Small business owners cannot afford to lose money, not in the smallest amounts. Small business profitability is the essence and the main thing to consider, no matter what you sell or offer. Now, we have some obvious reasons that will cause severe monetary losses, and we have some less-known that are also catastrophic and should be sorted as soon as possible. Keep in mind that the money you lose is more important that the money you earn, because when you start losing money, this issue will get only increased.
• Old software
Yes, you use and you should use software to help you grow and maintain your business. Old software cannot keep up with the customer demand. It means that you are losing money even if all looks perfect. POS software is the most affected type and it must be the latest. When you use the latest software, it can help you expand and increase the profit accordingly. We must add the fact that using the latest and the best software is the key to making your business stronger and better. It is also the simplest way.
In essence, it is better to use simple, but the newer software that old-time perfections.
• Not backing up
If you don’t back up your software and the entire system in a matter of fact, you may encounter a severe problem at some point. If your software crashes, you will lose almost anything. The internet and the software are reliable, but they are not perfect. That’s why developers invented back up. In general, it is a way to make copies of all your information and additions, so you can restore them in a case of a crisis.
We may have mentioned that making mistakes, when you are a small business owner isn’t something you can afford!
• Customer service that cannot meet expectations
A recent survey discovered that if your customer support is poor, your clients won’t be satisfied, obviously. Even more concerning is the fact that they will tell to another 9 or 15 people about your customer support. In general, 13% of people will inform more than 20 people that you offer support which is poor. This creates a ripple effect and in a matter of days, thousands of people will realize that the support you offer cannot meet their expectations. If you know that people appreciate this type of support and they avoid interacting with business owners with this issue, you may understand how important it is.
A new and updated software can help you. It will have better info about the clients and it will be more accurate. Small business profitability depends on this factor.
Make sure your business is immune to all of these factors. If you have just one, losing your money isn’t as severe as if you are hit by all of them. The only thing you can do is to prevent them from happening, so analyze your business constantly and try to make it immune to losing factors.