“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.
“The customer is always right!”
You may have heard this refrain many times before, but is your customer relationship management (CRM) tool right for engaging your customers?
If you’re a small business owner or IT professional preparing to deploy or upgrade a CRM solution, choosing a feature-specific tool with the right mix of features for your customer-centric processes remains a key challenge. Even more so if you’re operating on a tight budget.
That’s why you must clearly differentiate between the core features of CRM software and features that are nice to have or optional before you purchase a solution.
Data is no longer the “new oil.”
Though parallels have been drawn between the current data boom and the oil boom of a century ago, data has become a huge opportunity for growth that small businesses need to cash into.
Unlike oil, data is an infinite and all-encompassing ubiquitous concept that has become an invaluable “natural resource.” Therefore, data is no longer the new oil; rather, it’s the lifeblood for the likes of Facebook, Google, and Amazon, which capitalize on 2.5 quintillion bytes of data generated in a day by mobile devices, the internet of things (IoT), and other large data platforms, such as social media.