How to leverage technology for increased efficiency in your small business
According to a recent UK study, small-to-medium-sized businesses (SMBs) that have embraced technology investments over the past four years experienced an 8.1% increase in revenue, while those slower to adopt saw a 4.7% decline.
At Dext, we know that leveraging the right tools can be a game changer for your SMB. For instance, automating repetitive, manual tasks can streamline processes, boost productivity, and increase efficiency. Furthermore, the right technology investment can also give you access to critical data to make better, more strategic decisions for your business as a whole.
Looking to invest in small business technology? Let’s explore technology investments, key factors to consider when choosing tools, and how the right technology can drive transformation and growth within your business.
What are technology investments?
Simply put, a technology investment refers to allocating funds to tools, software, or systems that help your business improve efficiency, streamline processes, and enhance productivity. These investments can range from automation tools and software subscriptions to cyber security measures and CRM systems – each designed to address specific needs or challenges.
When it comes to small businesses technology, investing in the right tools is crucial for staying competitive. These tools not only automate repetitive tasks and reduce manual errors, but provide valuable insights for better decision-making. Technology investment is not just about purchasing popular new tools—it's about adopting solutions that have the biggest impact on efficiency, cost savings, and overall business growth.
For example, investing in an automated bookkeeping tool will allow your businesses to save time by eliminating manual data entry that reduces the risk of errors, and gain real-time insights into your finances – driving better decisions and more profitability. But how do you know which small business technology to invest in?
How to choose the right small business technology
Making the right technology investments requires careful consideration to ensure they deliver maximum results and value for your SMB. So, before deciding on where to allocate your tech spend, keep these factors top of mind:
Identify your business needs and goals: Identify your most significant pain points and inefficiencies, and ensure the technology aligns with reducing or solving these. It should address both current challenges and future goals you may have. By choosing small business technology that can scale with you, you ensure long-term value and flexibility as your needs evolve.
Consider industry relevance:
It’s a good idea to choose tools tailored to your industry to address your specific challenges more effectively. Industry-specific tools can also help your business stay compliant and meet regulations.
Focus on budget and ROI:
Weigh up costs and monthly/annual fees with quantifiable benefits like increased revenue. Be sure to think about long-term return on investment, as the right technology can pay for itself over and over again through cost savings and operational improvements.
Ease of integration and use:
Choose user-friendly technology that will integrate smoothly with your existing systems and platforms – minimising disruption and encouraging easy adoption by staff.
Support and training:
Check that ongoing support and training are available to help your team fully utilise the technology and get the most out of the investment. Customer support and training resources will empower your team to leverage all aspects of the technology, ensuring continued efficiency and success.
By focusing on these factors, you can confidently invest in small business technology that will not just solve specific tasks but transform your operations. For example, choosing a bookkeeping automation tool that is easy to use will reduce inefficiencies and integrate seamlessly with your existing accounting software. In turn, this will save your team time, free up resources, and give you access to real-time data for more strategic financial decision-making.
Why invest in small business technology?
As a small business owner, you’re probably juggling admin, finances, and customer relations—on top of growing your business. With limited time and resources, manual processes can quickly become a bottleneck. By investing in the right small business technology, you not only address singular redundant tasks but streamline your operations through:
Increased efficiency:
Technology stacks can automate repetitive tasks, reduce human errors, and streamline workflows – allowing your team to focus on more strategic activities. By diminishing time-intensive tasks, you can achieve quicker turnarounds and help your business operate smoothly without unnecessary delays.
Improved collaboration:
Tech investments can facilitate better collaboration and communication amongst your team. Tools like project management software and cloud-based platforms provide a central hub – helping your staff stay aligned, access real-time information remotely, and reduce communication barriers.
Better decision-making:
The right tools can provide data to help make informed, strategic choices that are in line with your business objectives. Access to accurate, real-time information helps ensure your decisions are supported by insights that drive success and reduce the risks associated with outdated or incorrect data.
Faster business growth:
Adopting the right technology can free up resources, enhance customer experiences, and support business expansion. This additional capacity allows your team to identify what’s slowing you down and how you can capitalise on growth opportunities.
For example, many small businesses are looking at how bookkeeping automation improves business planning and decision-making through access to real-time financial data. By incorporating tools like this that go beyond solving isolated challenges – you empower your team with better insights and improved workflows, and create efficiencies that will filter through to multiple departments.
Transform your business with Dext
Bookkeeping automation is a prime example of how a simple investment in small business technology can yield significant benefits for your SMB.
Dext is an automated bookkeeping tool designed to help small and medium-sized businesses enhance efficiency and accuracy by automating repetitive tasks and providing real-time financial insights. With features like a receipt scanner and the ability to upload invoices and sync seamlessly with accounting software, Dext eliminates the headache of manual data entry and integrates smoothly with existing systems. By freeing up valuable time otherwise spent on admin, it enables more strategic growth so you can focus on what matters most.
Tailored specifically for SMBs, Dext addresses industry-specific challenges and offers a competitive edge. Thanks to its user-friendly interface, straightforward adoption, and robust customer support and training, Dext ensures minimal disruption to your operations. Plus, by driving greater efficiency and accuracy, you can expect a strong return on investment—fueling sustainable growth and long-term success for your business.
Discover Dext today and experience how we can help you meet your goals, save time, and improve efficiency! Start your free trial here.
