Your small business is successful and growing everyday, but like any business owner, you want to continue growing the company you started. Cloud-based enterprise resource planning (ERP) software is key to turning your small business into a medium-sized business. With that in mind, here are 10 small business development tips.
1. Store Your Business’s Information in One Place
Do you spend too much time hunting for information about your company? The time you spend looking for information could be better spent focused on other tasks. To become more efficient, leave your stacks of spreadsheets and numerous computer programs behind, and start using omni-channel cloud-based software.
2. Make Remote Work Possible
Now that you have a lot of employees, some of them have probably asked about working from home. There are good reasons for you to say yes, and with cloud-based tools, you can. Work-from-home arrangements lead to higher morale, reduced turnover, and increased productivity, so your employees will get more work done and be happier while they’re doing it.
3. Store Your Company’s Data Safely
Your company’s data is essential for its continued growth. If your computers or servers were damaged, you could lose information about your customers, your orders, or your inventory. Data loss results in problems like poor customer service, lost contracts, and lower productivity. When your company’s data is stored in the cloud, you can trust that it’s safe and will be there when you need it.
4. Automate Key Tasks
A lot of the day-to-day tasks in a business are repetitive, yet essential. Things like sending out invoices, taking cheques to your bank, and creating reports can take up a lot of your staff’s time. A key part of small business development is becoming more productive and efficient, so automate as many tasks as possible with cloud-based tools.
5. Improve Communication Between Departments
As your business grows and you hire more employees, communication can break down. You may find that accounting, customer service, and sales aren’t sharing information with each other, and when information is shared, it can resemble a game of broken telephone. With cloud-based tools, everyone has access to the same system and can access the information they need.
6. Know Who Your Customers Are
When you first started your company, you may have prided yourself on knowing all your customers by name, but that’s impossible for a larger company. Knowing your customers is essential if you want to keep offering them products and services they want to buy. With a cloud-based tool, you can access a 360 degree view of all your customer related information and make informed decisions.
7. Remain Dedicated to Good Customer Service
When a small business grows, especially if it happens quickly, customer service can fall by the wayside. Your customer service reps need to help a larger volume of customers, and customers may fall through the cracks. With cloud-based tools, you can track your customers’ issues and automatically escalate issues that aren’t resolved by a specified deadline.
8. Improve Your Cash Flow Management
Maintaining a healthy cash flow is important for continued small business development. You need to make sure you always have enough cash on hand to cover your growing business’s expenses. By sending electronic invoices to your customers, and receiving online payments, you can get your money sooner.
9. Use Data to Make Decisions
Have you ever made a business decision without seeing reports? You’re not alone, but now that your business is larger, decisions have higher stakes. You need access to analytics and reports to make good decisions. Cloud-based tools can automatically gather data and create reports, so you can get the data you need right away.
10. Choose Scalable Solutions
Part of small business development is realizing that your company may eventually become a medium-sized or even large business. Plan for this growth by choosing solutions that will scale with your business, no matter how successful you become in the future. With cloud-based tools, it’s easy to upgrade your services when you need them.