Common small business challenges around financials, personnel and time management are becoming more complex, and facing up to those challenges requires strategic technology.
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Overcoming small business challenges is no walk in the clouds.
It is widely accepted that the American economy depends on a thriving small business sector, but it seems to be more difficult than ever to be successful with a small business.
From simplifying small business taxes to time management, SMBs face challenges that can be hard to wrangle without sophisticated software systems. A recent article at SmallBizTrends.com looked at challenges that small business owners face in three main categories: Finances, People and Time.
“[Small businesses] monitor bank balances, accounts receivables, and expenses, but most don’t have a basic financial forecasting and reporting/monitoring structure in place,” said the article.
Cash flow is one of the main financial hurdles small business face, and bad cash management is one of the main reasons small businesses fail. Beyond that, small businesses often lack reporting, cash management planning and forecasting expertise.
Where people are concerned, most small businesses run lean operations with just enough employees on staff to make good products or deliver reliable services. Motivating employees, hiring the right talent and inspiring the team to do their best work are critical factors to the success of any business.
Then there is time, or lack thereof. Whether it is because they are forced to spend too much time on redundant processes and errors, because they fail to delegate responsibility effectively or simply because there is just too much to do, most entrepreneurs and small business owners feel like there are not enough hours in the day. This is when efficiency becomes a top concern.
When evaluating business management software, organizations should keep in mind their requirements for finances, people and efficiency. Here are a few questions to ask about business management in the cloud so you can face common small business challenges head-on.
- Does the solution offer sophisticated financial management, including consolidated financials, simple to understand analytics for more accurate forecasting and planning and automated reporting for greater efficiency?
- Will your software come with hundreds of standard reports and predefined chart of accounts to get you up and running more quickly?
- Are human resources modules and payroll tools easy to use so you can keep morale high and improve communication between you and your team?
- Does the software offer role based business intelligence and user level access restriction to make sure your people have the information they need to do their specific job efficiently?
- How long will the solution take to be up and running and will it offer automated reporting, scheduling, calendars and workflow for better time management and higher efficiency across the business?