Running a business has its challenges, especially when there is a lot of work to do and obligations to adhere to. However, using technology can make your business more profitable and leave you with less work to worry about.
One way to utilise technology to your advantage is by developing a better systemisation, and every business needs to reap the main three benefits:
- Sustainability – meaning a business can operate without a heavy reliance on the owners,
- Scalability – meaning the systems and procedures in place enable the business to develop without the wheels falling off. For example, ask yourself, how would your business systems cope if your turnover doubled?
- Saleability – meaning your business needs to be attractive for a potential future buyer, which can be done through having impeccable systems and less reliance on owners.
Other benefits of systemisation, which fall into the three main areas, include:
- Cost savings
- Ease of training
So how can you develop and improve the three main benefits, using technology systems, also known as your “app stack”?
First of all, let’s look at what these app stacks incorporate:
- Any apps and software used in your company, including Excel spreadsheets
- The integration of these apps (how the information is passed between these systems), which saves time and reduces errors
- The platform(s) used to run these apps. Be it in-house or an outsourced service, it is beneficial to be able to access the systems and software anywhere, anytime
- Your company’s security and backup programmes, to ensure customer information and business interactions are secure. (Please note strict privacy legislations are being introduced worldwide, so you need to ensure you stay compliant.)
Maintaining these app stacks are vital for business growth, they directly impact profitability, increase team efficiency and customer satisfaction, plus having good data is critical for decision making within a company. Additionally, utilising technology systems enables a greater ability to work remotely, which is relevant now more than ever!
Using technology systems to your advantage
One main way to increase sustainability, scalability and saleability within your business is through investing in better systems, such as automating booking appointments, providing reminders to customers, and creating invoices once quotes are accepted.
However, to ensure improved efficiency, all necessary employees need to be using your existing systems and in turn, they can hopefully contribute to finding better systems for your company and ways of operating.
Once you have an idea of what systems and technology suits your business best, you can look at changing current systems for ones that avoid the need for complex integrations.
While the cost of this may be more expensive, you will be investing in new technology solutions that provide you with better information, systems and a much better return in the long run. For example, many businesses have opted for using cloud-based accounting software, such as Xero, rather than old cashbook systems.
Changing your current ways to new technology systems can be daunting, which is why Davis Grant are here to help you get it right. For more information or advice, contact our experts today.