Technology simplifies our lives—most of the time. Good technology can also drastically improve the efficiency of your small business. It takes time and money to get the right systems and software in place, but the right technology is worth the investment.
Software and other technology can help you manage
- General accounting
- Cash flow
- Key Performance Indicators
- Your sales pipeline
- Customer relationships
- Operational processes
- Payroll, benefits, and other HR functions
When you consider putting new systems in place, or upgrading current systems, there are several things to evaluate:
- Quality and performance. Although it sounds good now, saving money on the cost of your technology can prove more costly in the long run. You need to make sure that the technology you chose has systems that perform all the functions that you need, is reliable and fast, and has the right capacity.
- Users. Your systems need to be user friendly. If they take too long for your employees to learn, or if you need constant customer support to figure out key functions, you are not using your time effectively.
- Security. Your systems must be secure from hackers or other threats and that your records are backed up so you don’t lose valuable information.
- Specificity. Your software needs to be able to work for your specific needs in your market and industry.
- Future needs. As you grow your company, will your systems have the capacity to handle the load? It may save time and money to implement systems now based on your anticipated capacity needs.
- Cost/benefit. When you make a technology investment, you need to determine what benefits it will have for your business and when. What time and money will you save, and how much more revenue or cash flow will you be able to generate? Determine when you will break even on your technology investment based on those factors. What will your return on investment be in one year, five years, 10 years? Your business advisors can help you analyze if you are spending too much, or too little.
Having the most efficient systems in place will allow you to spend your time most productively, allowing you to to create and implement a strategic growth plan and monitor your market and industry to make sure you are going in the right direction. Your business advisors will be able to help you compare and choose the systems that are right for your business at the right cost, so you will get the best return possible on your technology investment.
For more information on systems and software for your small business, call us at (855) 236-0600.