4 small business tech trends to embrace
Business technology is developing at a rapid pace. There are a whole range of new technologies and strategies that can improve business efficiency and save you time and money. Below we cover four of the latest tech trends to look out for.
1. Remote offices
Here at MHA Carpenter Box, we are big fans of cloud technology. And while cloud-based solutions aren’t new, remote working teams are on the rise. One reason may be that small businesses are now recognising its full potential. A recent study showed more than half of UK SMEs are using some form of cloud-based service, with 66 per cent using technology tools to aid employee collaboration.
The trend toward shared office space and remote working may come down to realising its cost-effectiveness. A US study highlighted that productivity goes up when workers can devote uninterrupted time to getting work done; a challenge in a typical office environment, where socialising is often part of the workday. Businesses owners benefit too because it can keep traditional overheads to a minimum, and offer cost savings on rented office or retail space. They also have the choice of selecting from an expanded pool of workers, no longer tied to specific geographic areas.
It’s anticipated that worldwide e-commerce sales will exceed £3 trillion by 2020. Whether your small business sells products or services, moving into online sales can mean unlimited revenue opportunities. This is especially true if you are able to market to buyers outside your geographic area.
Recent technology makes it easier and more cost-effective than ever to build an e-commerce website. There are a number of easy to use and affordable platforms, such as Rocketspark, designed to help you get an e-commerce site up and running quickly. Even better, they often integrate directly into your accounting software.
Business processing automation allows companies to reduce overhead costs while increasing efficiencies. More and more small business owners are taking advantage of automation to streamline time-consuming processes, such as manual accounting. This has the benefit of both reducing the need for human resources while eliminating human error. The high return on investment is creating a real culture shift for business owners, who are using automation to improve processes for everything from online marketing to inventory management.
There has also been a rise in small businesses moving toward non-traditional revenue models, most notably subscription. Cash flow is an obvious reason, as it supports recurring payments versus one-off purchasing. Subscription-based sales can be used in nearly any type of business, whether you’re selling craft beer, home improvements, or e-learning. And for business owners ready to make the leap, the same technologies that facilitate automation and e-commerce can often support a website looking to go down this path.
The latest advances in technology forecast a bright future for small business owners who are keen to adopt them.
If you have any questions about how to streamline your business with the latest business technology, please get in touch with us on 01903 234094.