TECH
Advice – Andrew Rowe , office managing partner at Azets in Wynyard , offers some guidance on how tech can fuel growth .
How technology can drive business growth
DIGITAL DRIVE
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 . Andrew Rowe , office managing partner at Azets in Wynyard , discusses how technology can power up and grow your SME .
1 . Understand how technology can help your business There are four key ways that technology can help your business grow .
Firstly , it can help you collect and analyse data generated by your business which you can use to improve .
Instead of waiting until the end of the month 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 .
Secondly , technology can help you automate your business , whether that is automating your customer support or 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 a lot of time back to focus on growth .
Thirdly , technology can improve collaboration and connections in your business . Tools such as Microsoft 365 , Slack and Trello are extremely powerful in this regard and very effective at making your team work together better .
Finally , technology can help you acquire more customers , with tools which range from an automated email or social media campaign 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 . That means it is really important to plan how you are going to do it , and then take it a step at a time . Create a plan which starts with what your customers want and works back to how you are going to deliver a compelling product or service , and then consider what this means for your teams , processes and systems .
Make sure you understand strategically how you want to evolve your business model and then think critically about the technology implementation process to start making those changes .
Too many times , businesses try to do it all at once , 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 isn ’ t .
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 that are 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 in your business 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 it to . If it isn ’ t , then fix the problem , either by reconfiguring the technology you have , or by finding a better alternative .
5 . Top tips to use technology to grow your business Technology will impact almost every part of a business . So , whoever you put in charge of technology needs to understand how to embed the right blend of business change through technology , people and process .
If in doubt about what kind of technology will work best for your business , seek expert professional advice .
It is also useful to access technology funding or expertise through regional ( such as Tees Valley Combined Authority ) and national BEIS ( Business , Energy & Industrial Strategy ) support networks . Start with a clear plan addressing problems or opportunities you want to solve first – for example , free up time or win more customers .
Don ’ t try to fix everything at once !
We ’ re here to help For more information on how you can use technology to power up your SME business , contact Andrew Rowe at Andrew . rowe @ azets . co . uk
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