Ways To Revolutionize Your Small Business Into a Smart Organization

 Mila Jones
  Jul 20, 2018

Sometimes we start to feel “stuck” – like we’re not progressing towards our business’ goals. At other times we struggle to even create these goals. Nevertheless, we all have one thing in common: We want to own a successful, profitable business. To get there we must do a few things along this “marathon.”

Explore Digital Integration

Infusion Soft says you should also be concerned about digital integration. This is especially true for your accounting software. While QuickBooks was once helpful, most businesses didn’t spend enough time reconciling their accounts. When they finally did so, it made for a long, arduous process. However, when you digitally integrate tasks like this by moving to the cloud you can easily get and remain organized. This is because these tools are integrated right into your other accounts (e.g. bank account) from which they’ll pull transactions so you can easily reconcile things from anywhere at any time.

Know Your Audience

Forbes says it’s important for new startup businesses to focus on fundamentals like solving a problem or addressing a need in a new or different way. Once you’re able to identify how to do this you’ll also identify who will buy your product (a.k.a. your “target audience”). This information offers a good starting point from which you can create messaging to drive marketing and sales to your site and its products or services. Typically, your product or service will appeal to various buyers with different needs and goals. As such, a one-size-fits-all marketing and sales approach lacks focus and thus it won’t work.

To get a strong handle on your target audience you must identify the different types of buyers. The best way to do this is to look at who makes or influences their buying decision. Once you’ve identified this, you must consider their needs and problems; what they’re trying to achieve; how they can be successful; and what their budget is. In doing so you’ll find slight, yet important, differences that will impact how you should market your product so you get your prospect into your sales funnel. This is why clearly identifying your target audience is so important – you’ll then know how to easily capture their attention since their needs and goals are front and centre. Of course, this will take some time, research, and be tweaking but there’s no replacement for the value you’ll reap here.​

​​​​​​Use Cloud Technology

Using cloud services is vital, even if it’s something as simple as making sure you’re connected with a cloud-based phone system. We Work says there are a lot of services available for use though. This is because cloud-based services are defined as those without a native application. Any information you create in the cloud is not stored on your computer. An example of this is Dropbox, which stores your information on their servers and synchronizes your files and documents so they’re available from any internet-enabled device. A computer, smartphone or mobile device that accesses this information is given the same file and organization so there’s consistency available.

Undoubtedly, cloud computing has levelled the playing field for startup businesses. However, The Balance Small Business says the biggest advantages come from cost savings and the fact that you access your files from anywhere since you don’t need to have the correct desktop software installed. This saves you money in terms of things like installation and backups. Of course, you no longer have to worry about things like your computer’s “death” causing you to lose a file or being on the road and not having something you need with you. Instead, you’ll always have perfectly synced files regardless of where you’re at or what device you’re using. All you have to do is get your files to the cloud where they’re safe and accessible – anytime, anywhere.

Expand Your Business Globally

You must effectively manage your marketing and reach a global marketplace. You can do this by:

  • Creating and using a marketing kit
  • Sending promotions with your invoices
  • Joining professional and business organizations
  • Involving the newspapers when appropriate
  • Offering free workshops or classes that are related to your products or services
  • Developing business partnerships
  • Doing cross-promotion with complementary businesses
  • Using vehicle wraps for advertising

Take Notes Easily and Quickly

Stop overfilling filing cabinets in your office with needless paper trails. Instead, start using your smartphone and an app like Genius Scan (an app that integrates with notebook tools like Evernote) to scan your documents in the cloud. You can also outsource your scanning to a company like Shoeboxed. Here you simply need to collect everything you want to be scanned, send it to them, and they’ll do all the work for you. In either case, everything lands in the cloud where it’s synced for your use.

Manage Your Finances

Managing your finances is vital when you’re attempting to successfully navigate the challenges of running a small business. There are a few things you can do here to make this concern easier on you:

  • Take time to choose the right bank for your financial plan and take advantage of all the programs they offer.
  • Use a credit card control app (e.g. Mint) to increase your cash flow and manage your daily customer cash and credit control tasks.

Efficiently Manage Your Inventory

Accounting Coach says it’s important to have an accurate valuation of our inventory. This affects our business in several ways, including your:

  • Cost of goods sold
  • Company’s gross profit
  • Net income on your income statement
  • Number of current assets
  • Working capital
  • Total assets
  • Stockholders’ or owners’ equity as reported on your balance sheet

Having an incorrect inventory valuation will cause your income statements to be incorrect.

Update Your Business Plan

You shouldn’t ever start a business without making a business plan first. This is vital especially since it includes testing your business idea’s viability, as well as securing debt and equity financing. Once you’ve created your business plan you should update it annually so you can review your accomplishments, create new goals, and decide on new directions for your business.

Ways To Revolutionize Your Small Business Into a Smart Organization

Mila Jones

Mila Jones is a Senior Business Consultant, Technology. With rich experience in the domains of technology consulting and strategy, she works with both established technology brands and market entrants to offer research inputs and insights on leveraging technology as a source of strategic competitive advantage. She is a prolific author and shares her expertise with tech enthusiasts on popular digital publishing platforms.

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