The global pandemic has led to one of the worst economic declines in history. This economic turmoil is unprecedented because the 2020 shutdown was so abrupt and caused by factors not economic in nature. We have no playbook for dealing with a forced shutdown and an inconsistent re-opening process. The CARES Act and economic stimulus is behind us and additional stimulus is unlikely in an election year, and the economy will likely not be “back to normal” for a foreseeable future. So, what are small to mid-sized businesses to do now?
Prime Meats is a family-owned meat packaging and distribution company managing a product line with varying units of measurement, and freshness deadlines. Prime Meats enlisted I-Business Network to deploy SAP Business One and leverage insights to help them deliver on their promises.
Time is a non-replenishable commodity and I think everyone reading this blog would say that their time is extremely valuable. If you don't find this article interesting, it will be a waste of time!
In almost every industry there is a value to time.
So is there an intrinsic value to time?
There are numerous reasons to say the answer is yes! There are economic theories used to value activities without time. A recent story on public radio asked people what they would need to be paid not to engage in free activities. Studies have valued Facebook at $48-50 per month because that was the median value of how much people would take to not login to the social media site. Surprisingly, and not so surprisingly, indoor plumbing and the toilet are the most valued commodity we don't directly pay for!
For SAP Distribution.com we look at our service as a valuable commodity. We add value in obvious and not so obvious ways.
Technology continues to follow Moore’s Law, which said that computing power would double every year. This principle has held true for over 50 years now, but what does that mean to you? Outside of your business, the technology is being applied to many different devices such as smart TVs, refrigerators, package tracking using RFID chips and all those smart sensors in your car which will dictate the future of self-driving cars. But how does this technology growth apply to you?
Topics: Small Business Growth
There’s no denying the popularity of QuickBooks and Excel, particularly across small and mid-sized companies looking for simple accounting and reporting solutions. Unfortunately, these tools don’t support real-time data sharing or updating and don’t offer a complete picture of your organization’s data – leaving potential opportunities on the table.
Although we always want to grow our business, as the economy improves business owners now have some flexibility to invest the cash that has been saved as a result of the cost cutting during the economic downturn. Often business owners turn to an advisor like their CPA, B2B CFO or the Small Business Administration (SBA).
The SBA has an article entitled Ideas for Growing Your Business that provides great guidance. These ideas include: