Is investing in new technology worth it?

Whether you’re a sole trader, SME or internationally renowned business, investing in technology is essential for business growth. Technology has transformed the way businesses operate – it has created new jobs and processes that didn’t even exist ten years ago. Unless you want to get left behind, you need to understand the technology that will help your business and consider the return on investment and whether the initial outlay will pay off. Spoiler: it usually does!

Here are five good reasons why your start-up, SME or large-scale corporation should start investing in new technology…

Increase in productivity

You pay your staff to do a job and, naturally, you want them to do that job to the best of their ability. This can be tricky if they’re not given the best tools to fulfil their role and make their working day more efficient. Investment in technology will enable your staff to perform better and speed up processes. Is your office still using a PSTN? Wake up, we’re all using VoIP now! Unified communications save both time and money. Stay ahead or it could be the beginning of the end for your business.

Staying ahead of your competition

Investing in new worthwhile technology will give you a competitive edge over your primary competitors. Staying ahead is key. The faster you adopt, the more rewards you will reap in the long-term as you grow and adapt. With the addition of technology and enhanced data, you can make better decisions and use this data to drive your next marketing campaign. Understand your customers and use it to your advantage.

Avoiding room for error

If you’re still manually inputting data into spreadsheets then you could be seriously holding your business back from expansion. There are various different accounting software packages that do all the hard work for you. These flexible and cost-effective ERP systems can manage multiple business components including accounting, sales, marketing, stock management, costing and strategic planning. This gives you a clearer understanding of your business and will enable you to make informed decisions in relation to your stock and budgets.

Connecting with your customers

Social media has changed the way we operate on a daily basis. Could you imagine posting pictures of your dinner back in the 90s? Social has become so much more than a personal photo sharing opportunity though. It’s become a data goldmine and invaluable resource for businesses to truly understand their target audience. Don’t overlook the power of social media, it’s a brilliant awareness and sales tool. Invest budget into social advertising, equip your team with an effective social media management suite and build your brand voice.

A new way to work

The rise of technology has made it easier than ever to work on the go. In fact, many individuals are now shunning the traditional 9-5 for a more flexible working lifestyle. And who can blame them? Remote working can increase productivity, efficiency and morale. It can also significantly reduce business overheads and let’s not forget the positive environmental impact! It’s the modern way to work, and software and apps such as Trello and Slack have made it easier than ever to stay connected to your team.