How to run a small business using a smartphone?

How to run a small business using a smartphone?

Small business owners face many difficulties on an everyday premise and no more so than the present moment. In this way, anything that helps your endeavor keep the wheels of usefulness turning is consistently a reward, which is where a smartphone becomes valuable.  A smartphone can help run a small business smoothly and efficiently.

A smartphone with decent features and the ability to run only a couple of core applications can significantly affect staying beneficial, particularly in case you’re regularly moving. 

While PCs and laptops are yet the go-to productivity tools for some entrepreneurs, a smartphone will allow you to do most tasks in a considerably more productive manner and without the bulk. 

With the cell phone itself, it’s the development of versatile applications that have assisted with making us all a little more effective. 

While applications on smart phones aren’t generally incredible for things like high-volume information section work or composing long business reports, they’re ideal for speeding through other fundamental errands.

Let’s look at some ways smartphones can help run a small business!

Download the applications that can be useful across various stages.

Today, there are a few applications, for example, Google’s G Suite, Office 365, Vardaan solutions,vyaapar, and others, that lessen manual working and speed up the working of businesses. From managing invoices to documenting payments and administrating credit and debit records of clients, these applications computerize the whole process. These applications facilitate the tasks of businesses to a great extent. 

Both the business workforce and clients get convenient notifications about outstanding payments and different specifics. Businesses need not manage the problem of recording or keeping transactions or preparing invoices. It helps in saving time and exertion, which can be utilized for business development and extension.

Take advantage of voice technology to deal with your business 

Virtual assistants like Google Assistant, Apple Siri, Amazon Echo, and so forth have become a part of our day-by-day lives. You may utilize voice innovation to play out a few errands like sending messages, setting a meeting reminder, making a business call, sending official messages, opening applications on your cell phone, and others. 

You don’t have to type a text to direct inquiries on Google or to send email replies. Speak out what you need, and the work will be done instantly. If you utilize your smartphone properly for your business, you can save a great deal of your time and effort.

Make use of your mobile for text message Marketing. 

Marketing through text message efforts permits businesses to hold customers by giving them the choice of getting messages from the businesses they have dealt with. More than 90% of people open those messages to think about the new offers and deals. Those texts are short and can be read in seconds.

Mobile marketing and text informing are viable methodologies to spread the message about your new dispatches and most recent offers. Businesses can even send links to digital coupons using text messaging.

Keep your official email account available through your smartphone.

Link your office email account on your smartphone to access and reply to business messages progressively. Besides being easy to understand and versatile, a handset proves helpful to browse messages without getting to your business email account through a PC or Laptop. It not only guarantees a quicker reaction yet, in addition but also keeps the messaging cycle coordinated.

Keep high-resolution pictures of business cards and product models on your smartphone. 

Business proprietors need to manage a lot of professionals and other business owners daily. Resultantly, they are left with such a large number of business cards. A large portion of them may end up being profoundly significant contacts for the business. Odds are, you may miss any significant business cards or may neglect to discover them when required. Subsequently, it’s ideal to utilize the versatile camera of your handset and keep a digital copy of the business cards. You may even add point-by-point notes to follow up later. 

Moreover, you can likewise stack pictures or lists of the items you manage. The chosen data, or item detail, can be effectively imparted to potential clients quickly through email or messages without orchestrating a printed copy.

FINAL TAKEAWAY

Today, the utilization of smartphones is not, at this point, restricted to interpersonal interaction. The progressions and incorporations in technology have made these smartphones an exceptionally expected device for all types and sizes of businesses. It has wiped out distance and time restrictions and assisted businesses with building better communication with sellers, clients, and laborers.

Also, staying updated on the most recent smartphone features to increase your business working and productivity is very important. Whenever utilized shrewdly, the characteristics of smartphones can do wonders in showcasing and developing the business.

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What is the difference between inventory and stock?

Differences between stock and inventory

Frequently, Stock and inventory are used interchangeably; however, they have different meanings. It is essential to comprehend that using the two terms interchangeably is inaccurate and might be deluded about its financial strength. 

So, here is all the important information you need to know about the differences between Stock and inventory.

What are inventory and things you need to know about inventory?

  • Inventory alludes to the finished product ready to dispense, the work-in-progress goods that aren’t converted into finished items, and the crude material used to make the finished item. 
  • Mostly, we find inventory in manufacturing companies. 
  • So, there usually are costs associated with keeping up inventory at optimum levels, which the top administration chooses. 
  • So, inventory is recorded in the accounting books in 3 distinct ways. 
  • These incorporate the weighted standard strategy, Last In First Out (LIFO) and First In First Out (FIFO) methods. 
  • Note that every strategy has its ramifications on the income statement, mainly if there are fluctuations with the costs in the raw material. 
  • Therefore, understand that changing the inventory accounting methods is considered as a manipulation of the income statements.

