For most developing economies, Small and Medium Businesses play a crucial role in all-round economic growth and development. An SMB generates large scale employment due to its labour-intensive nature, boosts exports and enlists creative work. Many villages see a huge improvement in infrastructure and standards of living because of SMBs.
However, with time, the major challenge for SMBs is to manage the changing outside world, especially because of global factors that are beyond their control. One such recent development has been the rise in the use of cryptocurrency in the financial world for investments, transactions, and trade. Even though many SMBs debate their involvement with cryptocurrency due to its volatility and high risk, it is beneficial for them to tap into this resource for long term growth.
Moreover, SMB’s are always encouraged by the government and local bodies to delve into modern-day solutions, innovate and generate results. So why let go of an opportunity that is knocking right on the doors?
Wondering how to tap into this vast potential that stands in front of you?
Table of Contents
Keep a daily count on it
Many SMBs usually transact in either bulk amounts or have many small daily transactions that take place. Having an electronic methodology where you can use cryptocurrency to receive payments would not only streamline the entire process but also save time.
Moreover, if you want to avoid the uncertainty and risk involved, use third party organizations to conduct the transaction, where they will accept payments in cryptocurrency but transfer the money to the respected business as traditional currency. This registers a win-win for everyone and also helps you grab a quick promotional stint.
Merge through the options
As an SMB, enlisting the right technology and then adapting to it can be really difficult. Not just funding, but also educating employees and changing operations is a problem. Hence, why not use cryptocurrency and merge with a blockchain startup which is already working in this field?
The startup gets to expand operations and implement its technology and your business derives long-term benefits without any short-term inconvenience. So recheck all the terms and conditions and ensure an understanding of both the parties, and then proceed with the merger.
Create something new
As an SMB, if you can allocate some funding towards making a new investment in creating an innovative cryptocurrency model, it can give tough competition to many big brands in the industry.
A specialization course, a payment application or merchandise can generate additional revenue along with raising awareness about this innovative technology, especially among the youth. Depending upon the needs, a product or a service can be launched with the desirable investment but priority must always be given to building relationships and generating revenue.
Develop a customer loyalty program
As an SMB, one usually only dreams about loyalty programs, either due to low funding or lack of options. However, cryptocurrency loyalty programs can be easily launched without any hassle. This currency can be distributed as loyalty tokens that can later be traded for real money as per consumer needs.
Since it is an option that promotes saving among the customers, the count is sure to increase which in turn will help in developing a cryptocurrency base for your SMB. A budding company, each SMB targets customers who can rely on them and be a part of their organization for many more years to come. A cryptocurrency loyalty program will fit right into the modern trend and generate a better market reputation.
Don’t hesitate to ask for help
There is a high possibility that your business needs crypto technology or can do better sales with blockchain technology, however, you have monetary constraints stopping you. Infact, it is also possible that you don’t know where to start first.
Hence, don’t shy away from joining various consortiums that are specifically built by various banks and financial institutions for this exact purpose. It will integrate your business with those who have the right knowledge and give you a better direction. Moreover, these consortiums keep a track of all members, giving you some sneak-peeks about your competitors as well.
Do your research
With the trend of blockchain technology, the trend of ICO’s (Initial Coin offerings) also worked out for many companies. ICOs are nothing but crowdfunding activities via which you derive funds in return for digital currencies. These digital currencies can be later used for product purchases.
Similar to loyalty programs, this would be a token system that can generate funding for your firm as well, which can be invested as per your needs. ICO’s are easy, systematic and already a trend, a potential option that should be considered for your SMB. In the end, it matters who calls the shots and as an SMB owner, crypto will make your life easier.
Integrate it directly
If you want to start utilizing cryptocurrency in a simple yet effective way, why not start using it internally first? Yes, you can launch a program to pay employee salaries via cryptocurrencies like bitcoin.
Earlier this was risky due to the instability of multiple crypto coins but now with more stability and liquidity options, employees can easily become users and encourage the trend of cryptocurrency use. When employees would stand in support, nothing would stop you from further expanding the use of digital currencies like crypto as a part of other avenues. However, before coming to a direct conclusion, keep yourself updated with the latest updates of this giant crypto market. Browse here www.Top10BitcoinRobots.com for the latest.
Solve your problems
Many new coins come out of new projects developed by various organizations. Each company usually works to solve their own problems and develops a cryptocurrency as a solution, customized for their company. Some become highly available and useful to the entire world as well.
As an SMB, you can also launch a similar project for any industry or tie-up with any other organization. This is your decision and your problem, leaving you with a lot of independence to decide. Why miss out on golden opportunities?
Wrapping up.
Why wait around when you have so many available choices, many of which can itself be further expanded. As an SMB, decisions must always be in favour of the employees, customers, and the owner.
The integration of cryptocurrency and its long-term provision will change the way SMBs work. Protection against online frauds, real-time trades, and global operation, all of these are possible via blockchain technology. So, strategize, implement, and analyze: the best mantra ever.
About Carson Derrow
