Most shops, we believe, have come to terms with the fact that technology is an absolute necessity in today’s industry. Most of these retailers have a website and a listing on the internet these days. Many of them may even own a smartphone and have some experience playing games on it.
There are still far too many merchants who don’t know what a positive influence the correct technology may have on their company’s bottom line and mental well-being.
Having a flooring software firm, as a client, has allowed us to see numerous commercial triumphs. Let’s focus on business management software, rather than other forms of technology, for the time being.
It is common for business owners to be concerned about the expense of software that is particular to their sector. In particular, if they’re able to get by utilizing accounting software purchased at the local office supply store. The cost of the item itself is essential, but so is the expected return on that investment. In the end, what will bring in the most money for them?
If technology is doing its job, it should have an impact on your company’s success. Profits and productivity should rise as a result of new technology. You should be able to make more sales and cut costs as a result of implementing this strategy. It should provide you with a clear picture of what’s going on in your business and the ability to respond quickly and effectively.
Even if it means the difference between life and death, the correct technology can help. According to various statistics, 20-25 percent of the industry’s retailers went out of business.
Only 3% of clients who reported utilizing flooring business software on a daily basis went out of business over that same period of time; 97% of customers were able to weather the recession. Three percent and twenty-five percent are vastly different. Speaking with clients, they all agree that the software was a huge part of their ability to remain solvent.
But there’s more to it than just making it through tough times. You should be able to use technology to create a successful and profitable company. This means you are either missing out on everything that it has to offer, or you aren’t making wise decisions when it comes to your shopping habits.
Companies made twice as much money as the industry average for similar-sized flooring firms. EBITDA was 5.63 percent of customers, while the industry average was 3.03 percent. When applied to a $1 million corporation, this 2.6 percent difference results in an additional $26,000 in annual revenue. As a Field Complete user, a $5 million company would earn an additional $130,000 a year.
So how is it possible that a piece of software may have such a profound impact?
It’s not just one thing, but a mixture of numerous factors that bring in additional revenue. The following are examples of the advantages:
- improved management and a more efficient workflow
- the elimination of blunders
- making sure no one gets paid more than they’re entitled to (taxes)
- time savings that offer you more time to focus on what really matters more accurate reporting and tracking flexibility to accomplish greater volume without additional overhead instant real-time profitability information
These and other advantages all work together to save money. Your core business should be able to benefit greatly from new technology. All of these advantages pile up, and you need them all to compete.
Make sure your technology is reinvesting in you. Something is seriously wrong if that investment isn’t paying off. Make it clear where the money is.