Running an existing business is a monumental task. However, starting a new company carries with it a unique set of challenges and things to consider. There is a lot of pressure on startups to get going and get profitable. The competition is fierce and you have to have as many of your proverbial ducks in a row as possible. Navigating the challenges of a new business often comes with pitfalls. For this, it is supremely important that new companies get an early start; that their document management software is ready to help them grow. Let’s explore reasons why this should be in play from the beginning rather than later in the process.
New businesses struggle to manage their startup money and venture capital. With growth being an elusive marker, new businesses are often incredibly understaffed. The few employees, additionally, not always getting paid. You simply don’t have the manpower to focus on hard copy paper management. Likewise, it would take a lot of time and effort down the road, to transition to a document management software if you put off this move. And time and effort are two things startups just can’t predict. As part of the rollout process, analyze already bundled document management software and immediately invest in one that will help you the most. Being bogged down in filing and document security is not something you or your few employees can spare a lot of time to focus on.
Simply put, why would you start off with a work around? The best time to implement document management software is before there is a lot of tracking and management to do. Freeing yourself up out of the gate to focus on growing the business will not be a step that you regret. You may also see immediate and direct impacts on your start. You will be more efficient and have a lot more time and energy to spend your focus on the important steps to starting a business. It’s not uncommon for people to get bogged down and burnt out from tedious tasks and that could directly impact the foot you start out on. Implementing a strong document management software will help you start strong.
Preparing for Rapid Growth
While you may not have the people or time to focus on managing documents and forms during the startup phase, you really can’t predict your own growth curve. What if your company experiences growth so rapid that you are scrounging to hire, train and produce? How can you stop what you are doing to transition to a document management software that can help? You are in a rush to get more people onboard, to fulfill your promised deliverables, and trying to take inventory. Digitizing your paper is something for which you may not have the time during a rapid growth curve.
Startups are often born in people’s basements, or their garages or in one bedroom apartments by one person. Where are you going to keep all of your files? Why start off dedicating your physical space to filing cabinets and secure storage? You are risking running out of space quickly and adding an expensive lease to your tight budget. Making an early choice in document management software will buy time in your current office space. Thankfully, this frees you up to make a physical move later and for the right reasons.
So many new businesses fail for a number of reasons. There is no need to let one of those reasons be that you failed to anticipate your document management needs. There are several bundled software options offered for the small startup. While these systems may not contain everything you will need for your company, it’s a great start.