The Five Stages of SME Business Growth
When it comes to launching your own start-up business, chances are you have dreams of making it thrive in the not-so-distant future. Every great company started off on a small scale and grew over time, and there are five key stages of growing a small business that can help you keep on track with your […] ... Read More
April 16, 2018 business challenges, business growth, small business, SMEStumbling Blocks on your Way to Business Growth
Business is cutthroat, there are no two ways about it. Growth is essential for long-term survival in anything under the sun, business included. Let us delve into some reasons for the stunted business growth of small businesses. Technological Advancements Technology is the cornerstone of business in this day and age, and small businesses are often [ ... Read More
April 7, 2018 business growth, business success, small business, SMEManaging Omnichannel Warehouses as an SME
Traditionally, retailers will rely on a single warehouse to hold stock for all of their stores, and perhaps one other warehouse to hold stock for their online store. However, the proliferation of online shopping has meant that large companies like Amazon are increasing the speed at which they deliver customer purchases to their door. With [… ... Read More
April 4, 2018 multiple warehouses, omni-channel, real-time inventory control, small business, SME, warehouse managementEncouraging Growth in a Business with Inventory Management
A fundamental concept to understand is that the challenges and strategies involved in starting a business are different to those required to keep it going and see it actually grow. There are several new hurdles that arise with seeing new growth in a company and must be overcome for survival. From inventory management to changing […] ... Read More
March 22, 2018 inventory management, inventory software, small business, SMEMake Your SME Work Environment More Effective
When you are a small-to- medium enterprise (SME) leveraging any strategy to set you apart from the competition is imperative. Often, SMEs are a fundamental part of innovation and economic growth. However, in order to be successful influencers in these areas, a SME needs to make sure they are operating as effectively as possible. There […] ... Read More
March 15, 2018 small business, SMECut Costs Without Cutting Corners
It is a well-known fact that start-up businesses usually tend to struggle with managing their finances, especially in the beginning. As an SME owner, it can be tempting to take shortcuts when cutting costs to free up your finances for other priorities. While it is often necessary to reduce expenditure as a start-up business, you […] ... Read More
March 9, 2018 business costs, cost control, small business, SMEPlummeting Costs and Rising Profits: The Picture for SMEs
Cost-cutting in business goes hand in hand with saving money and turning a higher profit. However, it does not need to be something backhanded or feared as the term might imply. In reality, cost-cutting in business does not need to be all that dissimilar to what would be done in a home. Let us explore […] ... Read More
March 8, 2018 business costs, cost reduction, small business, SMEFour Tips to Improve Your Business’ Balance Sheet
For many businesses, the income statement is the be all and end all. But if your business is geared for financial performance, it’s important that your business’ balance sheet is also healthy. Here are four helpful hints to tame your business’ balance sheet using inventory control. What is the balance sheet? Your business’ balance sheet [&h ... Read More
March 6, 2018 business costs, inventory control, small business, SMEUpcoming Trends for Small Businesses in 2018
2018 is looking to be a crucial year for small businesses. Innovative technology for gaining and retaining customers is slated to become more accessible but at the same time, new risks are emerging. Here are four key trends to be aware of and how online inventory management can help. Novel Technology Following on from the […] ... Read More
March 6, 2018 small business, SME, trendsStreamlining your Small Business for Greater Efficiency
One of the complexities of managing a small to medium sized business is having the ability to optimise your organisation, enabling it to run more efficiently. Unlike larger companies that have greater access to significant financial backing, small business owners need to be especially resourceful when implementing effective cost management, operati ... Read More
March 5, 2018 business efficiency, small business, SMEThe Hidden Costs of Running Your SME
While a SME business plan can help you to track the cost of buildings, equipment, stock and staff, there are many hidden costs that your business plan may overlook. These hidden costs can be very difficult to detect, but accumulate over time and can cause serious damage to your finances. Below, we address a range […] ... Read More
