Small businesses are recovering slowly in the aftermath of the Great Recession, while their small business software systems might be in need of an upgrade to drive growth.
While economists say the Great Recession is over, US small business continue to struggle, with owners working longer hours and struggling to jump start new growth.
About 64-percent of small businesses are still recovering from the recession, but remain hopeful as 66-percent say they expect to grow over the next five years, according to recent research from Bank of America.
“Small business owners are optimistic about the future and are working extremely hard to achieve success,” said Robb Hilson, Bank of America Small Business executive. “As they have focused on recovery, many business owners have embraced a mindset of self-sacrifice. They are prioritizing their employees and customers above all else and it is often at the expense of their own personal or financial well-being.”
In an effort to get business back on track and drive growth, 85 percent of owners work more than 40 hours per week, 30 percent work more than 60 hours per week and 54-percent have not given themselves a raise in more 2 years.
While resources are limited for these businesses, now might not seem like the best time to invest in new small business software systems when owners are already making personal sacrifices in time and money. But in order to grow over the next five years, business will have to become more agile and proactive in their decision making while giving employees the tools they need to be more productive and increase sales.
The truth is, now is the perfect time.
With affordable cloud software for small businesses such as on-demand ERP, customer relationship management or other products such as Office 365, businesses can get sophisticated financial management and accounting software to enable business growth through automated processes, better planning and forecasting, improve customer service and more efficient sales processes.
The cloud will also enable businesses owners to put in the overtime remotely so they can spend more time at home while simultaneously enabling them to hire telecommuting employees across geography as may SMBs struggle to find employees that fit the company’s needs, according the bank of America study.
Many business on standalone accounting software such as QuickBooks, have not updated their software since the recession hit seven years ago. As we turn the corner away from the recession, now is the time to move up to more sophisticated small business software systems.
Learn more about a simple to use software solution for small business in the cloud or take a test drive today.
Check out this infographic for tips on growing your business.