5 Essential Fintech Resolutions to Boost Your Business
We’re all looking at a shiny, brand new year.
Hopefully, you’ve performed a year-end review for your business, figuring out what worked and what didn’t.
Now it’s time to move ahead and make the resolutions that can help you boost your business in the coming year.
As you consider what will improve your business now and for the future, don’t forget to make fintech resolutions.
Why Fintech Resolutions are Important
There’s a revolution happening right now. The world of fintech is blowing up. Even if your business isn’t in the financial services sector, you might be surprised at how the latest innovations can impact your business.
Staying on the cutting edge can give your business an advantage. Plus, making the right fintech resolutions can also make your life easier.
If you want to improve your efficiency as a business owner and as an individual, consider making the following fintech resolutions:
1. Start Accepting Electronic Payments
If you don’t have a way to accept credit cards and other forms of electronic payment no matter where you are, this needs to be one of your fintech resolutions.
It’s hard to believe that, in 2016, there are businesses that still only accept cash. That’s not the way the world is heading, so you need to be ready.
There are plenty of payment processors that allow you to accept credit cards and other forms of payment using a phone or a tablet. Make it a goal to do your research and find one that works for you.
2. Consider Accepting Blockchain Payments
While you’re expanding your payment options, don’t forget about blockchain. Digital currencies like Bitcoin are gaining in popularity. While only a small fraction of your customers might use blockchain currencies now, they are growing in popularity.
You can also benefit from blockchain-based currencies if you have a global business. You can engage in direct exchange, without having to pay fees or worry about the exchange rate.
3. Upgrade Your Invoicing
Still using an antiquated invoicing system? Make it one of your fintech resolutions to use a program like Due to get your invoicing upgraded. You might be surprised at how helpful it can be.
You’ll get paid faster, stay on top of past-due items, and be able to send and accept payments in a variety of currencies — including digital currencies.
4. Look into Regtech
If you have a business that is subject to regulations, it can help to look into regtech solutions to help you manage your compliance.
It can be costly to keep up with regulations and manage your compliance. One of the fintech trends that is catching on is regtech. You can get help managing all of those issues with a third-party system. It can save your business money and free up your time.
5. Manage Your Personal Finances
As a business owner, you know your personal finances matter (even though you keep them separate). One of your fintech resolutions should be to use the amazing new apps and programs that can help you stay on top of things.
With the help of programs like Personal Capital, or retirement accounts through companies like Betterment, you can keep track of your money. Plus, it makes managing it easier, so you spend less time and energy watching your dollars.
When you have more time to spend on your business, you benefit a great deal.
No matter where you are with your business, fintech can be a big help to you.
What are some of your fintech resolutions and other resolutions?