The Pros & Cons Of Developing Your Own Business Software

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StrategyDriven Managing Your Business Article |Business Software|The Pros & Cons Of Developing Your Own Business SoftwareNo matter what business you run, you will use various software products throughout the day. These could include HR software, accounting software, marketing software, and so on. Some of these things you will use every single day, and form a key role in how your business operates. As a result, you might start to wonder if it’s beneficial to develop your own software. After all, you know what your business needs to do, so doesn’t it make sense for you to develop your own custom software product?

In some cases, this can be a genius idea. In others…not so much. How do you know if this is the right approach for you? It starts by understanding the main pros and cons of developing your own business software:

Pro: Software created for you, by you

In theory, your own software will be perfect for your business. There will be no irrelevant features; everything is built for you and your daily operations. As such, you don’t waste money on software products that might provide you with some of the features you need, along with a host of things you never use. This means a lot of businesses end up paying for multiple software products as Product A provides some of the features they need, then Product B might provide the rest. If you develop your own software, you can eliminate the need for multiple platforms, making it so much easier for everyone in your business.

This would mean you only need to learn how to use one software program, which helps you when training your employees. As mentioned already, you also don’t waste any money on programs with features that are never going to be used.

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Con: An expensive process

Software development is not cheap at all. The entire process can set you back thousands of dollars very easily. After all, you have to pay for a lot of different things. For one, who is going to develop your software? If you want it all done in-house, this means creating a load of software development and software QA jobs for people to apply for. Your new hires will need to be paid, so you’re forking out a lot of money on an ongoing salary. The other option is to outsource, but this will also cost a fair bit of money – not to mention the fact you may need to keep paying for support after the app has been developed.

For a business that already has a series of outgoings and expenses, is this a wise idea? On reflection, you might realize that it is way more cost-effective to pay for software that’s already been made.

Pro: Can sell your software

As a counter to the argument about costs, you could sell your software to other businesses. Much like you pay a fee to use someone else’s software, other companies can do the same to you. This could be a genius idea if you develop software and are in a very niche industry where there aren’t many other options available. Fellow businesses might recognize that your software does everything they need to do, so it makes more sense for them to pay for yours.

The only caveat to this is that, if you develop custom software that’s meant for your business, will it be relevant to other businesses? There is a chance that it could be, but if it isn’t then you won’t really be able to sell this product.

Con: It’s a risk

Custom software development can be a big risk. If things don’t go according to plan, you’re left with an expensive software product that doesn’t do its job. A lot of businesses have ended up reverting back to their old software because the custom one ended up being rubbish.

The only way to avoid this is by being patient throughout the development process. Don’t rush things, be clear on what you want your software to do, and test it thoroughly! Ensure that you test your software to iron out any bugs and make it work perfectly for you and your employees. This’ll mean that, when it’s ready to launch, it should be perfect.

On both sides of the argument, there are some pretty strong arguments. It really depends on the type of business you run, and the software you need to use. If you run a business that uses a lot of generic software, it probably isn’t wise to develop your own as there are already great products out there that work for you. If you have a niche business and find that you’re struggling to use multiple products every day, custom software could be a good shout.

4 Business Services To Outsource In 2022

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StrategyDriven Managing Your Business Article |Outsource|4 Business Services To Outsource In 2022Throughout the turbulent, unpredictable, and often even distressing business climate the worldwide coronavirus pandemic has, and is continuing to cause, if you are either the owner or manager of a business that has continued to trade then you are to be commended.

With the Covid-19 pandemic still exceedingly prevalent as the new year arrives, it is time to start buying yourself more time to give attention to the areas of concern within your business model. With that being said, continue reading to learn of the top four business services to outsource in 2022.

1. Recruitment Processes

Recruiting and hiring for new staff is one of the most time-consuming and vital responsibilities of running a business and as a result, outsourcing the entirety of your recruitment management is one of the best decisions you could possibly make.
The primary advantages of outsourcing your business’s main recruitment processes include the simple fact that it makes it easier to run the fundamentals of your business, the beneficial assistance gained from industry experts, and the fact that the right hire means your business is more likely to succeed in growth and expansion.

2. Social Media Management

Whether you like it or not, social media is a prominent, and possibly even necessary, tool in running a business—regardless of industry—in the modern world.

Content across all of your social media platforms should be consistent, uniform, and most importantly, exceedingly engaging so as to entice both recurring custom as well as new consumers of your products or services.

