What is the secret to managing a new — and successful — small business? Many, it seems, are struggling to come up with one, and the results are kind of painful. According to Forbes, wholly 80% of small, startup businesses fail within the first year and a half — and, sometimes, it doesn’t even take that long. It does not have to be that way, however. Taking advantage of a few well-chosen technologies can make all the difference. Consider these essentials:
Reliable Product Lifecycle Management Software
It’s hardly a stretch to say expenses are especially tight for new businesses. That’s why it’s important to pay for only what you need. Avoid paying for products and services that are no longer profitable with trustworthy product lifecycle management systems. PLM implementation allows you to closely monitor the profitability of products at all stages — including introduction and the lasting value (or lack thereof) over time.
Get Connected For Less
“Data space can be a huge issue for small businesses. But you don’t need to purchase [an] expensive kit to get around this. Many small businesses are opting to outsource data storage,” The Telegraph explains. Cloud computing systems, for example, allow large groups of people to share the same digital storage space. Most cloud systems are relatively inexpensive, and some companies even offer services (or partial cloud services) for free.
Invest In Security and Backup
Whether you invest in cloud computing technology, PLM implementation, or both, keep in mind that you should secure all data and systems that you regularly use. Encrypt data whenever possible, Fox News recommends. Invest in security software, and don’t forget to raise awareness about email phishing scams — and other widespread viruses. Backup systems are similarly important. “Small businesses should be backing up important customer records, tax documents and payroll information daily to a local backup system or cloud-based solution,” Fox News recommends. “Additionally, business owners should have a backup for all necessary applications, like point-of-sale systems.”
Keep your small business in the running. Invest in essential technologies, such as PLM software, security and backup services, space- and cost-saving cloud computing systems. Read this for more.