With the expansion of global economy and increased globalization, the way of doing business has also changed drastically. Businesses have now massive problems to deal with like increased competition, limited resources, skilled labor force etc. In today’s times, businesses have to work in the most efficient way, due to excessive competition
Inventory Management is the supervision, controlling and handling of a company’s non-capitalized assets and stock items. Inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale. This primary component of supply chain management has a key functionality of keeping a detailed account of each and every new or returned product.
Business intelligence is a technology-driven service that is used to analytically transform data into actionable information to assist corporate and strategic managers make informed business decisions. Business intelligence is a technology-driven service that is used to analytically transform data into actionable information to assist corporate and strategic managers make informed business decisions.
Enterprise Resource Planning is routinely referred to as a business management software comprising of integrated applications. It includes the systems and software packages used by organizations to manage day-to-day business activities, such as accounting, raw-material procurement, project management and manufacturing. ERP ties together a plethora of processes across business functions in order to streamline information across the entire organization.
Cloud Accounting is an accounting software hosted on impersonal, reserved servers. The software is used by businesses to acquire functions which are similar to those associated with the model of Software as a Service, i.e. the SaaS. Cloud Computing is gaining increasing popularity; ex-Product Manager at Ingram Cloud and current Principal of IQMS writing for Forbes projects a compound annual growth rate of 19% for Cloud Computing around the world between 2015 and 2020.
Modern-day businesses spend a major chunk of their time and revenue aiming at sales and publications to entice new customers. However, as conventionally proven, the most successful businesses are the ones that prioritize the retention of existing customers. Rough estimates suggest that companies tend to spend anywhere between six and twenty times as much money to sign up a new client in comparison to keeping an existing one.
Pakistan has a vast business sector, with the Federation of Small Businesses reporting that SMEs accounted for 80.3% of private sector businesses at the beginning of 2016. This has been largely aided by a favorable environment, with Government schemes and specialist finance and accountancy providers amongst those helping the sector to blossom. Nonetheless, some small businesses are still making some costly mistakes. Here we run through some of the main obstacles to small business growth, and explain how they can be overcome.