As successful social media management requires such a lot of time and effort to be spent on it, outsourcing this service often results in a large intake of new customers to a business. Other benefits of outsourcing social media management include the injection of fresh content and ideas, the delivery of immediate and effective results, the important saving of cash monies, and the enormous amount of time you will save to focus on other areas of the company.

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3. Vertical Transportation Systems’ Inspections

Obviously, one of the principal roles of a business owner or manager is to ensure the safety of every single employee and customer who enters your business premises, and the best way to do this is to ensure you have everything inspected as regularly as possible.

When it comes to your vertical transportation inspections, it makes perfect sense to outsource everything related to each system to ensure optimum safety, performance, and compliance, and professional escalator companies will deliver unrivaled services every single time.

4. Website Design

In 2022, especially due to more and more consumers choosing to shop online, your company’s official website needs to be as simultaneously aesthetically pleasing and user-friendly as possible.
Outsourcing your website design and maintenance will mean you will benefit from cost-effective yet professional assistance, save valuable resources, and of course save that much-valued commodity of time—not to mention unprecedented access to the latest and most innovative technologies to make your website as professional as possible.

Tips on How You Can Grow Your Business

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StrategyDriven Managing Your Business Article |Grow your business|Tips on How You Can Grow Your BusinessEveryone wants to succeed in the business world, yet not everyone achieves the goal since some lack the tools, skills, and attitude to grow their businesses. Many start their businesses thinking that they will open their doors, turn on their computers, and start making money even as the business grows. Unfortunately, this has never been the case since growing a business is more challenging than many think and needs many sacrifices.

Here are six simple steps you can use to help your small business grow and achieve the success everyone is hoping for.

Enhance Creativity

Always be in the business of looking for ways to improve your business and make it stand out from the many competitors. One of the ways you can use to reach the market is through proper branding through a design cloud that is fast, flexible, and affordable. This will change how your business uses graphic design to reach the target market.

Stay Focused

“Rome was never built in a single day; thus, starting your own business never implies that you are going to start making money straight away and grow. As much as it will take you time to grow, always stay focused as people recognize you in the market, and with time, you will succeed. Besides your long-term goals, make sure you also focus on the short-term goals that are very necessary to grow to newer heights.

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Keep Good Records

If you want your business to succeed, you must keep detailed records of your finances, assets, and even liabilities. This will help you know where your business is, the hurdles you have to overcome to grow, and the steps you need to take to achieve your goals. In addition, knowing your financial position backed with the records will give you time to strategize on how you can overcome any challenge and be ahead of your competitors.

Be Organized

If you want to grow and enjoy much success in your business, organization is vital as it will help you complete tasks in the proper order. First, you have to create a to-do list that will help you plan your day and stay on top of tasks to be done. Then, as you complete every job, you must check it off to ensure you don’t forget any of them.

Make Sacrifices

The lead-up to growing your business is hard work and sacrifices right from when you open your doors. In most cases, you have to put in extra effort and spend more time at work than with your family. You will have to make both financial sacrifices and time to stay ahead of your competitors, who are also coming up with better strategies to be ahead of the curve.

Conclusion

Instead of growing, approximately 20% of businesses fail in the first two years of operation, while another 45% fall in the first five years. The failure to grow can be associated with a lack of strategies and a proper plan. The tips mentioned above can help you achieve success and help your business grow.

Small Business Owners: Here Are 8 Services You Shouldn’t Skip if You Want to Grow Your Business

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StrategyDriven Managing Your Business Article |Small business owners|Small Business Owners: Here Are 8 Services You Shouldn't Skip if You Want to Grow Your BusinessIf you’re a small business owner, then there’s a good chance that your biggest goal is to grow. You do have a few cards in your favor: the internet has made it easier than ever for you to reach new customers all over the globe. But to capitalize on this opportunity, you need to take a look at the services that could help your company grow even more. No matter what type of business you’re in, one of these eight services is critical for your company’s growth.

1. Online Marketing

If you want to grow your business quickly, you can’t skip out on online marketing. One recent study found that internet users in the United States spend an average of 16 hours a week on their computers and mobile devices. That’s a lot of time spent browsing the internet, and it could translate into a lot of lost sales. You can effectively double your reach by adding a company website to your existing advertising efforts. Plus, you can use this space to provide more detailed information about your company’s offerings and services. Visitors are more likely to stay on your website for a more extended period if they can easily find what they’re looking for.

