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
Use of mobile technology and asset tracking software in business growth
How mobile technology is reforming the business world?
The trend of enterprise mobility has been on the rise for organizations worldwide. But what exactly does this mean for your business? Enterprise mobility is a term which describes the action of employees being able to work from anywhere anytime with the help of a variety of devices and applications. Being a part of the market, your company is bound to adopt such practices sooner or later. Research material suggests that the global mobile workforce is predicted to reach $1.75 Billion and form 42% of the total global workforce. This mobility is expected to have positive impacts on the business rate of return of investment and customer engagement.
What implications does mobility have for your company?
The reason why enterprise mobility is becoming so popular is due to the heavy use of smartphones all around the world. Mobile applications make work faster and easier. They allow your employees to carry out daily tasks efficiently and boosts overall productivity. If your company specializes in fieldwork, then it is important that you invest in a robust software to streamline your workflows. When your business takes place out on the field, it gets tough to manage everything from within the office. So how do you keep your workers engaged and track your assets at the same time? A cloud-based asset tracking and tool inventory application does comes with multiple supercharged features geared towards making your mobile business grow! Continue reading
Managing the first few business years efficiently with asset tracking software
Starting out a new business venture can be both exciting and challenging. You probably have a lot of unique ideas you want to launch in the market. Geared with a committed core team, you feel like you are ready to go. But when you finally step out into the business world, you find yourself struggling to keep up with the competition. It’s not as easy as you thought it would be.
So, what is the key to survive the first 5 years of business? We talk about the first five years because they are the most critical in determining an organization’s performance during the later years. Each year, one out of 12 business in the USA shuts down whereas this rate cuts down to 1 out of 6, the first four to five years [Source]. Whatever strategies you implement initially will ultimately propel your growth and give you a fair idea about your profits.
Once you have your business idea finalized and prepared, the next step is to invest in the right tools for maximum returns. Along with a highly productive team, your company would need a system to manage its resources. Even the best quality capital is useless if you fail to utilize it in the right way. Successful business plans focus on greater investment returns. Along with some other productivity tools, a high-performance asset tracking software can help you achieve exactly this! The software enables you to meet your business targets through a variety of features: Continue reading
Thinking of starting a small business?
Small businesses will never go out of style. Whether it’s earnest mom and pop stores that keep popping up all over the country in the thousands, or independent contractors who’ve slugged away for years to finally set up shop, small businesses are synonymous with hard work, diligence, and a spark of creativity. However, they can be very tricky to keep afloat. In fact, a recent study found that only a third of all small businesses will survive their tenth year in the field! This is why people looking to start a small business can often find themselves in a funk. Armed though they are with ideas and passion, they can do little to grapple with the obstacles of limited knowledge and guidance.
We’re not ones to bemoan conventional wisdom, of course, but the small business space can be scary and unforgiving. This is why wannabe entrepreneurs looking to start a small business should keep their fingers on the pulse of the latest trends and contextual cues that could help prod them along on their path to success. Last year, we brought you some Small Business Technology Trends for 2016. Now that we’re halfway into the newest year, we thought we’d round up some of the major insights we’ve gleaned from the goings-on in 2017! Continue reading