By Aaron Lee
In 2023, the US witnessed a surge in entrepreneurial activity, with a record 5.5 million new business applications filed. This trend highlights the growing momentum of small business creation, notably driven by women and minority entrepreneurs.
According to a survey by payroll firm Gusto, women represented 49% of new business owners, and African-American and Hispanic entrepreneurs accounted for 6% and 13% of new business applications, respectively. As more Americans pursue their entrepreneurial dreams, the need for efficient tools and software to manage and scale these new enterprises has never been more critical.
In response, technology companies like Apple and SOFTRAX are offering innovative solutions tailored to help small businesses scale efficiently. Below, we’ll explore these tools and examine how they can benefit small businesses’ bottom lines, ultimately helping them flourish.
Apple’s device management service
An article from Forbes notes that over the past 12 months, 71% of small business owners have digitally optimized their business to streamline operations. To meet growing demand in this area, Apple introduced a comprehensive service called Apple Business Essentials that caters to the needs of small businesses. This all-in-one subscription combines device management, 24/7 support, and cloud storage into a single package.
Apple Business Essentials simplifies the setup and management of Apple devices used in a small business. It includes an intuitive app that allows business owners to manage employee devices, deploy settings and apps, and ensure security policies are enforced. This is particularly beneficial for small businesses that lack dedicated IT staff, as it reduces the complexity of managing multiple devices. Moreover, the inclusion of 24/7 tech support ensures that any device issue can be resolved swiftly, minimizing the costs associated with repairs and resulting downtime.
SOFTRAX’s revenue management software
Bank of America’s 2024 Business Owner Report reveals that while 65% of small business owners expect their revenues to grow this year, 84% still say that inflation is impacting their businesses. Due to inflation, 40% of small businesses have reevaluated cash flow and spending. To help with this, business owners can turn to SOFTRAX’s consumption billing software, which addresses several common challenges, including complex billing structures, revenue recognition, and compliance with financial regulations.
SOFTRAX’s software supports various billing methods, such as subscription-based, usage-based, and hybrid models. This flexibility is crucial for businesses with diverse products and services, enabling them to adapt to customer preferences and market demands without overhauling their billing systems. Additionally, as businesses grow, so does the complexity of their billing and revenue management needs. SOFTRAX’s solutions are designed to scale with the business, providing support as transaction volumes increase.
Wix’s AI tool for app development
Apps provide a direct channel for customer engagement, offering features like personalized promotions, loyalty programs, and easy access to services. Done well, a dedicated app can boost profits, attract new customers, and strengthen a brand. However, they are quite costly to develop and maintain, with some reports estimating that Android app development can set businesses back by as much as $20,000 on the lower end.
For small businesses, the ability to quickly develop a functional, attractive app without extensive resources is a game-changer. Enter Wix’s AI-powered design tool, which is capable of building an app through simple design prompts. The chatbot-style interface allows users to generate a tailored app, complete with relevant features and design elements. Ultimately, the tool seeks to democratize app creation, enabling businesses to tap into the growing mobile market and provide a seamless digital experience for their customers.
With the optimistic outlook for small businesses, leveraging the right tools is essential for sustaining growth and competitiveness. These solutions promise to streamline complex processes, improve efficiency, and enhance customer engagement, empowering small businesses to scale and thrive.
