When it comes to running a successful business, embracing technology is no longer an option; it is really a necessity. In today’s fast-paced world, technology has become an integral part of every business. Whether you are running a small café, a retail store, or a consulting firm, incorporating the right technology into your business operations can give you a significant competitive edge and help you to work more effectively. Here are some examples of technology that Australian small businesses can use to enhance their productivity and profitability and then further down, why (and how) to embrace technology.
Examples of Technology That’s Useful for Small Business
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Point of Sale (POS) Systems
- A POS system is essential for any small retail business.
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Customer Relationship Management (CRM) Software
- This software helps you to keep track of your leads, opportunities and potential customers.
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Cloud Computing
- Industry leaders including Xero, Quickbooks and MYOB). This software helps small businesses manage their finances more effectively.
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E-commerce Platforms
- Enables small businesses to sell online.
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Mobile Payment Solutions
- Such as contactless payment devices like Square.
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Online Appointment Booking Systems
- Great for spas, medical practices and more.
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Inventory Management Software
- Inventory software helps us effectively track stock and stock levels.
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Social Media Marketing Tools
- Allow for improved marketing.
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Virtual Collaboration Tools
- Such as video conferencing software like Team or Zoom.
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Data Analytics and Business Intelligence Tools
- Data gives us insight, which allows for improvement.
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Job Management Apps & Software
- Such as Service M8, Fergus or SimPro allow for scheduling, quoting, job management and more.
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DIY Ordering & Pay Options
- Being implemented by cafés and restaurants. Simply scan the QR code at your table, order and pay online and the food is then delivered to your table.
How Technology Actually Improves Small Business
Above, I lifted a whole range of different tools, apps and software which is often commonly used in small businesses. There is a huge range of things that improve when you use this software.
- Cashflow is improved. When you use accounting software (like Xero) you are able to invoice instantly, know who has paid or not and it even sends out reminder notices to customers who didn’t pay initially.
- By having mobile card facilities, like Square, again this improves cashflow, as you can request payment COD and be paid immediately upon delivery or provision of your service. This means less time lost in debt collecting and less money loss due to bad debt.
- Many programs integrate. For example, programs like Service M8 which helps you manage your jobs and teams, also links into Xero. This is brilliant because it removes much of the double handling.
- With accounting programs giving you timely reports, you are better able to make informed decisions. No longer should a business owner say “Oh, I’ll know how the figures pan out, once the accountant has done my tax”. That might be 18 months after the fact – which is far too long. Long before your tax is done, you should know how you are faring financially.
- Scheduling software allows you to be efficient and organized with your jobs.
- Zoom/Teams/Skype are teleconferencing programs that mean you don’t have to fly interstate to have a meeting; in fact, you don’t even have to get into your car. It’s instant, easy and saves time, money and the environment. It also means you can expand your client base to even worldwide.
- Scheduling Apps allow your clients, patients or customers to schedule their own appointments. Look at HotDoc for example. If you want to book an appointment with your doctor, you just use the app. You can see when your doctor has availability, select if you want an in-person appointment or telehealth and then complete the “I’m not sick” questions – all done at whatever time suits you (maybe 4am) and it means the practice doesn’t have to have as much staff servicing the phones.
- Software that can be used for lists, notes and reminders is awesome to not forget things. No longer do you have to worry about losing a post-it or forgetting something important.
- Collaboration software, like Trello, allows teams to communicate and work effectively together.
- CRMs are great to ensure none of your valuable leads slip through the cracks. In fact, some actually will tell you if an email you sent was opened; so no more “Oh, I didn’t get that email”.
- Computers are much more efficient (mostly) than humans; so errors are reduced; time is saved and efficiency occurs. Double entry or double handling is frequently eliminated.
- Technology is also indispensable with it comes to analysis – for example, Google Analytics and other website software will tell you what ad or page performs better than others. Yoast is a fabulous WordPress plugin which helps improve your SEO. Better SEO means better ranking, which means more leads and business opportunities.
- Online stores mean you don’t have as many overheads and you’re essentially open 24/7. Plus, additionally, you’ll cover a broader customer base which will likely equate to more sales and more profit.
- Improved efficiency and streamlined processes mean that often customers are happier too.
- Improved stock levels mean customers don’t miss out, whilst unnecessary stock isn’t being carried.
- Automating boring tasks means that we need less people AND those we have can be more engaged as they will be doing tasks which are likely more interesting and advanced.
- Working remotely has become easier and more effective; meaning many staff are happy (and able) to work remotely; reducing the need for costly overheads, such as commercial rent.
- Online and DIY payment means less cash. Whilst the government likes this, because it means less tax avoidance, it is actually good for business. Theft is common in many industries (shops, cafes etc) so having a cashless business cuts out that potential loss.
How to Implement New Technology
As you can see above, there is a heap of great reasons to use technology in your business. I’m sure there are even more great reasons I’ve not even thought of. Now, following, I’m going to list how to implement new technology in your small business:
- Begin with assessing what you are doing now. Determine where technology could improve, streamline and advance your business. You might need assistance with this.
- Consider your needs and write them down.
- Research options. Remember that no one software might meet every single one of your needs, but it should be at least 80-90% there.
- Before trying out a sample/test period (usually 2-4 weeks) ensure you know whether it’s likely going to be suitable and that the pricing is reasonable. Free tests still take up time and effort; so, ensure it’s right before you go there.
- Be realistic about price. If an app costs $30 per employee per month but it saved each employee 2 hours every week, I’ll bet when you do the maths you’ll be exceedingly well ahead.
- Once (or just before) you select an option, talk to your team. Get them on board (see my article about change management) as not all your team may be keen.
- Ensure you get assistance from a professional with the setup and training. If you’re going to do something, do it right and don’t waste time muddling around because you’re lacking training.
- Review how it’s going after a couple of months and if you’re having some problems, reach out to the developer or get some more training. Better to get help than to quit, ditch the software and spend more time and money switching to a second option.
- I also suggest you don’t implement too many new things at once. That will create overwhelm for your team and likely create inefficiencies which will impact day-to-day operations.
If you require guidance and support from an experienced business coach who can help you successfully embrace technology, reach out to me here.
