How Technology Can Improve Efficiency In Small Businesses

Running a business is no small feat, there is always an endless to-do list of tasks that must be completed to hit targets, meet deadlines and customer demands, and it is easy to focus on these aspects of business without considering how you actually work. By focusing on how efficiently you work, you will be able to achieve your goals by working smarter and not harder.

Streamlined and efficient processes can help you eliminate duplication and delays in workflow – which both negatively affects your business’s bottom line. Technology can play an important part in helping to create efficiencies. Here are 5 ways that technology can help you improve the dynamic of your operations, grow your business and help you save money.

Cloud-based software solutions

Before you can consider how to improve your business’s efficiency, you need to have a clear understanding of the roles and tasks that are performed within your business. Spend time talking to your employees to identify where they see that improvements should be made to the processes and procedures that they must adhere to for their roles.

Often workflow is interrupted by employees not being able to access information and documents that they need, or the documents that are using are not the latest version. Switching to a cloud-based software solution allows a greater level of workplace collaboration and for people to work on the same master document in real time. A cloud-based software solution means that all documents are accessible from any device from anywhere with an internet connection.

Automate tasks

Once exclusive to big companies and corporations, automation is now accessible to smaller business. Within your business, there will be tasks completed that can be automated to boost efficiency. At the most basic level, you can introduce document templates that employees can access to use for regular reports that they compile. At a higher level, you can use the data that you harvest from customers’ interactions through your website to customize and segment your e-mail communications to customers so that they are relevant to them and their needs.

Manage Business Data

Having used technology to collate data, you need to be able to use it to its full advantage for the benefit of the business. The data that you have will provide valuable insights into your business. Records of sales, your customers and other key information will give you a valuable insight into your business so that you can identify what is working and what is not. Having the figures and metrics in front of you, you are able to turn data into valid information that you can use to develop your growth hacking strategies to increase your profitability and efficiency.

Outsourcing

The very nature of a small business means that you have fewer employees, and that can mean that on occasion you are missing a skillset that you need. Technology allows outsourcing to be a very real option for work to be completed by an expert with quality assured. The time taken for a professional to complete the task will be far less than someone who is not familiar with the tasks intricacies. Advanced communication capabilities mean that you can outsource work without the need to physically meet the person, or even leave your office to delegate the task.

Streamline Payments

Cashflow is often cited as one of the main reasons for small businesses to buckle. Tracking expenditure, paying employees and creating and chasing payment for invoices are time-consuming tasks that are essential to the running of your business. An online billing solution will even send out reminding e-mails to debtors if they fail to make payment within the time-frame you have outlined in the terms and conditions of a contract.  By using online invoicing and accounting services for your finances, you can save time so that you can focus on building and growing your business.

Using technology within a small business is a great way to level the playing field between you and the larger organizations that you compete within your industry. Technology can be used to streamline your business so that you have more time to focus on growing your business. Not only will your operations be more accurate and efficient, but your bottom line will benefit as a result.