3 steps for improving small-business operations
December 05, 2013

By investing in an integrated payment system, a small-business owner can expand his or her capacity for reaching a wider audience without sacrificing any operational efficiency. It takes much more than a simple brick-and-mortar establishment to be successful in today's market. Advancements in technology have increased competition among companies of all sizes in a large number of industries.

Finding a strategy to incorporate new tools into the enterprise in a way that corresponds to a firm's own unique needs is a challenging process. With so many options available, entrepreneurs may not even know where to begin. Here is a list of three simple steps small businesses can take to increase revenue without placing a strain on limited resources:

1. Invest in a multi-channel transaction experience
According to data released by the business-to-business public relations company Walker Sands, digital technology has become such an essential part of the private market that only 1 percent of U.S. consumers now claim they never shop for products and services online. Meanwhile, 62 percent of Americans reported they use the Internet for shopping purposes at least once a month.

2. Focus on retaining customers
Another report from the consumer experience analytics firm ForeSee found one of the most telling signs of long-term business success is a satisfied customer base. Retaining existing clients is always much easier than finding new ones. As a result, managers may want to consider implementing advanced gift card programs and loyalty programs to keep consumers engaged for longer periods of time. Providing unique incentives for returning will not only lead to more revenue in the future, but it will also likely improve overall satisfaction.

3. Streamline business operations with payment integration
As companies expand their multi-channel offerings, keeping track of financial information coming from different sources may be a challenge. However, services such as Sage Exchange consolidate a firm's transaction information in one user-friendly platform.

These three simple steps can have a positive impact on many small businesses' chances for long-term success.

Nexus: G-WEBCD5