Are you optimistic about the long-term success of your small business? Unfortunately, experts warn entrepreneurs not to get their hopes up. The numbers, Forbes continues, are not promising. In fact, wholly 80% of new, startup businesses will fail within the first 18 months of business — and many won’t even last that long. Thankfully, a few key technologies can vastly improve your chances of beating the odds — and succeeding well-past a year and a half. What are these technologies?
Product Lifecycle Management Systems
Product lifecycle management software — or PLM tools — enable business owners to track the value and profitability of goods, services, products, and/or applications at all steps along the way. This is invaluable for entrepreneurs or new businesses with fixed or limited funding. A PLM consultant will help you determine what is and isn’t making you money, and give you the opportunity to make any necessary adjustments or improvements before it significantly affects your bank account.
Inexpensive Cloud Computing Technology
Hosting server space is expensive. Consider popular alternatives, such as cloud computing technologies, to save a good deal of money. “Data space can be a huge issue for small businesses. But you don’t need to purchase [an] expensive kit to get around this. Many small businesses are opting to outsource data storage,” The Telegraph writes. Cloud computing technologies also enable employees to easily and conveniently sign on from remote locations — essential for networking events and business trips.
Trustworthy Backup and Security Software
The last place to cut back on expenses, experts add, should be security and backup software. It is always critical to carefully backup any important company data and protect it from any likely threats. Encrypt data whenever possible. Ensure that systems stay safe by reinforcing strong security software with thorough employee training. Train employees to identify phishing scams, malware, and viruses — and take preventative actions against them.
With some dedication and a few simple technologies, you can vastly improve the likelihood of your new business making it through its first few years. Keep things profitable and secure with a reliable PLM consultant, inexpensive cloud computing software, and reliable backup systems.