March 3, 2018 small business, SMESME and Omni-channel Warehouse Management
The face of retail has changed dramatically in today’s digitally connected world. Consumers are more well-informed than ever before and have increasingly higher expectations of their shopping experience. Not only do they want convenience and value, but they want the ability to purchase anything, from anyplace, at any time. Demanding fast and effi ... Read More
February 23, 2018 customer demand, customer experience, RFID, small business, SMEReducing Your Debtor Days
Debtor days can substantially impact your business. Whether running a small, medium or large enterprise, it’s important to understand how debtor days affect your daily operations. The debtor collection period, or debtor days refers to the time it takes for cash to be collected from your company’s debtors. The longer it takes for your creditors ... Read More
February 22, 2018 small business, SME3 New Year’s Resolutions for Small Businesses
As some countries ring in the new financial year, now is the time to reflect and make New Year’s resolutions for your SME for the financial year ahead. We have the top three resolutions that SME owners and executives need to consider that may really impact their SME’s bottom line and its growth. Improve Cashflow […] ... Read More
February 21, 2018 business capital, small business, SMEHow Small Businesses Can Manage Their Omnichannel Profile
An omnichannel business is one that is everywhere and able to reach everybody. What does this mean though? It means the businesses has multiple store locations, be it a brick-and-mortar shop, an online store, an app or maybe a stand at trade shows or a market. The omnichannel strategy for a small business can be […] ... Read More
February 14, 2018 inventory management software, small business, SMEHow Small Businesses Can Cut Costs
Small businesses often struggle to manage the costs of running a small business, often operating on a minuscule budget. However, there are in fact many small but effective changes that managers can make to cut operating costs dramatically. From managing utility bills to rethinking freebies offered in the lunch room, this articles summarises a few [ ... Read More
February 13, 2018 business costs, cost reduction, small business, SMEWhat are your SME New Year’s Resolutions?
It’s not just individuals who should take time to reflect and make New Year’s resolutions for the year ahead. Making New Year’s resolutions can be a great way to motivate SME managers and staff alike to make 2018 a memorable, successful year in business. The following article provides a few resolutions that SMEs should consider […] ... Read More
February 9, 2018 small business, SME, SMEsStrategically Cut Costs for Your Start-Up
Being an entrepreneur or starting your own small business can be a risky endeavour. The feelings of stability and security often felt when working for an established company, evaporate. Big budgets disappear and all of a sudden you are trying to start a business on a shoestring budget. However, in pursuit of dreams, it is […] ... Read More
February 8, 2018 business costs, cost control, small business, SMECutting the Fat: Streamlining Your SME
It seems 12 hour days, sleepless nights and no holidays are a rite of passage for a small business owner, however why should this despicable life be the status quo? It does not have to be, and with clever strategies to streamline the business, you can enjoy some beauty sleep again. Let us consider what […] ... Read More
February 3, 2018 business costs, cost control, cost efficiency, small business, SMEUncovering the Hidden Costs of Small Businesses
Setting out to start your own business is ambitious and exciting. With ideas and dreams fuelling motivation, it’s easy to get enthusiastic about your new found freedom. After all, there is so much potential a new endeavour can bring. In order for a small business to develop and prosper, it needs to have strong financial […] ... Read More
January 29, 2018 business challenges, business costs, inventory stock, small business, SME, SMEsAlternative Lenders: What Do They Mean for SMEs?
Owning and operating a small business can pose several challenges, from staffing issues to inventory control. However, the leading challenge for most SMEs is the ability to attract finance and capital investment for their operations. SMEs often struggle to find and secure the right finance to help sustain and grow their business. This is where [&he ... Read More
January 19, 2018 funding, small business, SMESeven Tips for SMEs to Boost Efficiency
Whether your business is a small challenger in a big market or a major multinational firm, operating efficiently is critical for growth and long-term survival. Businesses of all sizes are investing in continuous improvement; however, unlike large businesses, SMEs cannot delegate this work to a specialised team or outsource it to consultants. As a s ... Read More
January 10, 2018 business efficiency, small business, SME, SMEs