Recent research by Three Business[1] indicates that tech-enabled small to medium-sized enterprises (SMEs) could add an impressive £79 billion to the UK economy over the next year.
Without doubt, technology is and will continue to be a key driver and enabler of growth for businesses.
However, the same report also reveals that a notable 42 per cent of SMEs worry that the complexities associated with adoption of new technologies could hinder their growth, and over half expressed concerns about the costs involved.
The benefits of using technology for SME businesses
There are an abundance of advantages to be realised as a result of investing in technology; for example, by automating repetitive, labour-intensive tasks, you can save time and turn your attention to more strategic initiatives within your business.
Additional benefits can include:
- Enhanced productivity and employee morale.
- Improved customer service using customer relationship management (CRM) systems to help personalise interactions.
- Advanced analytics and data management tools that provide valuable insights into your business operations and market trends.
- Smoother growth experience as tech solutions are designed to adapt to your growing needs without significant changes to your infrastructure.
- Cost reductions in the long run, for instance, cloud computing can lower infrastructure costs, while automation can reduce labour expenses.
By effectively leveraging technology, you can keep pace with others in your industry and ensure that your business is agile. Failing to utilise the tools at your disposal puts you at risk of being left behind by your competitors.
Breaking down barriers to digital transformation
With sound digital infrastructure a key driver of long-term financial growth and adaptability for SMEs, the importance of breaking down any perceived barriers to digital transformation remains important.
Largely, the SMEs we work with acknowledge the importance of keeping up with developments in technology, and of being able to utilise digital tools to streamline their business so that they can focus on innovation and operations.
However, we know there are also many business owners that see digital transformation as a challenge, and who find the idea of investing in, implementing and using online tools and software daunting, particularly when they don’t have the know-how to maximise the return on their investment.
In some cases, this might even be the catalyst to make them think about winding their business up, to avoid the need to learn how to work with software and other tools.
Whilst true that adoption of technology and software often comes with an upfront cost, this really needs to be looked at alongside the long-term benefits you will enjoy as a result.
It’s also worth bearing in mind that you can take small steps towards digital transformation, and make gradual changes within your business in line with the financial resource and manpower that you have available.
Samantha Green comments: “If the idea of embracing technology, or looking at cloud accounting software for your business, is confusing and daunting, it is really important that you seek advice at the outset of your journey to digital transformation, to avoid making costly mistakes.
“Innovation and good financial health can go hand-in-hand, where businesses are able to identify the right solutions for their business, to implement them with the right support, and where they understand how to extract value from the output these systems deliver.
“Our expert accountants can help you to improve your business’s digital infrastructure, and to implement systems and processes that will support your business objectives, streamline your financial processes, enhance collaboration, and provide real-time insights into your financial performance.
“We know that some business owners find the process of setting up a software frustrating, particularly when they feel that they can’t get it to perform the functions that they need it for; they’re left feeling like it doesn’t ‘fit’ their business. The majority of the time, this is because they lack the know-how to manipulate the software. With our expertise and understanding of your business, this is a problem we can eliminate.”
Cloud accounting lead, Sarah Kenyon, comments: “Introducing the right technology in your business can be game-changing and, with the right advisory support to accompany it, it doesn’t have to be an obstacle that prevents you from focussing on the areas of your business that matter to you.
“Effective implementation of a cloud accounting platform, for example, can improve productivity and operational efficiency, as well as long-term resilience, whilst enabling you to maintain a competitive edge.”
To better understand how technology could be used to streamline your business processes, or to talk to us about how we can help you on your journey to embracing a new way of working, please get in touch.
