Throughout the pandemic, small businesses have fought tooth and nail to stay afloat. Many people believe things will get worse before it gets better. While this isn’t exactly breaking news, the pandemic forced many businesses to rethink how they run their operations.
Many small businesses operate on a shoestring budget or just enough cash to cover their expenses. These businesses, on the other hand, may not be aware that they have been overspending. They’re frequently wasting money on situations that could have been avoided.
While many businesses seek to increase efficiency and reduce expenses, not all look in the proper places. Every business must adapt and evolve, changing its processes and methods of operation while incorporating new technologies and ideas.
Utiliko is a great example of a technology that can help small businesses cut costs, improve marketing, and maximize operational efficiencies.
Utiliko: the user-friendly business management platform
Utiliko is your one-stop shop for business management, bringing together essential business services on a single platform. We offer e-signature for an estimate and contract execution, billable time tracking, email integration, and other services in addition to CRM, Project Management, Accounting, and Human Resources.
1. Using the wrong marketing strategies:
This is without a doubt one of the most common ways that most small businesses lose money. Most small business owners feel that by investing in various forms of marketing initiatives, they will be able to generate more leads, prospects, clients, and partners.
As a result, they wind up spending more money on various forms of marketing in the hopes of gaining more consumers and sales. Unfortunately, relying on hope rather than understanding your customers to develop a marketing strategy will always be a failing strategy.
Utiliko is a one-stop shop for tracking leads, opportunities, clients, and project deployment. It is straightforward to use, and you are not bombarded with information to the point where you abandon the system.
You don’t have to run reports or seek information because it’s all right in front of you.
2. Keeping legacy systems operational:
Just because your company put a lot of money into a legacy system doesn’t imply you should keep investing in it. Supporting old systems can waste a lot of time and money for businesses.
As your company grows, you’ll need to make a decision about the software systems you’re currently using. Inefficiency and a plateau effect in your business growth might be caused by a lack of integration across different software.
Moving to a more user-friendly system like Utiliko can help you save money while also preparing your company for the future. There are numerous benefits to integrating your disparate systems into a fully connected platform.
When you switch to Utiliko, your IT department will no longer be responsible for procuring, installing, and maintaining multiple systems as well as the various integrations between them.
Your business will benefit from significant operational cost savings while IT is busy improving your business processes.
3. Data stymies decision-making:
Slow decisions give competitors greater opportunities to disrupt decisions after they’ve been made. To “catch up” with the competition, longer decision cycles drive bolder, riskier, and more expensive decisions.
Managers who do not have access to the correct data are more likely to make poor decisions or take too long to reach a conclusion. Your data is your company’s lifeblood.
However, information must be analyzed, modified, and sent to management as quickly as possible in order to be used effectively. This is the quickest way to ensure that the right choices are made.
The faster a senior manager can make the best decisions based on the best data, the faster their teams can execute strategies, deliver competitive value, and delight consumers.
Utiliko allows decision-makers to view critical information in one location rather than sitting through status update meetings or scrolling through cumbersome spreadsheets.
4. Failure to update out-of-date processes:
Manual, paper-based work is inefficient, costly, time-consuming, and more likely to introduce errors. Just because something was done a certain way ten years ago doesn’t mean it has to be done the same way today.
Businesses should invest in technology that improves and streamlines processes. Using Utiliko software to manage workflows, for example, can save time, increase efficiency, and help businesses find new ways to work.
Processes can now be completed more quickly and efficiently thanks to field management software like Utiliko. Workflow processes become more agile as operations can be updated more easily.
5. Poor collaboration:
How many employees in a company are part of their team and never interact with other employees? As a result, information is siloed, and knowledge is unable to be shared.
This can lead to multiple people having to figure out the same problem, wasting time, and implementing ineffective systems. This can be avoided by sharing company knowledge and making expertise available to all.
This must be accomplished in part through company culture, but the use of the right technology such as Utiliko can assist in breaking down silos and encouraging sharing and collaboration.
Use Utiliko to help grow your bottom line
The funds that small businesses use to expand their operations can vanish in an instant. Particularly when not properly managed and protected from common money-wasting activities. Using Utiliko is a great way to overcome many of these common issues.
Get in touch with our team today to learn more about how our software services can help your company become more profitable.