October 30, 2017 –
New technologies come online every day. Small and mid-sized businesses can be position themselves well for the future by adopting the latest solutions. While some believe only larger companies can adopt new technologies, the latest cloud-based solutions are leveling the playing field. In many ways it’s now actually smaller organizations that are positioned to be early adopters. Not only does this help them “keep up” with their larger competitors, it might just give them a strategic advantage.
Small and Mid-sized Businesses are actually in a Better Position to Adopt New Technologies
And there are several reasons for this. First, for smaller and mid-sized companies, it is often a shorter and easier adoption and implantation. Solutions can be deployed quickly via the cloud. And because there are fewer employees, leaders can be train their teams more easily. This training can include new business processes based on the new technology.
In addition, small business owners are often looking for significant time-saving technologies. They need to do things as quickly as their larger competitors but with fewer resources. Often they don’t have the luxury of throwing bodies at the problem (or opportunity). Instead they will adopt and deploy new technologies that will save them precious time.
The overall movement to cloud-based solutions has also had an impact. It has placed small and mid-sized businesses in a better position to adopt the latest technology. That’s because cloud-based solutions don’t require large up-front investments in hardware. Which is one thing that has historically kept small business technology adoption low compared to their larger counterparts. Today, up-front infrastructure costs are no longer a barrier to entry.
What new technologies should small and mid-sized businesses be considering to help with business operations?
Where you are as a business and what your biggest pain points are (as well as your biggest opportunities for growth) will dictate what technologies make your list. But as a starting point, here are some areas to consider:
- Payroll processing – according to the Small Business Technology Adoption Index put out by PYMNTS.com, 66% of small businesses are using technology to generate payroll. If you are still processing payroll manually, this might be a good place to start your cloud journey.
- Accounting – moving to automated accounting system is often a natural next step after payroll. At $50 – $70 per month it is an affordable approach to tackle your accounting woes. There are several solutions in the marketplace including FreshBooks, Xero, and Intuit Quickbooks to name just a few. There are a lot of good options out there, depending on your budget and the features required. It’s worth taking your time on this one. PC Mag put together a nice article summarizing the top players.
- Invoicing – automating the invoicing process and receiving payments automatically (goodbye paper checks!) is a great next step for increased time savings for small and mid-sized businesses. Many of the accounting software providers discussed above also provide invoicing and payment solutions.
In the coming weeks, we’ll be exploring which new technologies can help small and mid-sized businesses collaborate better, run more efficiently, and create a great experience for their customers.
Until then, if you would like more information on how better technology can improve your overall business, please review our section on Technology Performance.
– The AccountabilIT Team