6 Ways an Automated Business Management App Can Improve Startups for Business Growth
Setting up a business is just the first step in the process of running one. This is not easy as it seems. On the contrary, running a business is rather difficult and you will face constant challenges at every level- Executional, Operational, Financial, and even Existential. The path to a successful business is challenging. But, there is one way to make it simpler and control the challenges running your business. That is an automated business management app like EXTAM which provides you multi-functional business solutions for easier business management.
When it comes to small businesses or Startups, the workflow and processes are a lot less complex and flexible. This is one plus point. But, once your business starts scaling, things will turn more complex and tough. Many funding teams succumb to this change of scale due to poor management of the various processes. In the end, this will hit the end-consumer, once the ‘chaos’ spreads to every function.
Business automation apps increases faster growth, improves efficiency and ensures staff productivity. It evaluates your business regularly, and provides better consumer service. Automation is necessary for easier expense management for competitive advantage and a subsequent increase in sales. Here are 6 ways EXTAM helps improve small businesses and startups for faster growth.
The key to any successful business is customer satisfaction but you first have to satisfy your employees. Taking care of your employees’ expectations, and doing away with the chaos they face will keep them happy with their jobs.
Automated business management apps can help processes, manage expenses, claims processing, leave management, HR management and even vacation requests. When you are a small business or Startup this may not seem too important at the start. But, once your company reaches the 30-50 employees mark, problems related to the inability to manage employee activities will arise. In such a situation, it is important that you keep your employees motivated and ensure that their needs are taken care of without confusion to improve functioning of the organization. Using a good business management app can make all this easy for you. It can manage all business and expense activities toimprove employee experience, thus keeping them satisfied and happy.
It is vital to have an automated process with clearly defined stages for onboarding new partners so that you can align them to your business goals. This way, clear channels of communication and business-related information exchange can even be established.
The process of easy ‘handshake’ with new partners and of manual processes which slowdown the pace of onboarding partners can be overcome with automation. Automation will thus promote easy communication and flow of information as well as better coordination.
The success of a business depends on vendor relations. Growing teams, who don’t understand this often, fail to recognize the advantages that good vendor relationships can bring. Profit margins can directly be impacted by better rates and discounts which provide a considerable cost advantage. The continuation of business dealings can benefit from the timely supply of products/services. But, if you leave your vendor processes unorganized and undocumented it will have a huge negative impact.
The costs can significantly be reduced and the benefits passed on to the consumers with the help of good procurement services. Automated vendor management can facilitate easy access to vendor analytics thereby helping baseline and measuring their performance. EXTAM facilitates transparent and automated vendor ecosystem that paves the way for improved operational efficiency, elimination of avoidable expenses, and better management practices.
Purchase Order Management
A company’s operations are largely affected by its procurement process. Companies that believe in handling purchase orders sporadically because they think that a systemized process requires too much time and effort will only face a big nightmare. A company without a set purchase order process is worse than paper and email processes which might be sluggish and prone to inevitable blunders.
A company’s supply-demand chain management can be eased by automating purchase orders. It also helps maintain vendor relationships and intra-organization coherence. But, a manual process is much more labor-intensive in comparison to setting up an automated purchase order workflow. As your company size grows, this arrangement will be capable of handling bigger purchase order volumes as well.
Just like sales, returns and refunds are as much a part of a company’s business. While many companies have refund policies which have a very good write up on paper, but in reality are very confusing to execute. As such, loyal customers can be antagonized which will pose great risks to a company’s reputation if it has a messy refund process.
Automation of refund processes improves greater visibility on progress. This helps in timely action of process managers if necessary. Automation makes it easier for the refund policies to be clear to customers. Thus, it helps small businesses gain the trust of customers by ensuring transparent refund policies.
By far the biggest benefit of a good expense management app like EXTAM is to smoothen the process of expenditure. Automated processes of purchase, like employee expenditure, petty cash, project expenses, field expenses and claims can easily help a startup save time and money.
Even small businesses cannot ignore the benefits that automation provides despite considering it a bit premature for their size and scale of operations. Subscribing to the best automated business management app is a good investment. It prevents a lot of operational issues and challenges which small businesses and startups are bound to face as they grow. If you are starting up a business don’t make the mistake of ignoring automation for your business processes. It isn’t just the business process of the future, it helps your business improve in the long run too.