If you are not technically inclined, most decisions involving technology can become cumbersome. Granted, there are many tech fads out there, but then there are real tech solutions that can propel your business forward, save money and improve productivity.

But how do you decide which tech solutions are worth the investment? The short answer is, “it depends.” You need to define the opportunity you want to pursue or the challenge you want to address or resolve by using a technology-based solution. It will most likely not be the ultimate answer to all business questions.

Then there is the hidden cost of technology utilisation. Think integration, service support, redundancy, upgrades and replacement, to mention a few. But you also have access to Software as a Service (SaaS) which is a software delivery model where a provider hosts an application and makes it available to customers over the internet.

This article is not about the doom and gloom of technology embracement, but rather an upbeat perspective of how it can change things for the better.

Here are four areas in business where SME`s can productively use technology considerations, without breaking the bank.

1. Operations: Operational Efficiency through Automation:

Think about the use of technology (e.g., AI, automation software, cloud-based systems) to streamline processes, reduce manual tasks, and improve productivity. The right choices can directly impact the cost base. As a knowledge entrepreneur, I facilitate work sessions with multiple attendees. An online technology platform is used to collect delegates' responses and generate a customised report, which is automatically emailed to them upon completion. This saves me tens of hours in having to do the work myself. The development cost was incurred as a one-time expense and was recouped after acquiring the first paying client.

2. Marketing: Enhanced Customer Experience and Acquisition:

Digital marketing (SEO, social media, content creation) can be leveraged to scale marketing efforts. CRM systems and e-commerce platforms can be used to reach new customers, improve engagement, and build stronger relationships. This has a direct bearing on turnover. The caveat is that the ROI needs to be measured on all marketing spending. This will enable you to stop marketing endeavours not providing results and focus more on the ones that are turning the turnover dial.

3. IT: Data-Driven Decision Making:

The use of data analytics (made accessible through digital tools) is no longer a luxury, but can provide real insights to understand customer preferences, optimise pricing, identify profitable products and services, and make informed decisions about business growth endeavours and projects.

4. Human Resources: Talent Management and Upskilling:

In today's competitive market, attracting and keeping the right talent is crucial for success, especially for smaller businesses.

Online job boards (e.g. Indeed) and professional networks (e.g. LinkedIn) enable job posts on numerous platforms. This broadens your reach far beyond what a staffing recruitment agency or a newspaper ad could ever achieve.

Utilising automated emails and notifications allow candidates to remain consistently informed regarding their application status, thereby enhancing the professionalism and transparency of the process. This can be a differentiator for a small business.

Online Learning Management Systems (LMS) can scale in-person training sessions. An LMS allows employees to access training modules, videos, and evaluations at their own pace and on their own schedule. This is particularly valuable for business owners who don't have the time to be full-time trainers.

Upskilling of employees can also be done via training platforms like Coursera and Udemy. In this way you can offer staff access to high-quality, specialised training.

In conclusion

Tech-up in a way that meets your unique needs and requirements.

Being a smaller business no longer means that you cannot afford to have access to and utilise technological solutions which can propel your business forward, save money and improve productivity.

Do you need any of the following services?

Speak to your SFP Financial Advisor who will introduce you to the designated SUBJECT MATTER EXPERT on the SFP ENTERPRISE panel who would be able to address your specific business need or requirement.

Visit us on our website at www.sfpadvice.co.za.