Small businesses are facing a variety of challenges such as increasing inflation, disruptions in the supply chain, and a lack of qualified workers. To increase efficiency and save money, five steps can be taken, such as gaining clarity about data, investing in the workforce, automating routine work, improving customer loyalty, and leveraging cloud technology. Technology solutions can help with data management, linking customer behaviours, and providing insights. Investing in staff digital skill development is also important for cost management and risk reduction. Automation-enabling technology, such as machine learning, can be used to automate routine tasks. Improving customer loyalty is also key to success, as understanding how customers are being affected by inflation can help businesses provide the best assistance.
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