Nearly all businesses of the same scale have the same key goals across different industries. According to a 2016 Q4 survey, small businesses want to see improvement in business efficiencies, increase profitability, spend less time on the actual business and generally see business growth.
A small percentage of these businesses are already actively employing measures to attain the desired growth. A larger percentage of them are however aware of what they need but are yet to make any notable steps toward achieving the same.
They need to make changes that will enable them to either expand their customer base or increase sales with their existing customers. These are goals that are only attainable with improved levels of efficiency.
As most businesses agree, better efficiency means doing more with the less they have – a sure way to boost business productivity and see solid profits.
How to score easy productivity wins
Small businesses can improve their efficiency by using some of the leading business accounting tools such as payroll systems which effectively help reduce the required admin time to a minimum.
While some businesses still rely on traditional accounting systems, their peers who are already using online systems to process payments are making strides in terms of security and reliability of their payment processing.
Customers can get improved service that eventually lead to customer loyalty and better business productivity. Alternative business funding like we provide here at First American Merchant, provide online based payment systems that help businesses achieve the kind of efficiencies that contribute to better customer service.
Technology is the next vital requirement for success in the small businesses world. Though a lot of these businesses are still leaning on traditional devices such as printers and fax machines, they recognize that the use of today’s technology (software) would do the trick for them.
Software such as debtor management systems, job management systems or invoicing systems are all known to make virtually any business more efficient. Regrettably, only a small fraction of small businesses in different parts of the world are already using these.