Business can be done today in ways that the founders who have gone before us could only dream of. Streamlined dashboards, live access to financial information, direct access to your target market through digital channels. Business management in 2019 is a new ball game.
In a tough economy, leveraging the latest technology suite can give you the edge over other players in the market. It can also free up founder time and head space to focus on what really matters in the company’s growth phase.
Top tech and innovation entrepreneurs take advantage of the time we are living in when scaling up their businesses. Let’s unpack seven of the most important ways in which technology can be used to build a great company:
How do you streamline your finance function? Finance is at the heart of every business. If the numbers don’t add up, the company fails. Exciting cloud accounting tools have taken this core function out of the hands of an old school accountant on desktop software and has put it in the hands of the founder. Bank integration means live access to financial information. Digital invoicing means live access to income for the month and debtor figures. Managing profitability and company finance has never been this easy. Get into the cloud with tools like Xero to have access to the right financial information at the right time for decision-making.
How do you manage your cash flow? The value of being on top of your company’s cash flow cannot be overstated. Gone is the day of a wonky Excel sheet that tries to forecast what money will be in the bank three months from now. Tools like MyCashFlowApp give founders a calendar-like daily forecast of their cash flow each day of the month for the upcoming months. This helps you to see cash in and out flows in a very practical manner which is great for spotting a cash crunch, months in advance – something that could make the difference between success and failure.
KPI Tracking Tools
In which way do you track and improve your KPIs? The concept of measure and improve still rings as true as five decades ago. The technology that can support this has however drastically improved. Cloud dashboards that integrate with live sales, payroll and financial systems enable the construction of clever dashboards. These can be set up to track and improve the core financial and non-financial KPI’s that influence the company’s success with surgical precision.
Social media is not new; but how do you improve your brand awareness in social media to make it worthwhile? It is not always the most effective marketing tool but it can be a powerful aggregator of awareness of the stories you and your company are telling. Maximise your efforts with tech tools like Hootsuite that can plan and schedule posts across multiple platforms to build various engaged audiences. Make sure that you continuously improve your efforts by tracking analytics for each platform. Also, don’t underestimate the power of video in getting your story across.
Growth is driven by new business. Therefore, in your sales team, you should streamline lead generation and the sales process. New business is a factor of the number of quality leads that you engage with and the amount of those leads that you are able to convert into sales. Throughout history, potential business has been lost because lead details and the conversations with those leads have not been properly tracked. With tools like Salesforce or Hubspot, the sales process can be automated to make sure that nothing slips through the cracks, maximising sales and marketing efforts and converting them to revenue.
Team Collaboration Tools
One might rightfully say that technology can’t replace the human element in a business. This is definitely true, but exciting new tools like Office Vibe can be incorporated to make sure that you continuously get and act on feedback from staff to maximise the office environment. Staff recognition tools like Hi5 can be put to work to ensure peer recognition and gratitude for good work delivered. Simple people tools like this can make a big contribution to all important company culture. Cloud tools can help foster an environment that aligns with your company culture and values and is something that should be investigated.
What was the latest version of the proposal document? What was the final version of the presentation slide show?When is the next gap in Gary’s diary? No more! Tools like Google Suite can help your team collaborate live on everything from documents to diaries. Everyone always has access to the latest version and a whole team can work on one document at the same time, bolstering productivity and eliminating frustration.
Don’t miss out! Get on top of the latest tech trends for entrepreneurs to help you rethink, automate and scale your business. There has never been a more exciting time to build a company than now!