Running a business is hard enough at the best of times. Not only do you have to find consistent sources of cash flow, but there is a constant need to improve your internal processes to operate efficiently.
While this is essential for any company, small business owners are still struggling to get these processes in place, according to a recent study from Seagate Technology.
The organisation's most recent survey found that 45 per cent of Australian firms have lost data because they have not backed up their information properly in the past.
This loss of important and sensitive work is also creating a considerable financial burden for small businesses. In fact, companies that have lost data reported that they lost between 3 and 10 per cent of their revenue as a result of not properly storing information.
Among the most common reasons given for not backing up data was a lack of time. This was a factor for 38 per cent of respondents, while another 20 per cent were unsure about the use of technology itself.
While the lack of time might be a valid reason for not backing up this data, when mistakes begin to eat into your revenue it needs to become a serious consideration for small-business owners.
For business owners that are struggling to account for their company expenses, one option is assign your invoicing to a debtor finance agency. This gives you greater certainty in your revenue and also removes the risk of digital invoices disappearing if they are not properly backed up.
Another thing to bear in mind is that it isn't just your finances that are at risk when data isn't backed up properly. Around 20 per cent of the respondents to this survey suggested that the loss of important information was having a negative impact on their reputation.
With so much at risk, companies need to be sure they have the right systems and processes to manage their data.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].