If there is one discussion in businesses big and small, it is hybrid business models. The pandemic did a lot to the economy and business as a whole. There has been carnage along the way. But the pandemic also created some opportunities for small business owners to see their business delivery in a whole new way. That wasn’t bad at all. Many small businesses have discovered different ways to get the same job done using virtual solutions and technology. These germ-free approaches have caused small business owners to see what they could save by using technology for delivery. Hybrid business models are valuable because the need for people is not going away any time soon.
Many large retailers are looking for better ways to beef up the service experience with online shopping. They have seen the value in combining online shopping with just-in-time live customer service models. This hybrid business model keeps the cost control of online shopping while taking the good experiences of in-store shopping virtual. For shoppers who want to stay home still, these hybrid business models keep the cash coming in and the brand recognition high.
Hybrid business models For Small Businesses Save Money
Using technology in your business does take some investment. But the investment in technology usually brings a return quickly. Automation, where it makes sense for your small business but doesn’t interrupt your customer satisfaction, is a win-win for everyone. Too much technology with little personal interaction can make your customer loyalty wane. There has to be a balance. Hybrid business models keep that in check.
Technology in your delivery also helps your employees do more than they could before. When you and your employees are freed up, the focus can shift back to improving your processes and thinking about growing your business.
Hybrid business models also help small business owners think about expansion. Using technology to expand is usually a good idea. Knowing what kinds of technology to use is another thing. But one thing is for sure hybrid business models help save on budget and increase customer reach.
Your Vendors Are Using Technology More Going Forward
Your competitors are using hybrid business models to compete against you. Your vendors are using technology to deliver more solutions to you as well. There is no reason to completely undo whatever your vendors were doing to serve you during the pandemic. They see value in hybrid business models as well. You probably saw the value in hybrid service from the customer’s perspective also.
What did you like about the technology they were using to deliver services to you? Could you implement some of those technologies in your business model? Think about which pieces of your service delivery require in-person solutions and which ones could be automated with technology. This will save you time and money in the long run. You can use that money to grow your business in the ways you always wanted to.
Along the same line of more technology in business is remote working. Most companies’ service delivery last year was about keeping workers working and delighting your customers. Many businesses shifted their customer service call centers to individual employee homes. This ended up being a great success in customer satisfaction and proved to larger companies that call center farms with costly square footage were not as necessary as they thought.
Many small businesses saw the value of remote working, decided to reduce their office space square footage, and shift their business to a hybrid business model as a means of saving a lot on office overhead. What could you do for your business if you shrunk your overhead by even 25%?
Hybrid Delivery And Remote Working Mean New HR Models
With hybrid business models come remote working solutions. With remote work solutions come new challenges to HR compliance, particularly if you hire remote workers out of state. Even if their work is online, you still have to honor both your state’s labor laws and theirs. This creates new challenges for small business owners, but it doesn’t have to be that way.
The embracing of new technologies in your business and remote work, while keeping HR compliance in place is as simple as a PEO. PEOs help small business owners keep rolling along smoothly by taking on HR compliance, payroll, and benefits. PEOs also use hybrid business models for service delivery, so your out-of-state workers and in-state employees can use online tools to deal with their HR paperwork and benefits management online. Online solutions help keep your employees informed, compliant, and out of your office for unnecessary tasks. What would you do with 5 or more hours back a week?
Best yet, PEOs can deliver these HR solutions to small businesses for less than they are paying to do it all themselves now. What would you do with more money in your account?
If you’d like to find out more about how PEOs can help you grow your business smarter, contact us today for more information on how a PEO can work for you.