Whether you own a startup or a small business, monitoring and managing your finances are important in this stage. One of the top reasons that a small business fails within 5 years is lack of funds and mismanaged finances. We also discussed this in one of our blogs, Startup Mistakes to Avoid.
Finance and accounting may not sound as sexy and exciting as marketing and product development but they are key areas in the business. Often, both might come at crossroads since product development is about spending while finance is about controlling cash outflow. However, no-code can be a bridge between the two departments,
With no-code, it provides an easier and faster way to produce projects, automation, and software than traditional coding. It can also create minimum viable products (read more about them HERE)or MVPs much faster and can iterate easier.
We are breaking down how can no-code create a viable financial environment for your business
No-code can reduce the number of people needed to produce an output for a project or product. Since no-code reduces the amount of work, it means fewer people needed to hire or outsource for the project. In turn, this means savings in terms of salaries and other mandated payments. When you drill down to it, more efficient staffing means lower costs for utilities and resources which means more budget for other priority projects of the company. No-code can help in better manpower utilization and often becomes a more practical choice for an organization. It can also allow your business to effectively evaluate the levels of utilization within the company by compiling and updating information about employees.
Since no-code is done on an online platform, it means you don’t need more expensive equipment to operate and finish it. No need for a large initial investment and months before you can see a return on investment. This can result in higher profits especially if the projects are launched on time and start making money already. This operational efficiency can lead to larger profits and stronger growth.
No-code projects can be launched faster and they’re even easier to maintain than coded projects. When you add it up, the savings you can incur can again be used for other projects of the business. According to a study, each line of code produced is estimated to be worth almost $3.61 worth of technological debt. Consider that the average software application has over 300,000 lines of code, which means should allocate at least $126M minimum maintenance costs alone over the app’s lifetime.
We discussed automation HERE and what it can do for your business. Automation can mean higher productivity and efficiency in the team. It reduces errors, builds trust among senior and staff management and eliminates redundant tasks. It can provide more time on tasks on other things that requires higher level of analysis. By doing this, you improve employee engagement which yields better productivity.
As we have been saying, the savings previous areas can create a more streamlined and focused budget that can be advantageous especially for emerging businesses. The budget can be utilized for improved equipment, programs and studies that can help scale up the business.
Hopefully we may have convinced you that no-code’s advantage goes gar more than just gross profits. Efficient time is also valuable to the company so that should be taken into consideration as well. No-code is a good investment that benefits your profits, people and your product.