blog.moneypenny.me_what_are_the_challenges_small_businesses_facing_today?

What are the challenges small businesses facing today?

08/06/2015

The accounting software company Xero last month had a booth at the Business Show in London. The event was stimulating as it showcased the latest ideas and technologies. With so many start-ups popping up in and around the capital in the present day, Xero has become particularly interested in what the challenges are that small businesses like these are facing. So, here is a round up of what we learnt from thinking about small business challenges after the London Business Show, as well as a few tips and pointers about how MoneyPenny can help small businesses out with these issues.

Managing cash flow.

Cash flow is a perennial problem for small businesses, especially new ones. Worrying about how much money will be left in the company’s account each month is a familiar occupation for so many small business managers! MoneyPenny has software that can help small businesses manage cash flow problems. From formulating automatic projections of income and expenses to automatically generating invoices and chasing them up, our platform has all of your cash flow needs sorted. And, when your cash flow is managed well in this way, you will quickly find that you have more cash to flow.

 

Competition, competition, competition.

Many small business managers also find dealing with competition very difficult. The world of small businesses and startups is a very competitive one. One of the best ways to get ahead in this environment is by ensuring that your time is used as efficiently as possible. Automating key areas of your business like invoice creation, timesheet logging, and financial management means that it is running as efficiently as can be. Thus, you have plenty more time to spend on developing that winning business strategy that will give you the edge over your competitors. With MoneyPenny‘s software, you can automate all of these essential processes and more.

 

Communicating with clients.

Of course, small business managers need to be able to have face-to-face skills, and communicating well with clients is very important. Building up a loyal client base, and making your business strategy as attractive as possible to clients by using a dynamic and creative marketing method is crucial to giving your business the foothold that it needs. You can use MoneyPenny to help you with this, as our software enables you to have all of your client’s data at your fingertips. Whether you want to know which projects you are working on for a given client at a particular time and how those projects are progressing, or whether you just need to find the name and address of a client right away so that you can send them a personalized communication, MoneyPenny will help you out. We provide you with a safe and secure way of storing and organizing your clients’ data so that it is always ready to hand. This is a strong foundation from which to build a unique marketing strategy that gets you noticed.

 

If we learnt anything at the Business Show in London recently, it is that there are a great sense of collaboration between start-ups and small businesses facing challenges. When we were creating our software we were thinking about small business owners and freelancers. So never fear, at MoneyPenny we are confident that we can provide startups and other small businesses with all of the tools that they need to succeed.


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