David vs. Goliath: How Can Small Businesses Compete?
Business Solutions Small businesses are some of the nation’s largest consumers of advances in technology for efficiency that make them more competitive.
For an entrepreneur in the business planning or strategic planning phase, it makes sense to evaluate all the different tech options available.
Where to begin
For a new business, Point of Sale (POS) software is an important research topic to consider because its implications on finances and insurance. Some smaller businesses ignore this option entirely, but for retail businesses— in particular those that need to track inventory—this type of software is frequently industry-specific and can position a business for quicker growth.
Aside from day to day sales data, this type of tool can inform small business owners on nearly every aspect financial of their operation, including: who their best customers are, what their best selling products are, how long certain SKU’s are sitting on the shelves, where customers heard about them from and which items are lost due to theft.
Accurate inventory data is also crucial for insurance purposes. POS software can be backed up and stored offsite to help an owner keep track of assets in the business in the event of a disaster for insurance claims.
There are many options when it comes to POS software and one way to pinpoint the right version for you is to check out booths at industry tradeshows, research online and ask peers with similar businesses what they use and what they like.
Many business owners are often advised to find good accounting software that will suit their needs. Your personal accountant is a great jumping off point for insight into your particular financial needs depending on the industry.
Even if your business talents are not in the financial realm, a cloud-based management system or traditional financial software will help you manage your money from home or on the go.