Times are changing and fast! If you want your business to succeed, it’s imperative to adapt and keep up with trends in technology. By leveraging technology in your business, you can create a positive, productive, and, most importantly, profitable environment.
Investing in technology for your business can actually make you money, more than covering the cost of upgrades. For instance, are you a sales-based business? Then you’ll want to invest in sales management software. If you’re a manufacturing company, then you’ll want to look for programs that will help you manage your inventory and distribution.
To properly leverage technology in a way that will improve your company’s bottom line, ask yourself (or your team):
- Will this technology help generate more revenue?
- Will this technology help my business become more efficient or productive?
- Will this technology minimize risk?
With that in mind, here are three ways to leverage technology that can benefit any company.
Leverage Cybersecurity Technology
Did you know that 4.5 billion records were stolen worldwide in the first half of 2018 alone? What’s more, Statistics Canada found that approximately 20% of cyberattacks that happened in 2017 were aimed at small businesses with 10 to 49 employees.
A successful cyberattack is not only bad for your business’ reputation, but it can quickly become a major expense. In fact, the Ponemon Institute found that Canadian companies spent $6.1 million on breach-related expenses, and approximately 50% of Canadian businesses felt employee productivity was impacted due to a cyber-security incident, according to Statistics Canada.
The lesson is that you can’t let a cyber attack affect your company’s growth. You need to invest in proper cybersecurity technology. Almost every company can benefit from investing in advanced detection and protection tools. For example, some technologies use defensive deception techniques to identify attacks early on and move critical data before it is accessed or damaged. This is a great way to minimize risk and improve your bottom line. You might also consider investing in the use of decoys, web application firewalls, IPS, and web-based deception solutions.
Leverage Digital Marketing Technology
Every business needs to generate leads and go after potential customers if they want to keep growing and scaling. One of the best ways to do this is by leveraging digital marketing technology.
For example, Facebook isn’t only great for connecting with friends or watching cute cat videos; it’s also one of the best advertising platforms around. By investing in paid Facebook ads, you can reach scores of new leads. And the best part? Facebook makes it easy to target your exact audience, so the money you spend on advertising has a higher chance of reaching the people who are actually interested in buying your product or service.
Another fantastic way to reach potential customers is through email marketing. In fact, email generates $38 for every $1 spent, which is a whopping 3,800% ROI!
Investing in technology such as MailChimp can be a great way to automate your email marketing, allowing you to focus on the strategy behind your email campaigns. MailChimp also features reports that make it easy to see how successful an email campaign is at engaging your target audience. This truly is one area where leveraging technology can make your bottom line soar.
Leverage Cloud-based Accounting Software
Do you find managing your invoices, bills, and receipts a hassle? As an entrepreneur, you probably love what you do, but what you probably don’t love is spending hours and hours managing your books. You can’t let it fall by the wayside though as failure to properly manage your books can result in financial disaster for your business.
Fortunately, there’s an ever-growing suite of organizational tools and technologies that will help you reduce the headaches of managing your books while also giving you more free time to do what you love – grow your business!
Cloud-based accounting software, also known as software as a service (SaaS), provides you with access to technology on a subscription basis. This allows you to access your business data anytime and anywhere with an internet connection (sometimes on almost any device).
You can grant access to your cloud-based accounting software to anyone on your team. That means your staff can quickly and easily do their work regardless of their physical location. For instance, if your sales rep needs to add an expense receipt or your project manager needs to verify an invoice from a supplier, cloud-based accounting software will streamline the process. It also helps keep all your invoices and receipts organized, so tax time is a breeze.
If you’re looking to boost your bottom line, then you’ll definitely want to leverage the power of cloud-based accounting technology.
The Number Works Can Help
We specialize in launching cloud-based accounting systems! We also provide bookkeeping, cash flow strategy, and business plan management because we want to help you turn your passions into profits.
So, if you’re looking to make better informed business decisions and get a stronger understanding of your business’ finances, don’t hesitate to reach out to us today and find out how we can help you tell your financial story and boost your company’s bottom line.