2013-01-24 00:00:00 Money & Finance English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Financial-Management-Trends-20131-300x1071.jpg Five Financial Management Trends for Small Businesses

Five Financial Management Trends for Small Businesses

3 min read

While initiating new ventures, there are many complexities that an entrepreneur can face. These might seem daunting and intimidating especially for small businesses. Keeping a track of financial management trends, comes as a source of guidance to entrepreneurs in these challenging times. Here’s our round-up of the biggest trends in 2013 when it comes to financial management. Cloud Computing: Cloud computing has the potential to make huge changes to the systems, processes and operations of any business. A boon to small businesses, enterprises no longer need to spend extensively or require enormous budgets to deploy hardware, software or any unwieldy physical infrastructure. The cloud helps in reducing data and storage. Sharing and collaboration of data that is secure and convenient makes cloud computing a viable and a preferred option for all business ventures. With the “pay-as-you-go” model of usage, small businesses are already finding cloud computing easy to use and affordable. End users can access sophisticated services anytime and anywhere due to simplified software installation and maintenance – all with minimal support from the any IT team or consultant. . Mobile Technology: Small business entrepreneurs benefit significantly due to the advancement in mobile technology. For many small businesses, being without a smart phone is as good as being technologically handicapped. Quite often mentioned as the future of communication for businesses, smart phones are no longer perceived as a luxury product but as a necessity. Many now rely on our smart phones for daily activities, reminders, task management. There is an increase in efficiency, improved communication and greater responsiveness due to the smart phones. Customer management, prompt responses to emails, regular updates about your business and general business information help entrepreneurs operate their ventures smoothly and without any delays. Soon small business owners would be shifting to phablets–tablets-cum-phones! Accounting Software: Though in the past, there have been restricted options in the availability of accounting software, companies today have a wide array to choose from. Depending on the size and the nature of your business, small business can serve best in class applications and great functionalities. Enterprises can have noticeable business benefits with the right kind of software implemented. What was previously seen as an expensive capital investment with skilled expertise requirement, softwares are now easy on the budgets, affordable and easy to understand. One of the most popular cloud business and financial management software for small businesses, Intuit QuickBooks Online is now in India! Crowdsourcing: Crowdsourcing is a growing trend that outsources work to a dispersed group of people, both online and offline. This differs from outsourcing, as the work is distributed to unidentified public rather than a specific body. It helps in gaining consumer insights. It can analyze the incoming contest and helps understand the customer motivation, which plays a vital role in marketing, business strategies and financial modelling. Also, this helps in increasing brand loyalty and creating better brand awareness. Networking: Networking is going to be bigger and more serious in 2013! It is all about building and maintaining mutually beneficial relationships. Often businesses fail to understand that networking isn’t time out of work, it is work itself. This is an on-going and continuous process. Visible returns of networking can be seen in the medium and long term as opposed to the general perception of quick and immediate returns. Networking is one of the best ways to raise your business profile and attract potential clients or investors. Small businesses often tend to forget that networking is not just about numbers. The focus should be on quality and diversity of the entrepreneur’s network that counts. However, it is important that the investment on networking should be budgeted and wisely spent.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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