Last Updated on April 26, 2016 by Tim
When running a business, it is important to be as efficient as possible. Any business owner obviously wants their company to be a success and as that fate rests solely on their shoulders, it is up to them to find the best practices to help them grow.
The UK has experienced consecutive record-breaking years for start ups with a further 600,000 entrepreneurs being predicted to found new companies this year. Market sectors are extremely crowded places and projections like this stress how congested fields will continue be – a daunting task for start ups hoping to establish themselves.
In light of this news, it emphasis’ the need for new businesses to operate in the most streamlined way in order to their profits and growing potential. With advancements in technology, there are hundreds of free tools available to owners that will help them save time and cut costs.
Typically, newcomers are not aware of the resources available to them and they waste their efforts with traditional, slower processes. Below we have listed some top tips to help you take advantage of technology. By taking on board these practices it could hold the key to success, allowing you to immediately thrive as a start up.
The Cloud
Unless you’ve been living under a rock, you should be aware of the cloud. It has arguably been one of the biggest, most influential developments that digital technology has had on the business world. It has revolutionised the traditional business set up and has removed long winded, mundane obligations of a company. By implementing cloud computing into your start up, it effectively enables your organization to meet growing demands of your improving business.
The trouble with new start ups is that despite knowing about the concept, they fail to integrate it into their processes due to lack of knowledge. The beauty of the cloud is that it is cost effective and accessible from anywhere. It removes the need for storage and offers you a high level of security, giving you a proficient management solution for your employee’s and business.
With so many free and low cost tools/apps available to new businesses, there is no reason why you can’t take advantage of it and use it for their benefit.
Accounting
Streamlining your invoicing procedures is a guaranteed way to improve your cash flow and minimize any possible financial issues. If we’re being honest, any business that starts is likely to want to make money and see a cash flow. With this is mind, when it comes down to your accounting and payments, it is constructive that a business has an efficient procedure in place to manage them. There are a number of affordable small business accounting software options available, which accurately carries out the processing for you. By using software over traditional bookkeeping methods, it removes any possibility of human error. Making it easier when filing taxes, recording transactions and basically, it does the work for you in a more organized way.
By having everything you need in an easy to access and systematized space, it allows you to rejuvenate your accounting process, helping you manage your business more efficiently.
Your Customers
Customer portals are often a highly untapped resource for new start ups. Depending on the nature of your business, this provides a great solution for managing your customers and their accounts.
The use of this technology allows you to provide a personal touch. This activity makes customers feel more included and valued during your relationship. As it opens up a clear, direct line of communication, it means that you can easily maintain customer satisfaction, which boosts customer experience rates and confidence in your services.
The interactive, online portals allow you to receive answers, ask questions, marketing products, convey issues and complete transactions. Not only does it give you the possibility for further areas to market and educated your customers but it also removes a large amounts of tasks for your team.
Marketing
As a start up, the only way you’re going to grow is by marketing yourself to new and wider audiences. Technology has been the saving grace for startups due to the fact that marketing your business has never been simpler or cheaper. When starting out, the majority of the time money will be tight. Owners often struggle with the fact that they believe they need custom in order to afford promotion, but can’t get the custom without promotion. This is an issue that technology has made redundant.
Now there are many tools to help you get yourself out there. Social media including Facebook, Twitter and Instagram, offer paid and free options to help advertise your business, products and services. You can use video or email marketing again for free that will help you attract and speak directly to potential customers. There are also numerous software applications that can streamline your marketing plans, which can then be edited easily and shared between your staff.
Neglecting your social platforms and your marketing basics will prevent you being as successful as you could be. If it’s free and easy to execute, there’s no reason why you can’t use it to your advantage.
