(BPT) - Small business owners are no strangers to adapting quickly and showing resilience, and they've fearlessly demonstrated these qualities throughout the pandemic. Many small business owners made strategic pivots and found support in their communities, as they weathered the uncertain climate. Through that challenging environment, however, business owners also discovered new ways to set up their businesses for success.
Whether by supporting employees through engaging experiences or making the right financial choices to get more out of business purchases by choosing the right credit card, like the new World of Hyatt Business Credit Card*, small business owners can continue to upgrade their business strategies and prepare for a successful future by taking these four easy steps.
Foster a sense of community.
No success lies solely on the shoulders of one person - it takes a community. To help ensure success as a local business, think about what you can do to foster a community relationship with your customers and employees.
Creating a community can mean setting up a book exchange in your store so customers can swap reads or by finding the best ways to support your staff. Some business credit cards, like the World of Hyatt Business Credit Card*, offer you the chance to gift employees the coveted Hyatt Discoverist status to thank them for their dedication and receive added benefits when staying at Hyatt hotels. Look at the resources you have and what your community needs to create a synergy that benefits and engages everyone.
Make your budget work harder.
Budget forecasting is fundamental to any business strategy - be realistic, set goals and explore efficiencies, and ensure you are investing in the right areas. Identify where you can cut costs to better allocate funds to areas of potential growth. Further, explore tools where you can make more out of your existing expenses, like the World of Hyatt Business Credit Card*, that has an adaptive accelerator to help you earn double the Bonus Points per dollar in your top three of eight spending categories (like social media and search engine advertising, shipping and more) each calendar quarter through December 31, 2022 and top two of eight spend categories in 2023 and beyond. There's no need to enroll in these categories to earn, so you can make the best of your expenses by redeeming World of Hyatt points for travel, dining, spa services and more at participating Hyatt hotels.
Consider adopting an automated budgeting tool to do the heavy lifting. If you have a business credit card, use it to track spending in key categories to see how you can maximize your points.
Upgrade your tools.
Technology is constantly evolving and there's a slew of new platforms and software offerings that can be utilized for inventory, shipping and even employee management, but before you invest in any, read reviews, watch video tutorials and research the tools your competitors are using.
Set up introductory calls with the platforms you're considering and always ask about driving costs down or see if they have free options available such as complimentary trials. Don't commit with the first vendor you find. Do the research and find what makes the most sense for you.
Yes, rewards are also a way of upgrading your business. The lines between work and home are more blurred than ever, so it's important to disconnect and recharge. Avoid burnout and reduce day-to-day stress by focusing on hobbies or traveling and staying at a trusted and wellbeing-driven hotel, such as one of the 1,000+ Hyatt properties that can offer much-needed rest and recuperation.
Certain credit cards, like the new World of Hyatt Business Credit Card*, make travel more accessible than ever before by leveraging your existing business expenses to rack up points towards future trips. Cardmembers can achieve free nights, elite status and room upgrades, and not to mention, when you stay at any Hyatt property, you can earn up to 9X Points total for Hyatt stays and experiences, with 4 Bonus Points earned per dollar spent with your card at Hyatt hotels, including participating restaurants and spas, plus 5 Base Points per dollar you can earn from Hyatt as a World of Hyatt member.
One of the smartest things you can do as a business owner is to make purchases with a card that rewards you. While it's been a challenging year, now is a better time than any to begin implementing new tools and strategies to strive for success.
*Accounts subject to credit approval. Restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank, N.A. Member FDIC.