We usually associate blockchain with cryptocurrencies: Its application in other industries remains untapped, as it’s still in the nascent stages of development.
But in a short time, blockchain has emerged as a key financial technology (fintech) that can enhance financial management for small-business leaders and finance managers.
Key blockchain for finance facts:
- Blockchain has the potential to secure financial transactions with the use of advanced cryptography.
- Blockchain enhances financial compliance and transparency by creating a decentralized ledger for small businesses.
- Blockchain is gaining traction among business leaders as more proof of concepts (POCs) have emerged that can be applied in finance for small businesses.
However, like other emerging technologies, such as AI and machine learning, small business owners and finance managers face some key challenges in understanding the impact of blockchain such as:
- Thirty-one percent of small business owners aren’t sure which technology is the best fit for them.
- Eighteen percent of small businesses find it difficult to integrate new technology with their current technology setup.
2018 was a tough year for small-business owners when it came to understanding the implications of tax reforms introduced by the Tax Cuts and Jobs Acts (TJCA).
Not only were small-business owners unsure about the benefits of the new tax rules, they also had to reassess their tax obligations to find applicable tax breaks after the tax brackets changed.
As we approach the 2019 tax season, understanding tax regulations is still a key challenge for small-business owners and certified public accountants (CPAs) at small firms because of all the changes.
“Accounting isn’t rocket science.”
While that may be true, many of us lack familiarity with even basic accounting concepts. If you own a small business, or you’re planning to start one, you know there is a load of financial terms and jargon that you must understand, such as double-entry accounting, accounts payable, capital expenditure, etc.
These terms may sound complex and intimidating, but they can actually be relatively easy to grasp.
Throughout the history and evolution of accounting—from tablet record keeping in ancient Mesopotamia to blockchain in the 21st century—technology has been a key enabler in addressing accounting challenges.
However, in our current age of digital transformation, small businesses owners and accountants may be slow to adopt accounting tools or new technology because of factors such as:
If you fail to understand buyers’ needs, you will fail to convert leads to customers during the prospecting phase. Compounding this challenge: A sales pitch that works for one prospect may not work for another.
Some of the key challenges your sales reps face when meeting buyers include:
- Assessing lead requirements: Sales reps may struggle to differentiate the unique needs of buyers and understand how the product addresses their requirements or provides specific advantages for their situation.
- Communicating the value proposition: Matching the value proposition of the product or service to the lead’s business requirements is often overlooked as sales reps are tasked on sales campaigns that focus on one product or service targeting a narrow audience.
Sales reps who employ a “one-size-fits-all strategy” during the sales management process and focus on selling, rather than helping prospects solve problems will fail to convert high-priority deals and lose potential customers. These failures will ultimately hurt the brand.