For owners of small and medium businesses, growth is crucial. To stay competitive, they need to expand quickly and affordably. However, growth usually means higher costs. Cloud computing offers a straightforward solution to this problem. By utilizing cloud computing, SMBs can operate more efficiently and swiftly, encouraging quick 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. FAM 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. FAM 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.
