Growing your business can be difficult. As you increase sales, you’ll need to perform a growing number of tasks more often. Your company will send more invoices, answer more customer emails and ship more products. If you don’t find ways to streamline your business, you may see a sharp drop in company profits. Consider using these technology tools to streamline your business.
Understand your routine tasks
Before you look at tech tools, think through all of the routine tasks you need to perform. To operate efficiently, you need to create a procedures manual. The manual documents all of the routine tasks you perform. For example, your manual should include the steps needed to generate a customer invoice. A procedures manual provides clarity about what you do. It’s also a great training tool for your employees.
Managing your operations
Once aspect of your business that will become more complex is your operations process. This is the process of creating your product or service and delivering it to a customer.
ERP software from IQMS demonstrates how manufacturing software can be used to minimize the amount of inventory you carry. Say, for example, that you manufacture baseball gloves.
Carrying an inventory of gloves requires a financial investment. You don’t get your cash investment back until you sell your inventory. If you can minimize the inventory you carry, you can reduce your cash outlay. Minimizing inventory also means that you produce fewer goods, which streamlines your production.
Cloud computing is another great tool for streamlining your operations. The cloud can help your business in several ways:
· Online backup: Cloud computing eliminates the need to keep most of your paper files. Because your documents are on the cloud (on remote servers), they are much easier to locate.
· Document sharing: You can share important documents electronically. E-signature software, for example, allows you to send a document and get a signature over the cloud. You can send the signed document to everyone who needs it automatically.
· Security: Cloud computing also eliminates the need to keep servers at your office location. Because your servers are off-site, you sharply reduce the risk of data theft. Many companies outsource their tech security to the firm that handles their cloud computing.
Accounting and payroll
As your business grows, you’ll need to record more accounting transactions. Every sale, invoice and client payment requires an accounting entry.
Accounting software can help you work efficiently as your business grows. QuickBooks, for example, is a software program that is easy to use. Once you post your accounting transactions, you can print dozens of useful financial reports. QuickBooks is also available on the cloud.
Perhaps the biggest challenge for a growing business is handling payroll. Every employee’s payroll withholdings are different. In addition, the tax laws are changing constantly.
You can outsource your payroll function to a firm with specialized software. The software automatically updates for every tax law change. This step can save you a huge amount of time each payroll period.
Growing your business can be overwhelming. Use these technology tools to streamline your operation and stay profitable.