We have all experienced the speed at which technology changes. How many times have you bought the latest and greatest thing, only to see its 2.0 comes out a few months later? It can be frustrating, but for the small business owner, technology is one of the most powerful tools. A tech savvy business has the ability to stay one step ahead of its competitors with the proper implementation and the utilization of cost effective software solutions. Here is a quick look at some of the technology trends that small businesses can consider making part of their business plan.
Cloud technology may have been the single most impactful development for a small business. With proper controls and access rights, the ability to store data in the cloud vastly improves accessibility and minimizes the many of the negative impacts that can result from employee turnover. Owners can review financial data real time from anywhere with an internet connection, salespeople can review customer analytics in the waiting room before making a big pitch, and data warehouses can hold unlimited amounts of information. Properly utilized, the days of looking for that file with the much needed information can be a thing of the past.
Customer Relationship Management (CRM)
A comprehensive CRM system enhances a business’s ability to outperform its competitors by streamlining the customer data into one central location. Properly utilized, a business can ensure they are providing the best customer experience and leveraging every possible opportunity by having real time customer data at their fingertips. CRM systems can also be the ultimate organizer for those in your business focused on sales, whether that is you as the owner or a team of people working for you.
One advantage every small business wants is customers who pay quickly. The advancements made in payment methods should come as no surprise as a good investment for small businesses. New technologies make it faster and easier for customers to pay their bills through apps and online payment methods. Embracing this movement streamlines the payment process and can quickly improve cash flow.
It is estimated that nearly half of small business either don’t track inventory or struggle to track inventory. This means one of the key assets that drive top line sales and cash flow is sitting around unaccounted for, maybe. Luckily, there have been vast improvements in third party applications that account for inventory. Third party applications that can integrate with various ledger platforms have been developed that will help small business track, analyze, and leverage their inventory.
Technological improvements are everywhere and when utilized effectively, they can provide so many benefits to small businesses in every aspect of business. It only takes some dedication and commitment to researching the available options, adapting the new process, and implementing the new systems but this investment of time can greatly improve analytics and ability to remain organized and in a better position to increase sales and drive growth of your company.
To see how technology can help revolutionize your business, please contact our Accounting Solutions Group.