10 small business tips for 2024

Below are 10 actionable small business tips for 2024 and beyond that can help you boost sales, cut costs, and accomplish so much more.

1. Join the paperless movement

Going paperless isn’t just about saving the environment. It’s also a savvy business decision that can help save you time and money. Buying, managing, and storing paper entails a host of hidden costs that can eat into your profits and your employees’ productivity.

2. Accept all popular payment types

Did you know that different age groups prefer to pay in different ways? Make it easy for all of your customers to purchase from you by allowing them to pay for their items or services in the way they prefer, whether that’s via credit card, debit card, mobile wallet, cash, check, or even gift card. Giving your customers more payment options helps provide a seamless shopping experience and increases the likelihood that they’ll return.

3. Update your POS system

While you may think that a point-of-sale (POS) system is just another name for a cash register, most modern POS devices can do much more than process payments. Using the latest software, a POS system can help you manage your business from end to end, all in one dashboard, whether you’re at the store or on the road. Track sales, schedule employees, monitor inventory, and process payroll. Enhance your system’s functionality by customizing it with the apps you need to manage your business, streamline your manual tasks, and grow sales.

4. Offer flex time and work-from-home options

Many managers prefer having their teams on-site during normal business hours. For some businesses, like retail stores, this type of schedule might be necessary.

If your operations will allow it, consider offering your employees flex time or work-from-home options. Studies have shown that doing so can boost employees’ morale, mental health, and productivity. In today’s tight labor market, this could be an attractive benefit to potential new hires.

5. Protect your payment environment

Accepting electronic payments comes with the added responsibility of preventing and detecting fraud within your payment environment. A data breach can not only burden your business with out-of-pocket losses, legal fees, and punitive damages, but it can also result in diminished customer confidence and lost sales. You can help minimize your fraud risk and secure your payment environment by maintaining PCI compliance, implementing fraud management tools, and keeping your devices and systems up to date.

6. Launch a loyalty program

Most business owners intuitively understand the value of loyalty programs. With the right setup, you can generate a steady stream of repeat business from satisfied customers. The main hurdle is getting started. For Clover merchants, setting up a loyalty program is simple and free with the rewards apps available in the Clover App Market.

7. Educate yourself

Countless available resources can help you learn more about building and growing a business. From listening to a podcast to reading a blog post, studying the challenges and successes of other entrepreneurs can help you figure out what strategies will work best for your business.

8. Mitigate the effects of inflation

While inflation continues to impact the economy, small businesses can use certain strategies to help minimize its effects on their operation, aside from raising prices. For example, increasing employee retention and cutting unnecessary expenses can help mitigate cost pressures. Read more advice for small business owners on overcoming inflation.

9. Explore new markets and business models

If the pandemic has taught us anything, it’s that businesses may need to pivot quickly during uncertain times to stay afloat. You may be surprised how many opportunities can surface after some minor tweaks. If you’re a brick-and-mortar business, consider expanding your business online. Another way to establish a stronger online presence is to implement a “buy online, pick up in-store” model.

Spend some time this year thinking about ways in which you can expand your reach, modify your business, or target new customers.

10. Reduce your tax bill

Most business owners are constantly on the lookout for ways to reduce their taxes. While you prepare for this year’s tax season, it’s a good time to discuss ways your business can save on taxes with your accountant or professional tax preparer to help you get a head start on making those adjustments sooner rather than later. 

Cheers to 2024!

If you want to learn more about how Clover can help you accept payments, run your business and sell more, please contact your Clover Business Consultant. You can also follow us on Facebook and Instagram. 

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This information is intended solely for informational purposes and should not be interpreted as legal, financial, or tax advice. Readers are strongly advised to consult with their attorneys, financial advisors, or tax professionals to obtain guidance tailored to their specific circumstances.