How To Overcome Obstacles SMEs Face

While setting up your own small business provides a sense of fulfillment and also offers a higher level of independence and creativity, there are many challenges that may arise along the way. In order to rise above those obstacles, SMEs most often need to adapt to ever-changing business conditions in order to succeed.

If you are a business owner of a small or midsize enterprise, you have to come prepared. Having a full understanding of probable challenges that might hinder the effectiveness of your operations is a given. And what are these challenges? These may vary from competing with large, established, and highly capitalized businesses to having to deal with digitization and automation to improve clunky and traditional operations.

And with that understanding comes potential solutions. Being prepared means hurdling obstacles and continuing on growing the business.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

Here are some obstacles that come along the way and how to eventually overcome them:

1. Increasing Costs and Decreasing Revenue

Any business can relate to this, not just SMEs. Inflation in the Philippines accelerated to a new 14-year high of 8.7% in January, 2023, driven by rising utility, housing and food costs. With the current economic state, costs increase incessantly, especially on raw materials, logistics, insurance costs, general business costs, and other related operational costs. Increasing revenue is one thing and maintaining profitability is another. How can one respond to this? Get POS software for SMEs. It helps increase productivity because of the efficiency it provides. Costs may increase but for as long as you maintain profitability, honing happy customers equates to constant sales and more profit.

2. Disorganized Inventory and Inefficient Reports

Inventory is the lifeblood of a small business and if it is not managed effectively, it leads to business loss. Knowing which items click the most among customers and determining the slow-moving ones is crucial.

Hence, the answer to disorganized inventory is getting POS for SMEs Philippines. POS for SMEs can manage inventory, and customer data in real time. Look for POS software for SMEs that has a complete sales and inventory system that allows you to manage your sales, inventory, and customer data all in one place.

3. Regulatory Compliance

There is no escaping government requirements. Having a small business makes no exemptions. There are POS for SMEs available in the market that may not provide accreditation from the Bureau of Internal Revenue. A dependable POS for SMEs is one that is BIR Accredited POS for SMEs.

4. Coping With Market Competition

Competitors help keep you on your toes. It is important that you should also consider your competitor if you intend to remain in the market and stand out in your niche business. How to hurdle competition? An excellent way to deal with competition is to improve your service to the next level and make everything spic and span. With a BIR Accredited POS for SMEs, you can focus more on strategies to grow your business and you can make more informed decisions while your dependable POS software for SMEs will do the job as promised.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

5. Data Security Controls

It’s a given that the number one concern is the security of your data. How can companies manage user access and user rights within their organization? How can they provide security and protection against unauthorized access and data breaches? Can companies provide the ability to control user access to various modules and systems within their organization, from payroll to financial data to sensitive information, ensuring that employees have access only to the information and systems that are necessary for their job functions.

6. Limited Pay Options

A small business may just have limited payment options. But getting a POS for SMES can literally change payment schemes. There are varied pay types that POS for SMEs offer including Cash, Credit Cards, Gift Certificates, and more. This means that you can offer your customers a range of payment options, making it easier for them to pay for their purchases.

7. Multiple Users

As an SME grows, there is the involvement of many people already. How can one manage? Having a POS for SMEs can handle multiple users effectively. It allows multiple users to access the system with ordering capability for pharmacies and restaurants. This means that you can assign different roles to your staff, giving them access to the system based on their specific job requirements.

8. Integration Concerns

Present accounting systems may be in place. And shifting to having a POS for SMEs would require integration. The integration process may be tedious but a POS for SMEs can be scalable and easy to integrate depending on some technical considerations.

These obstacles may be drawbacks but it does not mean the end of the road. As SMEs thrive and grow, overcoming these obstacles is the only way to go. With Human Incubator’s EasyPOS, https://human-incubator.com/easy-pos/,
you can transform your SME into one that is to watch out for!

Overcome and succeed with the power of EasyPOS! It also comes with its related products that can seamlessly work hand in hand with your SME whether it is a restaurant or a convenience store. It is also a BIR Accredited POS for SMEs, so even more, you can have trouble-free compliance. BIR-accredited EasyPOS is your all-in-one solution to overcome these obstacles. It can manage your sales, inventory, and customer data.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

EasyPOS also offers a customer loyalty program feature, which allows you to reward your customers for their repeat business. You can set up a point-based system, where customers earn points for every purchase they make, and redeem those points for rewards such as discounts or free items.

For example, a coffee shop owner using EasyPOS implemented a loyalty program that rewarded customers with a free coffee for every ten purchases. The loyalty program not only increased customer retention but also led to an increase in sales as customers were motivated to make additional purchases to earn their free coffee.

Find out for yourself by booking a free demo today. Visit https://human-incubator.com/easy-pos/