FINANCE
BY KATIE HODSON , DIRECTOR , AZETS katie . hodson @ azets . co . uk
How to use technology to grow your business
TECHNOLOGY IS FASTER , CHEAPER AND EASIER TO IMPLEMENT THAN EVER BEFORE AND AMBITIOUS BUSINESSES SHOULD BE CONSTANTLY LOOKING AT HOW IT CAN HELP THEM POWER AHEAD .
1 . Understand how technology can help your business
There are four key ways that technology can help your business grow .
• It can help you collect and analyse data generated by your business which you can use to improve . Instead of waiting until monthend when your accountant does your books , technology-driven apps can give you real time information about which customers are making you money , where you are winning most business , whether your business and marketing plans are working , which employees are more productive , and so on . You can harness this data to meet your project goals and increase business growth .
• Technology can help you automate your business , whether automating your customer support / acquisition , production flow , inventory , sales fulfilment or administrative and accounting processes . Some tasks that previously were largely manually based can now be largely automated and can give you time back .
• Technology can improve collaboration and connections in your business . Tools such as Microsoft 365 , Slack and Trello are extremely powerful and very effective at making your team work together better .
• Finally , technology can help you acquire more customers with tools ranging from automated emails or social media campaigns , to integrated CRM marketing systems that target specific types of customers .
2 . Create an implementation plan
As an existing business , you need to think tactically about how you improve what you do by using technology . It is important to plan how you are going to do it , then take it a step at a time . Create a plan starting with what your customers want and work back to how you will deliver a compelling product or service , then consider what this means for your teams , processes and systems .
Make sure you understand strategically how you want to evolve your business model , then think critically about the technology implementation process to start making those changes . Often , businesses try and do it all together and fail .
3 . Don ’ t take your eye off the rest of your business
Some businesses view technology as being the answer to everything . It is not . It is a very important and powerful tool , but it is important not to forget about the other aspects of your business , whether that is your staff and how you are helping them develop their skills , understanding your customers , or the financial health of your business . Businesses focused on being tech-enabled to the exclusion of everything
else will not succeed because they are forgetting about the other core elements of the business .
4 . Monitor your technology requirements on a regular ongoing basis
Just like your business strategy , plan , and modelling , using technology is a continual process . So , once you have decided how to use it , make sure you regularly measure and review its effectiveness to check it is delivering the benefits you expected . If it isn ’ t , then fix the problem , either by reconfiguring your technology , or by finding a better alternative .
For more information on how you can use technology to power up your SME business , please get in touch .
Local offices : Ashford : 01233 629 255 / Canterbury : 01227 454 861 Maidstone : 01622 690 666 / Orpington : 01689 827 505 Sandwich : 01304 249 997
www . azets . co . uk
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