Running a business is not easy as there are many mistakes that you can make, even when it comes to money management. If not managed properly, your company could end up wasting a lot of money, and you can jeopardize your chances at success. To help you identify areas of concern, here is a list of reasons why your business could be wasting money, which you can help you make a change for the better.
Reason #1: You haven’t updated old processes
A business process that doesn’t help you achieve your objectives only serves to keep your company from profiting. Any process that involves multiple handoffs or requires re-entering data into multiple systems is inefficient, expensive, time-consuming, and is more likely to introduce errors and mistakes. To overcome such processes, you should invest in technology that serves to improve business processes, and makes them more efficient.
For example, connecting your ERP system to thousands of apps like MailChimp or Gmail with Commercient’s IoT Pulse app can save you time and increase efficiency. It does this by automating tasks such as sending out emails instantly when customers input a new order, or generating a new invoice. In this way, you can discover and implement new ways of working.
Reason #2 You’re still supporting legacy systems
You may have invested a lot of money in a legacy system, but it doesn’t mean that you should continue to invest in it. Gartner defines a legacy system as, “Any system that is not sufficiently flexible to meet changing business needs.” So, your current legacy system might not be able to provide you with the flexibility required to customize and change elements of how the system currently works to meet the needs of your company. And by supporting it, you can waste a lot of time and money.
Moving to a newer system that’s easier to support empowers you to cut costs and make your company ready for the future. Try using cloud-based applications, like Commercient SYNC, Sync2Pay, or IoT Pulse. These types of apps allow you to scale up or down to accommodate the needs or changes of your business.
Reason #3 Your staff is not on the same page
These days, no matter how big or small your company is, the task of keeping everyone on the same page can be a difficult one, especially if you have a remote workforce. When everyone in your business is on the same page from the top down, your business can function more smoothly.
Fortunately today, there are many technology tools that can help you and your employees stay on the same page. Take our SYNC data integration app, for instance; it connects your CRM and ERP system, and fills your CRM with the data from your ERP and back again. It helps you keep everybody on the same page and same reporting mechanisms by allowing you to sync your data in real time, via a one-way or two-way sync.
Reason #4 You don’t want to outsource
Laura Lee Sparks, owner of Legal Marketing Maven, a company that helps law firms streamline their practices through outsourcing, said, “Most entrepreneurs have great talents, but many times they think they can do it all. That can really stall the growth of the business. By outsourcing the day to day back-office tasks, the business owner has more time to focus on generating income.”
There may come a time that you and your current employees are unable to manage day-to-day company tasks of your company, it may be time to consider outsourcing, because you can save your company time when you choose the right partner. When outsourcing the difficult parts of your daily tasks, you make it easier for you team to manage each system. In addition to this, you will also be assigned a personal rep who will remain as an accessible point of contact throughout the life of your annual contract.
If you feel your business is wasting money, integrate your data today and start taking your organization to the next level. Contact us to get started.