2. Online Payroll Services

The payroll department is one of the essential parts of any business, but it’s also one of the most overlooked. By handling payroll in-house, you may end up paying high fees that force you to do business with an expensive payroll service. Instead, it would be best to consider using an online payroll service. These services can offer you the same benefits as your local payroll company, but they’ll do it all electronically, so there’s no time wasted. At the end of the month, you’ll have a fully-filed and complete payroll report that all employees will receive.

3. Online Office Supplies

The growing popularity of office supplies like coffee shops, bookstores, and even restaurants has made everyday office supplies in high demand. That has made office supply stores a precious asset. However, if you’re operating a small business, it’s important to note that in-store prices tend to be higher than their online counterparts. Instead of driving out to an office supply store, you should use an online office supplies shop like Staples or Amazon. These services will sell the same goods at a lower cost, and they offer fast shipping so your business can keep running smoothly.

4. Employee Management Tools

To be successful, you need employees who are happy and productive. But that’s easier said than done if your employees have no idea what to do or how to do it. Fortunately, you can take advantage of the growing popularity of free employee management tools that can help you manage your workforce. It is crucial if you are running a distributed team. You can use these tools to help your team members stay on the same page with their work. It will also help you keep track of task-specific details. And if an employee is struggling, you’ll be able to know right away and help them improve. There is not much difference in the work management tools you may use when running distributed versus remote teams. If a service is helpful for one, it’s useful for the other.

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5. Accounting Services

The last thing you want is to lose a lot of money from making an error on your taxes. Fortunately, you can use online accounting services to help prevent that from happening. You can use these services to keep track of your business’s figures and keep an eye on your transaction. You’ll be able to import your accounting data into these online services and make sure you’re doing everything right. Once you have everything posted, you’ll have an audit report that your tax advisor will be able to read. By using an online accounting service, you will be able to save on costs that you would otherwise have to pay to a full-time accountant.

6. Customer Service Tools

Customer service can get very complicated for small businesses if they don’t have the expertise to handle customer issues. However, you can find excellent customer service tools that make managing customer support more accessible. Some of the most popular customer service tools include live chat, a web form, and email. For example, you can provide live chat support on your website so that customers can get an answer in real-time. You can also have a form where visitors can submit their complaints or questions. Or, if using email is more convenient for them, you could have an auto-responder that routes emails to the right people in the company.

7. Online Communications

Paying for an internet marketing service can cost a lot of money, so you should check out other options before committing to one. One of the best ways to get more exposure is scheduling social media posts on your Twitter, Facebook, and LinkedIn profiles. This way, you can attract many new followers who have been looking for a local business in town. But don’t forget about email marketing either. You can create an email campaign centered around a marketing offer and send it out to your list of customers. It’s important to send these emails out promptly because if you do not get them off your list, they’ll probably end up in the spam folder. Allowing customers time to sign up for your email list can make them more likely to buy products or services once you launch the campaign.

8. Contact Management

It’s essential to keep in touch with everyone in your network. By using a contact management tool, you’ll be able to maintain current relationships and build new connections. Many different contact management tools are available for business professionals, but one of the most popular is LinkedIn. This service allows you to connect with thousands of professionals who can help grow your company. You can use LinkedIn Groups and the website’s career section to look up potential employees and even vendors that can help you further your business’ reach and success. By carefully planning your social media strategy, you’ll be able to connect with new people who can share your business. Using the right tools at the right time can increase your reach and ultimately increase profits.

9. Employee Training Services

If you want to grow your business, you will need trained employees. But if you can’t afford to pay an expensive training expert, you can still use some free strategies. One of the best ways to train employees is using mentor programs to learn from an experienced business owner, ask questions, and clarify mistakes or frustrations. The best way to stay current on training is by joining communities of professionals like LinkedIn. You’ll be able to find people who share your same interests and connect with them for professional advice. It’s also essential to train employees to use the tools you’re already using. It will help you make sure all of your employees are using the right equipment in the right way.

Summing Up

As you can see, several services are essential if you want to grow your business. Whether you’re a small team or a large corporation working with multiple remote offices, these services can help your company improve in all the right ways. Remember, when you develop your staff, you are creating the potential of your business. Moreover, It doesn’t matter if you are a one-person team or a huge corporation. These services can help you stay competitive and improve your bottom line.