Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Your Conventional Business Must Modernize in a Post-pandemic World
Guest Post | Oct 26, 2022
Image: Pexels/Christina Morillo
With world leaders like Joe Biden declaring that the pandemic is over, some businesses are breathing a sigh of relief after a devasting few years. But while the COVID-19 pandemic may be on its last legs, its impact on businesses continues.
For one, people continue to consume services and products remotely instead of returning to brick-and-mortar stores. Successful businesses are pivoting to adjust to this change. Unfortunately, businesses that fail to adapt are losing revenue and market share.
Cyberattacks are also rising as more people shop remotely, and businesses continue remote work. Such attacks can be crippling for an unprepared business.
Your business must modernize to thrive in this post-pandemic world.
#1 Develop Your Apps
Both clients and vendors are growing more accustomed to doing business through technology. To connect with customers, your enterprise must develop a mobile app that connects with computer and mobile device users.
Shop for a local app development team for the best results. For example, businesses in the province of Quebec looking for iOS and Android mobile app development in Montreal must find a locally renowned app development company that understands the local language and technology culture.
In addition to an app for mobile operating systems, consider developing a web app to increase your digital product to the web. A web app is useful because it allows you to target customers who dislike downloading or using apps. Such customers can use their web browsers to connect with your business through your web app.
You may soon notice that your software pays for itself. For example, an app powered by chatbots can offer customer service, updates, and much more to clients around the clock, freeing up precious person-hours. Likewise, properly monetized app may generate revenue faster than a brick-and-mortar store.
#2 Learn Social Media Marketing
Social media is an excellent way to connect with modern customers. Use advertising tools on Facebook, Instagram, and TikTok to market your brand and earn engagement. Social media marketing can be surprisingly cost-effective too. Small investments can significantly boost your market reach and help you target key demographics.
#3 Diversify Income Streams
Now might be a good idea to diversify your income streams by offering related products and services. For example, many businesses in the hotel industry have adjusted to alarmingly low demand by using their restaurants as ghost kitchens. These ghost kitchens are proving to be highly profitable by leveraging food delivery apps to fuel revenue or using native apps to connect with customers.
#4 Invest in Cybersecurity
Many small to medium-sized businesses, including startups, have permanently shifted to remote working to significantly reduce operational costs such as rent, utilities, and transportation. Although remote working offers many benefits, it can leave your data vulnerable to hackers and other threat actors.
Protect your customer data and your intellectual property by investing in cybersecurity tools. Anti-malware software, firewalls, VPNs, and endpoint security systems that shield every desktop, laptop, mobile device, and server from online threats are essential due to escalating online attacks.
See: The 4 Tech Tools You Can Use to Save Your Business Money
In the post-pandemic world, your business must optimize or risk getting left behind. Use technology to reach customers digitally and shield your data and interests.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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