9 Things an SMB Leader Should Know in 2024


Things an SMB Leader should know

1. Small Businesses can Think Big

Whether your company is big or small, Human Resource Systems are crucial to your success. After all, the employee is always your greatest asset. Small and Medium Businesses (SMB) do face some unique challenges when it comes to growing their market share. Not only do they have to focus on staying profitable, they also have to keep up with innovation and stay competitive.

In 2022, the key to operative success for any business is it’s able to adopt and implement the right technology. And this cannot happen without the right leadership. Good SMB leaders know, among other things to stay on top of all aspects of his business, from productivity to talent retention. Here’s what SMB leaders today must absolutely know in order for their businesses to succeed:

2. Stay Passionate About new Technology

It is the leaders who ignite passion for anything in a small business. Your business will thrive on its ability to identify and use the right technology, be it for HCM or for the way you operate your business. Be that leader who is excited by tech.

3. Hire to Retain

Have a sound hiring policy built around your business goals and stick to it. As a small business, you have the advantage of being able to build a close-knit, highly engaged workforce that sticks around through thick and thin. Don’t underestimate the importance of good payroll management systems and sound retention strategies as a part of your business ethos.

4. Pay Attention to ESG

It’s 2022 and the world is already gearing up for a future that is many decades ahead. Environmental and Social Governance are going to be key to being a company that ranks in high esteem, not just with investors but also with employees and customers. Choose best ESG practices like low energy consumption, paper-free processes, and robust DEI strategies so that you can pave the way to wholesome success for your business.

5. Use HR Tech

Artificial Intelligence and Machine Learning have changed Human Capital Management processes in unimaginable ways. Big businesses use the analytics provided by modern-day tech to enhance their productivity and achieve scale. As an SMB adopt tech-enabled HR systems early, outpace your peers and get the same advantages.

6. Set up Hybrid Workplaces

The pandemic was an eye-opener and a game-changer at the same time. The new normal is hybrid. For better employee satisfaction, make sure that your workplace is hybrid-friendly and flexible.

7. Embrace Video

Synchronous and Asynchronous videos are here to stay. You can double and triple employee engagement by becoming video-friendly as an organization. Gone are the days of boring presentations. Use videos for training, connecting for interviewing, or for pitching. Whatever the use, know that the advantages are manyfold.

8. Digital Transformation is Your Key

If your company has not yet undergone a digital transformation, you are already late. From Digital Marketing to Cloud and Digital Platforms – if you want to gain efficiency then go digital now.

9. Authenticity Carries Value

Be authentic. As an SMB leader, you already have the advantage of being able to bring a personal touch to all your dealings. Take is beyond just individual interactions. Chatbots have their uses, but value and share the human side of your business too. Make honesty and reliability your cornerstone principles.

In an SMB, you may find the challenges hard and unique, but with the right strategies and good partner enterprises by your side, you can achieve your goals at the same pace as any big business. Today, ZingHR’s suite of solutions and models offer you the insight and the tools you need to drive your business goals towards the best outcomes. Think big, reach out.