Analysis by SAP Concur has shown that successful SMB companies focus on four core priorities to navigate the path to financial fitness: growing, controlling spend, optimizing processes, and using data to make decisions. Read on below for more details on each, and then take our assessment to find out which top priority your company needs to focus on, and how.
Growing
There are plenty of ways to bulk up your business: introducing new products, expanding into new markets, creating new revenue streams. But, growth often leads to complexity. It means you have more customers taxing your systems. More employees to train and manage. And more cash flow to monitor.
Controlling spend
There’s a cost to doing business – many, in fact. There are operating expenses like rent, payroll, and utilities. Fixed costs like amortization, depreciation, and insurance. Capital expenses like real estate, computers, and servers. And that’s hardly all. Failure to control these expenses won’t just cost you money – it’ll cost you a competitive edge.
Optimizing processes
Process inefficiencies hold many businesses back from reaching their full potential. Antiquated operations can leave your company vulnerable to time, money, and employee productivity losses.
Using data
Companies are in the middle of a data explosion. Insights around spend, employees, customers, and more are flowing freely. But, what good is data if you can’t capitalize on it? A lack of data can lead to a long list of troubles. It can inhibit your business growth, prevent you from addressing areas of need, and leave you unable to adapt to changing market conditions.
But, the smartest thing these SMBs do is to figure out which one is the TOP priority to tackle.
Take this quick, 10-question assessment to pinpoint your priorities (and pains), and receive a customized guide on how to whip your business into shape.
Watch the on-demand webinar to find your route to success with SAP Concur solutions.
