At the end of a tough 2009, we are still in the thick of the worst economic downturn in recent history. Small and large businesses alike are struggling to survive, much less remain profitable. Personnel cuts, expense reductions, and limited capital expenditures have taken their toll on once-thriving businesses. Yet there is reason for optimism heading into 2010. Economic trends are stabilizing, and there are positive indicators suggesting an upturn may materialize later in 2010.
No matter the economy's overall performance, however, one thing has become crystal clear: profitability and cash flow are the lifelines for long-term business success. It's what some in the business community have been calling "The New Normal."
In this New Normal, we are entering a cycle where businesses must apply effort to both revenue growth and cost containment. Efficiency within a business will be as critical as sales growth. The New Normal suggests that businesses, even in a rebounding economy, need to be thrifty with their spending and continue to look for ways to save money in conjunction with any growth. This means investing in technology that is proven, affordable, and delivers quick and tangible savings and efficiencies. This can result in a more efficient, profitable business that remains "right-sized" in today's economy.
Here at Wasp Barcode Technologies, we are facing these same issues in our own business. When and where do we invest? People or technology? As a technology company, we will be investing in projects that make us more efficient and nimble, therefore promoting efficient growth. For example, we are in the process of deploying a technology solution to increase our efficiency in email marketing.
As your business moves into 2010, review areas where dollars continue to slip through your fingers. Most small and mid-sized companies continue to use manual tracking methods for personnel, products and assets. Hours upon hours are wasted each year counting employee time, managing fixes assets, and tracking inventory. In fact, most customers that deploy barcoding solutions are migrating from pen and paper or, at best, an Excel spreadsheet. Using the proven technology of barcodes, these customers are saving tens of thousands of dollars a year. As we head into the New Normal, these savings can provide a lifeline of cash flow and profitability that allows your company to weather the storm and be more efficient in the coming decade.
