The need for small business equipment management software
The key challenges to small business survival
For every startup business, the first 5 years are the most critical and determine the chances of survival in the long run. Research conducted by the Bureau of Labor Statistics shows that 50% of the business will last 5 years or more. This number reduces to a mere one third after ten years. So, what exactly are the reasons behind business failures? To answer this, National Small Business Association report points out the following difficulties, faced by firms:
- Economic Uncertainty (49%) – Inability to actively cope with unexpected changes in the coming years poses a threat to small businesses. This mostly happens because companies lack the mechanism required to deal with such situations.
- Regulatory Burdens (29%) – With the rules and regulations getting tougher every year, it becomes harder to meet the set legal requirements. Small businesses tend to suffer more as they already operate on a tight budget and cannot spare bear the overhead costs.
- Cost of Technology (9%) – Rising technology prices are likely to slow down the growth of small and medium business firms. One way to deal with this problem is to make smart technology investments with a greater rate of return.
Dealing with business failures – the way forward
While most of the issues faced by firms reflect circumstances at the macro level; the solution to such problems lies at the micro level. What this means is that companies need to start working at the very basic stage to achieve positive outcomes. Majority of the challenges can be addressed through the use of a robust cloud-based management software. Continue reading
Barcodes in asset tracking software – a business solution for just for you!
In this age of technology, it’s hard to imagine a business operating without an automated system of inventory management. It’s about time businesses have cloud-based solutions implemented across departments. Businesses can generate a greater return on investment by minimizing workflow inefficiencies. One way to do this is to implement a barcode tracking system for your inventory items. This allows you to carry out all business activities within your targeted budget as well as in a time-effective manner.
Assigning barcodes to all your inventory items lets you minimize errors associated with manual entry of assets. If your assets have a barcode label, it gives you a chance to record an asset’s usage more accurately. What’s even more useful is that barcodes are extremely versatile. They can be used to conduct a variety of data reports and insights for your business.
In addition to being inexpensive as compared to other methods of data entry, barcode labels tend to reduce employee training times. This means that your staff workers are free to do other important quantitative tasks. As a result, inventory control becomes simplified and more streamlined. When you keep a tab of asset utilization, you can make changes in resource allocation accordingly. This ultimately leads to well-informed decision making.
The Effects of Poor Asset Management on your Business
Poor asset management can cause a business to collapse. For small businesses, the cost associated with asset utilization presents a unique set of challenges which should be dealt with in order to increase asset performance, streamline operations and maximize profits. When a business invests a large amount of money in its assets, financial gains are dependent on the performance of these assets.
A study conducted by U.S small business administration shows obsolete inventory management is one of the reasons why businesses fail. Moreover, U.S small business administration also found out that around 46% of small businesses function without any sort of system to track their goods. Lack of a robust inventory tracking solution can lead a business to face asset shortages, misplacement of expensive equipment and ultimately financial loss. To avoid the fiasco of business mismanagement and get maximum return on your investment, tracking your equipment for optimal performance becomes inevitable. Continue reading