If you're a small business having challenges finding employees and retaining them, you're not alone.

Addressing Labor Shortages with Technology

Save time and money with AI

A recent Forbes article mentions that finding and retaining the right employees remains a significant challenge, as reported by 40% of small business owners. In response, many are turning to technology solutions like advanced financial management tools like Palm. Tools like Palm help small businesses manage their operations more efficiently, compensating for the labor shortages by enhancing productivity through technology and automating things like tedious expenses and bookkeeping.

In a study conducted by American Express, it uncovers that nearly 7-in-10 small business owners (68%) wish that they had more time to focus on their product/service vs. managing their businesses’ finances. Not only can automated financial management tools like Palm help with tedious tasks, but they can free up your time to focus on your business and for doing what you love.

Expand Your Scale with eCommerce

Ecommerce tools like Shopify, Etsy, Wix and Square all have the abiity to help you launch your ecommerce site quickly, grow your traffic and land more sales to scale your business as well as expand different lines of revenue digitally. Do you have a restaurant with a cool logo? Consider selling your merchandise like tshirts and hats online through one of these platforms to expand lines of revenue.

Forbes put together a list of the top ecommerce platforms to consider based on your budget, industry and specific needs.

Drive Customer Engagement with Social Media

Forbes reports that customer loyalty programs are becoming increasingly crucial for small businesess, with repeat customers accounting for 59% of revenue in 2023. It's important to have a plan to engage your customers and keep your business top of mind to optimize repeat purchase.

Social media can help you create on-going engagement with a broader audience than your current advertising or marketing efforts, including a variety of things like online and social media reviews, organic and influencer content on Instagram and Facebook showcasing your products or services and the benefits to your customers, as well as incentives like trial discounts, specials and events. The content you create for social media can also be extended through to other ways to reach your customers such as email, mailers and a blog, if relevant for your industry.

Don't forget to sign up for your free Palm account today to get more tips like this to help your business grow. We're here to help you save time, money and peace of mind.