Successful businesses must adapt to the ever-changing world of technological advancement. It’s a constant challenge, but one you should embrace if your company wishes to stay ahead of the game.
No matter how small, every company will now be digitalised in some way or other. Even if this is just by providing a simple payment terminal, there’s always chance the technology has been improved or is likely to be improved in the future.
Therefore, it pays to stay up-to-date with business technology so you don’t fall behind your market rivals. Here are a few of our tips how.
Know Your Industry
Recognise the type of equipment needed to enhance performance, as well as the technological fads that perhaps aren’t. Even the basics, such as the lighting in your workspace, are important to get right so you can concentrate on more advanced issues.
Because the rate of technological progress can be so rapid, also consider if it’s worth investing in a new piece of equipment that could be outdated in a few months anyway. Obtain an expert opinion and research meticulously online before splashing out.
Computers are part and parcel of the business world. Make sure you’re up to speed with the latest models and their capabilities – is it worth the sizeable outlay to buy a new range of computers or simply update your existing software?
Internet technology is another area to consider. Slow load-up speeds and connection problems will undoubtedly impact performance, not to mention cause frustration within your team. Scout around for the most advanced 4G or 5G networks.
Accountancy software is easily obtainable online, and some programmes can even be downloaded for free. It automates the usually monotonous task of data entry, minimising human error and calculating complex financial sums in an instant.
With the Making Tax Digital transition well underway, it makes sense to invest in software that can link with the government system. Likewise, be aware that staff will need training to use the new system and you’ll need to adapt it to quarterly returns as well.
Working with an accountant is often the best way for a small business to stay on top of technological developments as well as comply with HMRC regulations; get in touch with the experts at Neil Smith Accountancy for more information.
Security in the modern age is crucial. Digitally speaking, cyber-crime is one of the main threats to SME’s in the UK. There were a reported 4.7 million incidents of fraud and computer misuse in the year to September 2017, showing how vital security measures are. Cyber attacks can severely damage your reputation, as well as your bank balance. You can bring in a freelance I.T expert to assess your security, and some companies who rely on a chain of computers and internal network, will employ one full-time.
Physical security is also a big consideration, where advancing technology can be used to protect your premises. Not just have CCTV cameras and intruder alarms improved significantly, but such equipment as remote viewing technology allows you to view your property from any location in the world.