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Ask any small business owner about their most pressing challenges and they will definitely say ‘soaring costs’, ‘cash flow problems’ and ‘high overheads’. When spoken in the same breath as ‘low profits’, these challenges can seem very dire indeed.

Therefore it goes without saying that if you own an SME (Small or Medium Enterprise), saving money will be one of your primary concerns. A great way to do this is through software. Software is intended to make complicated things simple and bring the impossible into the realm of possibility. So why not use it to save some much-needed moolah?

Here are 5 ways that are efficient, practical and feasible!

1. Track your revenues and expenses

When you track money, you save money. Moreover, a penny saved is a penny earned!

Use online accounting software to track your revenues and expenses, and to get accurate insights into your firm’s profit margins. An understanding of your current profitability will enable you to understand what your future profitability could be and take action to make that situation a reality. And naturally when your profits are higher, your costs will be lower vis-à-vis your revenues.

2. Ditch expensive legacy systems

One of the biggest money-guzzling legacy systems still used in many firms is the good old landline telephone. Does your business need a landline? If not, why not try VoIP or virtual phone lines instead? More efficient, reliable and definitely cheaper!

3. Embrace open-source or beta software

Are you buying unnecessary software licenses and paying upgrade fees to keep them current? You may be wasting money! Cut costs by only purchasing and installing the software that you really need. Even better, use open-source software! There are plenty of cheap (or free) alternatives to branded software that have great interfaces and most of the functionalities you need. Plus, they won’t burn a hole in your pocket! You can also explore the ‘beta’ route – but only if you have the appetite to tolerate ‘work in progress’ bugs.

4. Use distributed technology/software

You can get a lot done from remote locations with messenger clients, video chats, project management software and cloud solutions. This can save you overhead costs and also give you more options to hire more workers (e.g. freelancers). Ultimately this can help you save on both human and capital expenses.

5. Use software for payroll, HR management and asset management

Payroll or HRMS software like Spine HR Suite provide automation and ease of access while reducing admin costs, simplifying HR tasks, ensuring legal compliance and tax efficiency, and reducing the burden of hiring, on-boarding and managing staff. Asset Management System (AMS) like Spine Assets can help you manage your assets at low cost while getting the maximum possible returns out of them. Many of these solutions can be customized so you may be able to save even more by paying only for what you need. Great value for money!

To know more about Spine Assets and Spine HR Suite, contact us today!

A strong base is the basic requirement of every startup to become one of the emerging business across the nation. A strong base consists of many essential factors and employee engagement is one of them. In other words, Employee engagement in a startup plan is even more vital than an Investment itself. The Employees of a company shapes the future of their organization and Undoubtedly, Employee engagement and retention in a startup company are going to produce profitable results which is sure to take the Company to the next level of Success. Every morning if an Employee gets up and feels like coming to work, it is because of the Emotional and psychological connect they have with their work which decides how much effort they put in their job. However, there is no hard and fast core rule which would suggest ways as of how to Maximize Employee Engagement in a company but an understanding of employees mindset and their expectations from Company is sure to keep employees stuck to their working chairs.

Add a pinch of Employee Engagement to prepare a successful startup

Nobody likes being a robot and therefore it is very important to love the work which anyone does on a regular basis. A good work environment is one of the key factors that serve as catalyst form employee engagement. According to research, if an employee loves their work environment they feel more enthusiastic about coming to their work every day.

Employee feedback is yet another method for Employee Engagement. If an Employee feels that they can voice out their opinion they would surely devise ideas that are profitable for the company. Moreover, the regular feedback programmes will help a startup identify the problems that exist in its organization and the ideas that are not working. These feedback programmes would even find a quicker way to fix it with proper Employee Engagement.

Appreciation feels like stepping stones to confidence, and nothing can produce results better than a confident Employee. If Employees of a startup organisation feels that their work is appreciated and praised they will try to perform well and give their best shot every time. If possible,the managers can try mentioning the key points as to what they are proud of and in which work of an employee is appreciated. According to a survey, over 50 per cent of Employees told that they would stay at their company for a long time if their work is appreciated. The appreciation can come in the form of rewards and recognition or a small percentage of bonus or just a token of message stating the praise.

A mentorship programme would make an Employee feel that the Company cares for their professional development. The mentorship programme can be used to brush up the existing skills of the Employees. This would help Employees mold themselves according to the growing demand of the industry.

Any successful startup company requires talents which are hired and retained and the above factors are sure to increase Employee engagement in a startup organization which would help the Startup reach zenith of success.