Starting a business is exhilarating. It is the first step in a long journey of evolution called entrepreneurship. For most business owners the race in the first exiting months quickly turn into a steeplechase and it can take many months of hard work before the business even show any indication of whether it will be successful.
When the novelty wears off and the rubber hits the road most business owners find themselves at a crossroad where understanding their market can only be achieved through understanding their margins.
Knowing where you are going is only possible if you know where you are, and the numbers become increasingly indicative of the journey lying ahead. New SME owners are often so focused on the business processes and challenges that they lose sight of the trade values that actually matter. Whether you are in the product or service industry, using technology to track trade has become imperative in making any business decision.
Through cloud based and integrated web services it is no longer necessary to rely on monthly bank statements and daily insights can provide business owners with the real-time decision-making capabilities essential in the faced paced entrepreneurial environment.
Apart from providing your customers with payment options, modern point-of-sale devices (POS) also provides business owners with valuable daily insights necessary to optimize your trade. The competitive advantage for most retailers lies therein that they can understand their consumer behaviour and align their offering accordingly. Modern POS systems provide capabilities for payment options, reporting and trade dashboards, inventory management, instant access to funding and customer loyalty programmes and services.
Consultants, specialist services and manufacturers often find themselves drowning in statements and quotes while waiting for invoices to be paid. With the functionality to support SME businesses of any size, cloud-based accounting software provides more value to smaller enterprises than ever before. Through increased accessibility, these platforms can provide greater efficiency and control through integrated cloud technology. The power of accounting tools and analytics now enables smart funding solutions allowing business owners access to funding that suit their business needs at a rate and term that they can afford without requiring any documentation.
With the evolution in the e-commerce trade and increase in online shopping, Black Friday has recently been followed by Cyber EVERYday. Providing multi-channel e-commerce solutions are now a must in the digital economy. Whether you provide products or services, smarter payment processing is now possible for digital businesses providing them with greater data security, instant access to a digital funding facility, international scalability and merchant support.
At the end of the day, it is often lack of financial information and understanding about your business that could result in the inability to make informed strategic decisions about the potential growth and development of the business. Through facilitated analysis of your business trading records, valuable insights can be provided allowing you to streamline expenses, invest in business growth initiatives and manage your cashflow, ultimately resulting in sustained business success.