Today, the perceived cap on your business’s ability to grow doesn’t involve the people in charge. More often than not, it comes down to which tech tools and the type of infrastructure you’ve put in place to run your business.
As your company grows, here are some technologies you should consider to make life easier and operations run smoother.
CRM, or customer relationship management, can record and analyze data, generate reports, and do the work of 30 people as they keep track of relationships. Smaller businesses sometimes use free or simple versions of CRM to manage their business, which can fit their needs and budget at the time. As you grow, though, an upgrade may be in order.
Comprehensive CRM solutions can help you make decisions about your business based on real-time data. They also allow you to coordinate between departments for max efficiency. The latter is especially important with the recent shift towards WFH and hybrid employees.
It’s easy as you grow your business to overlook how you’re getting paid. Your current processor seems to be working, so why change, right?
Those who wait too long could risk bumping their heads on the limitations of their current POS provider. For example, some credit card processors use antiquated fee structures that reduce profit margins—which you may not really notice until your business starts to experience growth. Your merchant processing provider should work for your business, wherever it’s at.
Your credit card processor should also be equipped with the latest fraud prevention tools to ensure you grow with less risk. Additional features like being able to generate reports and manage inventory are also serious perks worth considering.
According to Forbes, more than half of the world’s population (around 4 billion people) now uses social media. At this point, businesses should be treating social media more like a utility than a way to market their brand. It’s just part of the equation for getting your name out there, regardless of the industry you’re in.
In the earlier stages, you may have been able to get by with a few part-time employees or interns running your social media accounts. Eventually, though, a tool that streamlines communication across all platforms may be needed.
Growing businesses need flexibility, security, and affordable solutions, and cloud storage offers all three.
The cloud gives your employees access to data from anywhere. It also backs up all your data in the event of a hardware malfunction or security breach, protecting you from human error and cybercrime.
Fortunately, many cloud storage services charge based on how large your business is and what it needs to operate. You can usually match a product that works for your small business.
Speaking of the cloud, as more companies move to hybrid and remote models, managed IT services are becoming a bigger deal. Instead of hiring a team of in-house technicians, decentralized IT support is done by a third-party from afar. This costs far less than staffing an entire Information Tech department but keeps your business running smoothly.
We’re living through the golden age of data, where many businesses rely heavily on metrics to make key decisions about how they'll grow and compete in crowded marketplaces.
Tracking data, though, is only a piece of the puzzle. Having access to that data in digestible chunks (not to mention knowing what you’re reading) is what truly makes data valuable.
Newer data curation tools, including those that use AI machine learning, can be a helpful tool for sorting through data and organizing it for your use.
Learn more about us to see how Pinpoint Payments became a global leader in payment processing solutions.