or internal team, professional small business travel management can offer the necessary services, freeing up staff members to concentrate on the tasks for which they were recruited. There are multiple reasons why small enterprises could go to a travel agency for assistance. Highlighted below are a few benefits: 

  • Improves business effectiveness - Agencies can record expenditure by department, division, or project, offering a business the chance to keep budgets under control.
  • Saves businesses' important time - They won't have to waste time compiling invoices, scheduling itineraries, or contacting third-party customer support.
  • Saves money by negotiating discounted prices - Corporate travel brokers are able to provide their customers with better deals that might not be accessible to the public.
  • Offers professional expertise - Agencies have the professional experience to assist if your business has a complicated navigation system or frequently makes modifications.
  • Maintains travel costs and policies - A travel company will optimize a business's travel program and make sure reservations adhere to travel guidelines.
  • Provides travel assistance - A tour company is typically accessible around-the-clock to assist the employee when anything goes wrong while traveling or if a booking must be altered at the final moment.

2. Resume screening tools

Source

Larger businesses may have multiple recruiters and recruitment coordinators on their hiring teams, providing a shared responsibility. There is power in numbers, and bigger teams are best able to spot warning signs and recruit elite personnel.

However, sometimes teams have only one or two multi-tasking recruiters. However, whether your company is big or little, if you're having trouble sorting through a mountain of resumes, you can use resume screening tools.

The benefits of employing software for screening resumes

Resume screening tools, commonly referred to as candidate screening software, aid in the efficiency improvement of the recruiting and talent acquisition departments. This is accomplished by organizing all of the resumes that have been submitted for each position so that the team may decide which applicants to prioritize for the interview process. 

Usually, a resume diagnostic test will choose the most qualified candidates for a position based on the outcomes of keyword searches or the responses to particular inquiries.

According to statistics, many smaller firms have embraced the tool as well. "More than 95% of Fortune 500 organizations utilize resume screening software to speed the recruiting process and keep up with the thousands of applications received weekly," according to CNBC.

3. Applicant Tracking Systems (ATS)

Source 

The main objective of an ATS is to streamline the hiring process and improve its effectiveness and efficiency. To do this, recruiters are provided with access to a robust, centralized platform where they can gather and view applicants, follow their progress, and screen them based on their qualifications.

Cloud-based SaaS (Software as a Service) solutions, which you may use from any location at any time, are typically more robust ATS platforms. Depending on the kind of business it serves, different ATS platforms will have different scopes, levels of complexity, and prices. 

Although on-site and SaaS solutions are typically more expensive, they provide a vastly greater number of features and services than open-source alternatives. An ATS mostly caters to one of the following types of businesses:

  • Business-level organizations
  • Employers' agencies
  • SMBs

The ATS definition given above is broad since the capacities of these contemporary systems have an impact on almost the entire hiring process, particularly:

  • Sourcing candidates
  • Candidate administration
  • Screening potential hires
  • Candidate evaluation
  • Job offers being extended 
  • Employee orientation 
  • Process optimization for hiring

The ATS features listed above only include the most typical functions that are now included on the majority of platforms. Recruiters will learn about many more after they incorporate an ATS into their hiring procedure.

The following are some of the main justifications why this contemporary recruitment software is essential in the employment environment of today – especially for SMBs:

  • ATSs raise the caliber of hires made by an organization, and successful recruiting is one of the best indicators of an organization's future success.
  • Top talent is difficult to find and keep, according to HR departments and managers. A potent tool for reducing this stress is recruitment software.
  • The norm for HR technology has been subpar. Technology advancements have helped hiring teams by propelling recruitment software to the top of the SaaS market.

This third aspect is one of the main reasons why more and more businesses are implementing contemporary ATS solutions

4. Accounting and financial services

Among the most complex services for start-ups is payroll. Investing in the proper payroll software and services reduces costs and boosts compliance. According to the IRS's estimation, 40% of small firms pay around $845 in penalties per year for late or inaccurate forms and payments. Sales tax can be just as onerous. 

For SMBs to continue providing excellent customer service, paying their employees, and being active members of their communities, they must have adequate financial resources. To improve the amount of capital you’ve available to invest in and expand, you can use a variety of clever financing and tax tactics. 

However, you must first understand exactly where your funds are going. Some of the financial services, you can consider automating are:

  • Cash flow management
  • Tax management
  • Alternative funding
  • Asset leasing
  • Insurance

5. Marketing services

Source 

Online marketing via web stores and social media are becoming more important than ever for small businesses due to e-commerce and social selling. However, having full-time PR, social media, and site design in-house is neither financially practical nor the greatest use of resources for most businesses. 

Hence, invest in automated marketing tools. With the aid of the proper services, your company will have a long-lasting influence via effective marketing. Marketing spreads awareness of your company. You can contact your audience and let them know about all the things you provide. It increases brand recognition and encourages healthy rivalry between companies.

6. Logistics

A strong logistics plan is essential for small business owners. To be more profitable, to increase customer happiness, and to differentiate themselves from the competition, businesses must learn to master their logistics. One of the most challenging aspects of the supply chain for any firm is logistics management.

As a retailer, outsourcing logistics gives you more time to concentrate on marketing and sales. Third-party companies can handle fulfillment, warehousing, and delivery tasks, which decreases total costs and enhances customer service. 

These service providers are masters in their field. Thus, they are more able to respond rapidly and scale up to meet demand than you are. Your choice of fulfillment, warehousing, and delivery service providers is greatly influenced by the size and nature of your organization. 

7. Customer support

Source 

Having a qualified or committed customer service team isn't always a possibility for smaller businesses. This frequently means that office workers or salespeople must perform this task, splitting their time between acquiring new clients and maintaining existing ones. 

You can get the extra staff you need to answer those consumer calls by outsourcing to a contact center. However, given the vast range of prices and services, business owners should carefully consider their options. Shared-agent systems or cloud-based services can be more inexpensive choices.

Great customer service aids in bringing in and keeping clients, raises a customer's lifetime value, and provides insights that enhance your service, product, and/or marketing.

Pause for a while and recognize when to seek assistance

For some obstinate business owners, the final strategy to boost sales could be a difficult lesson to learn. However, you must learn to recognize when you are in over your head and seek help.

Try to assemble an advisory board as you develop the company, whether formally or informally. Choose people with whom you feel at ease and who are knowledgeable about the company and industry. It makes a difference to be able to ask for help from a reliable organization.

But ultimately, taking a vacation is the most important thing you can do to grow your company. When your firm reaches a plateau, take some time to consider its development and future prospects.

Starting a small business?
We can help
7 Services Which Will Help Your Small Business Grow in 2023
Slidebean Logo
© Copyright 2022 Slidebean Incorporated. All rights reserved
Made with 💙️ in New York City + San José, CR
Join our newsletter today for free.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.