According to the New York Times, one of the biggest challenges small businesses face in 2014 is assessing capital. Being able to properly assess capital is important since big banks are currently only approving 17.4% of small business loans (and smaller banks approve about 49% of loans). Not having a handle on your financials can make it difficult to obtain loans, properly pay taxes, and handle your day-to-day expenses.
How can your small business keep better track of capital, and know what the financial future looks like for your business? Here are three ways you can improve.
1. Cloud Computing Technology
Cloud technology is one example of IT support services that small businesses find useful. Approximately 80% of companies say that they saved money after switching their companies to cloud solutions. Cloud allows for businesses to store more data, and access it more easily. This can be a huge asset if your company is growing and changing and you need a way to keep track of shifting expenditures.
- About 60% of small businesses utilize cloud for IT operations
- 80% of cloud users saw improvements to their businesses within half a year of moving to cloud
2. Outsourced IT Support
If you’ve been doing your IT work in-house, you might want to consider outsourcing IT work from larger companies. There are multiple benefits to doing this. It’s difficult for a small, likely overworked team to stay on top of security concerns 24/7, as well as fix bugs and keep software updated. This not only allows you to focus on your core business, but it ensures that your data is protected and managed by experts, at an affordable rate.
3. Purchase Small Business Software
Human error is invariably a part of record keeping. Using software to manage your financials reduces the likelihood of numbers, names or files getting lost or mislabeled. Instead of having to work backward to figure out what your current numbers are, you can have accurate accounting that reflects your day-to-day standing, enabling you to make better decisions for your company.
- According to Statistic Brain, 46% of startups fail because of a lack of record keeping and poor knowledge of financing — things software can help prevent
What IT solutions do you think your company needs? Do you use cloud computing for better data management? Let us know in the comments. Find out more at this site: www.tsiva.com