Starting out a new business venture can be both exciting and challenging. You probably have a lot of unique ideas you want to launch in the market. Geared with a committed core team, you feel like you are ready to go. But when you finally step out into the business world, you find yourself struggling to keep up with the competition. It’s not as easy as you thought it would be.
So, what is the key to survive the first 5 years of business? We talk about the first five years because they are the most critical in determining an organization’s performance during the later years. Each year, one out of 12 business in the USA shuts down whereas this rate cuts down to 1 out of 6, the first four to five years [Source]. Whatever strategies you implement initially will ultimately propel your growth and give you a fair idea about your profits.
Once you have your business idea finalized and prepared, the next step is to invest in the right tools for maximum returns. Along with a highly productive team, your company would need a system to manage its resources. Even the best quality capital is useless if you fail to utilize it in the right way. Successful business plans focus on greater investment returns. Along with some other productivity tools, a high-performance asset tracking software can help you achieve exactly this! The software enables you to meet your business targets through a variety of features:
1. Automate inventory management to increase efficiency and accuracy
As a new startup, you need to take extra care of all your assets. These items are a long-term investment if handled in the right way. Having just started a business, you might not be aware of the challenges of asset management. Misuse of inventory items is common which leads to poor business performance. So, what is the best way to optimize inventory to get the best results for your business?
With the help of asset management software, you can automate your inventory processes for more efficient functions. You don’t have to worry about running out of stocks at the last moment anymore. Manage your asset stocks by setting minimum thresholds. This feature allows you to create a purchase order, every time you are near the threshold. You can also keep a record of your vendors, costs and refurbishment schedules, all at one place. This way you will be able to generate maximum outcome out of your inventory to speed up business activities!
Read more: Make Your Equipment Last Longer with Maintenance Management Software
2. Control all asset movements from a single access point Â
Transactions across locations can be difficult to manage especially if you have just begun business. You end up losing valuable assets at the hand of employees whenever they travel out of office. Sometimes a worker forgets to checkout an asset and ends up misplacing it. Equipment tracking software provides an easy way out of this. All your inventory items get assigned the barcode or a QR code for easy tracking. Using this label whenever an employee wants to checkout equipment for use, he signs it up against his Employee ID.
You can also add a location to your business assets. This way you know where your assets are and who is using them at the current moment. Real-time information updates help you supervise asset movements at all times. By doing this, you will be able to keep your inventory around longer and cut down on overhead costs.
Keep track of all asset movements through a single access point
Read more: Why Equipment Check-in and Checkout is Easier with Asset Tracking Tool
3. Organize audits to ensure regulatory compliance
Abidance of legal norms is one of the first things to consider when you start up a business. What are the quality standards followed by every other company in the market? Are you meeting the set regulations by the government? If you fail to do all these you might find yourself facing huge non-compliance lawsuits. In order to avoid such complications, it is better to run audits on time to keep up with regulations.
You can organize audits easily with an online asset tracking system. This software helps you keep a track of history of all asset trends and usage patterns. A detailed examination of such information helps you stay on track. You can determine how your business has evolved over time and which inventory items have the most rate of return. Doing this exercise, helps you decide whether you are up to the set standards. If you feel you are lagging behind, you can always implement the necessary changes. All this helps you retain your business growth and achieve targets faster!
Meet all regulatory compliances with routine audits
Read more: Using Equipment Tracking Software in the Midst of an Audit Season
4. Make your equipment last longer and work better
You come up with robust business strategies aimed to boost up your business and lead to greater profits margins. But you find yourself constantly failing to meet your goals. One of the causes for poor business performance is inefficient equipment management routines. Your assets are an important part of your company’s portfolio and need to be maintained in the right way. Majority of firms fail to meet their daily objectives due to equipment downtime. Say you want to head out to field for a construction project. On arriving you find out that one of your machines has malfunctioned. Getting the machine repaired will waste time and cost you a lot of money. Often times corrective repair is more expensive than preventative maintenance.
Asset tracking software lets you keep your assets in good shape which prolongs their useful life. You can schedule maintenance sessions by sending out alerts to designated teams in advance. By doing this you can mitigate equipment downtime and ensure seamless daily operations! Frequent maintenance not only protects your assets against unexpected malfunctions but helps them function better as well!
Read more: Give your assets more life with equipment maintenance software
Achieve your business goals with asset tracking software Â
As a struggling business, you need to realize the importance of the initial years if you want to succeed. Mainly, because whatever norms you set for your company during this time will ultimately shape future prospects.
Every organization wants to invest in the most effective tools for its operations. One such tool for inventory management is asset tracking software. This tool brings you closer to your targets by enabling cost-effective inventory control practices. You not only save money but you mold your business activities to bear a greater return on investment. Go for the right asset tracking software to see your business prosper in the first five years!
What’s more to asset tracking software?
EZOfficeInventory is the leading cloud-based asset tracking tool used by business startups and enterprises worldwide for streamlined business performance and faster growth.
For more assistance, drop us an email at support@ezo.io.
