For small and medium business owners, growth is essential. In order to keep up with competition, SMBs must be able to grow quickly and inexpensively. However, growth often equates to increased expenses. Cloud computing presents a simple solution to this issue. By using cloud computing, SMBs are able to operate leaner and faster, promoting rapid growth.
According to a study on Inc.com, SMBs that were aggressive new tech adopters (100% of whom used the cloud) grew at a 13% CAGR (compound annual growth rate). On the other hand, the laggards grew at a 3% CAGR. How is there such a big disparity between the early adopters and the laggards?
Cloud computing fuels quick growth among SMBs because it makes it possible for them to compete on the same level as big corporations, but at much cheaper prices. One of the biggest obstacles to SMB growth is the huge IT investment that businesses need to pay upfront. With cloud computing, SMBs only need to pay for the services they use. Since a challenging part of running a SMB is anticipating how much of which resources you’ll need, cloud resources allow you to react to needs when they present themselves, thus enhancing efficiency.
For example, instead of paying for CRM and not using it at all, businesses only need to pay for cloud storage or Field Activity Management (FAM) software. It has a simple interface and reps, back-office users, and clients can all collaborate wherever they are. This saves money and time, both of which are invaluable to a business looking to grow. In other words, these “unused resources” (i.e. money saved) could be spent on customer acquisition or more aggressive marketing, increasing business growth. What’s more, a study by Forbes Insights has shown that cloud solutions accelerate business results, enable more efficient business processes, and spur innovation.
For field-based industries, cloud services provide a wide variety of benefits. Field Activity Management software is the best method of using cloud services- it is easy to integrate into your company. In addition, it eliminates almost all paper costs, because reps no longer need to fill out any paper forms. Everything is stored in the cloud, saving businesses printing and storage costs. This money, like previously stated, can now be reallocated to other functions that will help SMB growth.
Field Activity Management software also reduces the administrative tasks required by both field reps and managers. This is important because now reps can concentrate on visiting clients and other core activities, and managers can focus on the more pressing matters at hand. The time saved from this will help businesses become more efficient, which is a major step to growth.
With the increasing popularity of the cloud, SMBs that do not take advantage of this service run the risk of falling far behind their competitors. SMBs are most suited to cloud use and have the most to benefit. Utilizing this resource as a low-cost solution will lead to quick and effective growth.
Nancy Chen is a Content Marketing Intern at Repsly, Inc. and is currently completing a Marketing degree at Northeastern University. A contributor to the national online publication Spoon University, she is experienced in delivering knowledgable, quality material to readers.