Small businesses employ small and mighty teams, but they’re often challenged with pulling the resources needed to analyze spend in real time. In fact, a survey conducted by Wakefield Research and SAP Concur found 84 percent of small- and medium-sized businesses have yet to achieve fully automated AP systems, with nearly half of those respondents (49 percent) still relying on handwritten records to track, manage and analyze spend. Cash flow is the lifeblood of small businesses, so it’s critical that small business finance leaders gain visibility into corporate spend. Luckily the rise of the cloud has unlocked this opportunity, offering enterprise technologies at a lower cost and easier deployment. However, this has also ushered in a proliferation of apps that finance leaders must sift through and choose wisely to ensure ROI is effectively delivered and needs are met. Ultimately, small business IT and financial professionals need to collaborate closely to choose the right technology that will answer a company’s specific financial management needs. Unfortunately, this isn’t as easy as it seems. A 2017 Forrester study sponsored by SAP Concur on travel, expense and invoice technology found: 61 percent of firms believe IT is focused on user experience, and less on spend reductions. Conversely, 64 percent of firms say finance is focused more on reducing spending, and less on usability and employee experiences. By collaborating, finance and IT leaders can choose user-friendly tools that also drive cost savings. Here are a few tips to improve finance and IT collaboration: Develop a unified strategy. This should satisfy the needs of both small business IT and finance managers. According to Forrester, 75 percent of companies with a unified finance and IT strategy report much higher levels of satisfaction with travel, expense and invoice management tools than those without a unified strategy. The two leaders should compare their respective goals and identify how they can integrate to benefit business objectives. Educate one another. Finance professionals aren’t always aware of the IT technology selection process, while IT employees often lack insight into finance teams’ specific technological needs. By setting aside time to educate one other…
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Blockchain is the rage. It’s on the lips and lexicon of every tech pundit, journalist and tech executive. What is blockchain? You can read all about it yourself here but in short, it’s a database of databases, a record keeping system that is shared by all, updated by all and secure. Here’s why it’s not relevant for your small business today. I was at an event recently, and the owner of a karate studio asked one of the expert panelists, how he could use blockchain in his business. The “expert” said, well if you had a community of karate enthusiasts, you could use blockchain for the community database. Something like this, the expert explained. WRONG. For a small businesses, such as this owner of a karate studio, he doesn’t need blockchain, all he needs is a simple database to keep track of members, hold discussions or etc. SQL or any number of other databases that have been around for years. Companies such as Salesforce, Netsuite, Zoho, Infusionsoft, Hubspot, SAP, Intuit and Microsoft make all the tools you need to run a great business. With all the other supporting services such as Asana, Monday, and others, you have a full suite of tools and services to help you manage a growing business. Indeed VERY big companies who want to enhance security, or sound cool, might consider blockchain – banks, Amazon, Walmart, GE and very BIG companies with massive datasets. But for the rest of us, we small business owners we don’t need to think twice about blockchain. Focus on making a great product. Focus on serving your customers. Focus on generating awareness for the problem you solve. Focus on better marketing and advertising. Focus on treating your employees/staff/team well. Focus on making a difference in other peoples lives. Blockchain is nice, it’s cute, it’s the new buzzword, but you don’t need to worry about it for your small business.
Collaboration is not just a “pie in the sky” for CEOs to discuss at all-hands meetings. There are demonstrable benefits for companies who make collaboration a tenet of their company… Read more » The post Boosting Collaboration Within Your Company appeared first on Noobpreneur.com.
For businesses with limited budgets, resources, or employees, cloud-based software can often fill in the gaps and allow smaller operations to perform with enterprise efficiency. That’s why the majority of small businesses have transitioned from storing their customer data in Excel spreadsheets to managing their entire sales cycle with an online CRM system. Working with a user-friendly, multichannel CRM tool, businesses of any size and industry can perform their daily sales, marketing, and support tasks with a speed and efficiency that no spreadsheet or post-it-note strategy can rival. But small businesses can grow, quickly. At least, that’s the goal, right? Maybe you want to add a new product or service to your offerings or expand your sales or marketing team. How do you manage a more complex sales cycle, keep track of new accounts, and, most importantly, ensure that your CRM is working just the way you need it to? When operations kick into high gear, some smaller businesses turn to outside consultants, analysts, or marketing agencies to help them better understand their growing customer base and improve their processes—if they can afford it. Others work overtime to internally fine-tune their workflows, better interpret customer sentiment, and predict the likelihood of hitting sales targets in order to fix their weakest links. But contrary to either of these options, the right technology can—yet again—fill in the gaps. Similar to the advancement that comes when a business transitions their sales management from spreadsheets to online CRM, a new level of productivity occurs for those who incorporate artificial intelligence (AI) into their daily workflow. This technology that was once hard to imagine is now more accessible and easier to use than you might think. Although a new frontier, there are already well-established software companies offering AI as a game-changing sales tool for small and medium-sized businesses—allowing them to sell faster, smarter, and better. As a leader in the multichannel CRM space, Zoho understands the nuances of sales force automation and how our users operate at their peak when using a sales tool updated with AI and machine learning. With the introduction of…
Small businesses, start-ups and entrepreneurs can use all the hacks they can find when it comes to starting and growing their business. When it comes to human resources (HR), several ways exist for small businesses to improve their company culture and develop the environment they envisioned when starting their business, including: Technology Using technology to its fullest […] The post 10 Practical HR Hacks for Small Businesses appeared first on SmallBizClub.
It’s no secret that technology has revolutionized the way we work. Thanks to mobile technology, it’s easier than ever before for people to get up from their desks and collaborate anywhere in the workplace. Not only is collaboration good for employee morale and engagement, it’s extremely beneficial for the company as a whole. The more […] The post 5 Ways to Encourage Collaboration in the Workplace appeared first on SmallBizClub. Powered by WPeMatico
Congratulations on successfully starting your business! If you’re ready to take the next step, but don’t know exactly how to go about that, here are some ideas for thinking about growing your business. Turn your business into a franchise – If your business model is easily replicated, and you want to see your business grow […] The post Small Business Tips: How to Expand Your Business appeared first on SmallBizClub. Powered by WPeMatico