> Streamlining your Business Operations

In the fast-paced world of small business, efficiency is the name of the game. With limited resources and the constant act of juggling tasks, small business owners find themselves stretched thin as they strive to keep their operations running smoothly.  Similar to the banking industry, data is very important to small business operations, and investing in a business data management system is key to making the data work for you.

For many small businesses, managing operations involves coping with multiple systems and tools—from spreadsheets to emails to point of sale systems to accounting software.  While each of these tools serves a specific purpose, a lack of integration can lead to inefficiencies, data silos, and missed opportunities.

An integrated business data management software system can offer a comprehensive solution to streamline operations and centralize key functions within a single platform.  From managing finances and inventory to tracking sales and customer relationships, a system can help the small business work smarter, not harder.

The efficiencies that a small business can achieve with an integrated system are:

1. Centralization can provide one source of truth for management by eliminating many manual spreadsheets and inefficient software systems. A basic example would be eliminating an expense spreadsheet by downloading the company’s bank statement directly into their accounting software. Manual spreadsheets carry the risk of human input error or formula manipulation. Why risk the loss of hard-earned income due to an error or worse—embezzlement?
2. Streamlined workflows support the automation of repetitive tasks and can offer the opportunity to create customizable processes tailored to the business’ needs. An example of this would be integrating a company’s order fulfillment, inventory systems and invoicing into one, which would not only save time but reduce errors.
3. Real-time insights can help a small business owner identify negative trends earlier, such as an increased recurring cost, allowing the owner the ability to make an immediate adjustment, thus saving the business money and eliminating unnecessary headaches. Examples include tracking key metrics, identifying trends, and making data driven decisions to drive growth and profitability.
4. Enhanced collaboration tools foster stronger team communication across the organization using shared calendars and task assignments. Implementing these simple processes, a small business owner keeps everyone on the same page and ensures seamless teamwork.
5. Scalability and flexibility can help ensure that as a business grows, the software systems do as well.

In today’s competitive landscape, small businesses need every advantage they can get to thrive and grow. Investing in data management software can seem like a daunting task, and many small businesses may not feel they have the time or staff to tackle a project such as this, but in the long run the efficiencies received will pay out dividends to the owner.  

Simply said, data is king, and most often an unused business asset. A small business that puts it to work for them will have the edge over the competition by achieving new heights in productivity and profitability.

Kim Lebron
Chief Lending Officer
kimberly.lebron@ledyard.bank