When you have a small business, you are more or less hands-on in terms of operations. However, there are some cases wherein some seemingly minor details end up slipping through the cracks — or where one aspect of your business ends up needing more time and attention, thus leading to other equally vital parts suffering.
Given today’s technology, there are some aspects of your business that can be optimised to further improve the way it is run. Here are a few of the most significant ones:
There’s no doubt about it: data security should be one of your primary concerns. According to a recent McAfee study, 20 percent of small businesses with less than 250 employees are targeted by cybercrimes and 60% of these businesses are guaranteed to fail within 6 months of the cyber-attacks.
Information about both your business and customers should be protected all the time, especially since potential security breaches on many levels threaten not just your vital information, but also your credibility in terms of actually being able to run your business. Invest in network security that can secure data encryption in both physical devices and in the Cloud.
Inventory can be a nightmare, particularly for small businesses. A recent State of Small Business report reveals that 46 percent of small businesses don’t properly track inventory, which leads to profit loss with products just left inside the storeroom – think of it as money that just sits there, but you can neither touch nor use. Another repercussion is that some of these items can be the source of large write-offs instead of contributing to maximising your tax return.
Whether small or big, every business deals with raw figures and data – and these figure heavily into actions and decisions you make to propel your business forward.
Business Intelligence refers to software applications – ranging from data mining to online analytical processing, reporting and querying – developed for making better decisions, cutting costs and identifying new business opportunities. Utilising one or more BI tools can help you with your high-volume data and make sense of these for the reasons stated above.
Customer Relationship Management
Interacting with customers today requires more than the usual meet-and-greet with you putting your best foot forward. With the rise of social media and online surveys, customers turn to these to express their preferences and opinions.
Having customer relationship management (CRM) software can aid you in keeping track of customer data and interactions. With access to this kind of information, you can maximise financial opportunities as you manage your sales pipelines and sales reps while keeping track of your business metrics.
It would also be advisable to consult with a business consulting firm who knows how to utilise technology to identify your current pain points in every aspect of your business. With managed IT services, not only you can run your business operations more efficiently, but you can also meet and even exceed the expectations of your customers.
Cutcher & Neale’s myCEO Service aims to drive all aspects of a business towards achieving their vision through an internationally recognised systematic process. If you need help in upgrading the technology you are using in your business, contact us and see what we can do for you.