According to the Small Business Administration (SBA), small businesses account for 99.7% of all U.S. companies. These small businesses allow opportunities for entrepreneurs to provide and create innovative solutions for the world. They are important to our economy as they support our neighborhoods and foster growth in our communities. Small businesses provide employment for many Americans and are often the only source of opportunity for the small town or rural community. Small and medium size businesses will continue to be a major part of our economic growth.
Challenges that Small Business Struggles With
When it comes to small businesses, there are many advantages.They are nimble and can often adjust to market changes and economic obstacles with greater ease than the larger corporation. However, small businesses come up against many challenges. According to the U.S. Bureau of Labor Statistics, about 20% of small businesses don’t make it to the end of their first year.This statistic increases with time and by the end of the fifth year approximately 50% don’t make it and by the tenth year that number increases to80%. One of the challenges that small businesses face is the reality of cashflow. Too often they are saddled with high costs incorporated with inventory, management and budgeting. Controlling and forecasting these costs are imperative for managing cash flow. Businesses that don’t have access to mobile and online solutions
Solutions to the Challenges
Solutions for these challenges include inventory management and budgeting business expenses through software that can track and forecast inventory and other costs. Having a business management software that is affordable and accessible to the SMB community is imperative for their success.Access to multi-channel solutions gives business owners an opportunity to accept payments from an array of options. Business software integrated with payments can provide the tools that business owners need for tracking inventory and managing their expenses.
MPG offers business management software that has many features including inventory tracking and the ability to generate and view reports to help you manage your budgets. We have integrated payments so that most customers pay an affordable subscription cost for the software and a low$.05 – $.15 per transaction processing rate. Our offering includes a multi-channel experience so that you can take payments from multiple sources and expand your customer base. MPG will give you the tools and support you need for your success.
MPG stands for small business. Contact us today.