What is Stock and things you need to know about Stock?

  • Stock alludes to the finished product that is ready to sell in the market. 
  • Note that Stock can likewise incorporate raw material if the organization is answerable for selling raw material. 
  • The worth of the Stock relies upon the expense of acquisition or the market price, contingent upon whichever is less. 
  • However, when Stock is sold, it will be deducted from the balance sheet added to the profit and loss statement as revenue.

What are the main differences between Stock and inventory?

  • Inventory involves raw material, work in progress, and finished products, while Stock includes only finished products.
  • Accounting for inventory is conducted on a quarterly premise, while for the most part, stock accounting is done on an everyday premise. 
  • Inventory should be kept up at an optimum level; optimum level is a level where profit maximizing is possible. Ideally, zero Stock is ideal; however, the organization should produce enough to satisfy the market’s needs.

STOCK V/S INVENTORY.

POINTS OF COMPARISONINVENTORYSTOCK
Consists ofRaw materialWork in progressFinished ProductFinished productsRaw Material (If a company sells directly)
ValuationThe cost incorporated by the company using methods such as LIFO, FIFO, and Average cost method is used in determining the value of inventory.
The value of Stock is determined by the market price, which is the selling price at which the finished goods are sold. 
The RevenueInventory takes into account all the assets of a business used to produce the goods it sells. Also, inventory helps determine the sale price of the Stock. As mentioned, the Stock is used to determine the total amount of revenue generated by the business. The higher the Stock sold, the higher the revenues.  
Maintained onQuarterly basisDaily basis

Conclusion

  • There are situations where inventory is frequently mistaken for assets. Nonetheless, a few assets have various classes. 
  • The ideal approach to separate inventory, stock, and assets is by figuring out what stays in business other than customer sales. 
  • Therefore, it’s judicious to keep every one of the distinctions separate to keep up precise accounting records. 
  • If you need assistance dealing with your inventory, look no further than Vardaan Solutions.
  • However, if you need to know more about stock v/s inventory, you can head to this article.
Read MoreWhat is the difference between inventory and stock?

The Operator Section- Vardaan

Vradaan- the operator section

The operator section of Vardaan is one of the most important and beneficial features provided for the merchant to operate the business. The word operator explains itself; it means who can help the merchants to run the store smoothly. 

Different people play different roles in every business to run the business smoothly, like agents, business partners, delivery person, store managers, salespeople, etc.

In the operator section of Vardaan, you can add everyone who helps in running your business smoothly by adding their name and number. Vardaan also gives access to the store by the position they hold! 

When you add people in the operator section, they get notified over their respective phone numbers through a text message.

Let us go through each category Vardaan provides in the operator section:

Partner

A partner is a person who is equally the owner of the business and shares all the responsibilities, profits, and losses. In the operator section, you can click on the partner, add his name and number. After adding he/she will get access to all the features of the store you have created in Vardaan. He/she can make changes, add items or delete, can track business, and many more with that access.

Store Manager

A store manager is a person who is responsible for handling the store and has access to the limited features. The features he/she can access are store items and bulk upload.

The store manager can add/delete or edit the items in the store, and if the store manager wants to add the store items in bulk, they can use the bulk upload feature.

Agent

An agent is a middleman appointed to negotiate and, if required, conclude contracts with customers on your behalf. So you have the contract with the customer. Agents make a commission on the sales they make, usually on a percentage basis.

So, If you have an agent of your business that sells your products on your behalf, you can add him in the operator section. You can add him by clicking on the agent, adding his name and number, and getting access to the features like orders.

So, if he sells anything, he can add those sales to orders and have the commission set by both of you for him.

Salesperson

A salesperson is the ambassador of the business in the external world. He or she helps customers find what they are looking for in a store. 

In the operator section, when you add a salesperson, he/she gets access to orders, cashbooks, expenses, customers, and business cards.

So, by the list of features he gets to access, he/she can take control of what is being ordered, the expenses, the daily balance and earnings from the cashbook, and many more.

Delivery person

As known by our customers, we provide businesses with an opportunity to move online.

If your business includes delivery services to customers at their homes, you can add the delivery person. After Adding the delivery person to the operating section, you can give him access to the order status update.

Therefore, the delivery person can only change the status of the order from pending to delivered.

Other than that, he will get not get access to any feature.

Conclusion:

With Vardaan, we can add more operators based on the requirements of the business. 

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