BIS MAGAZINE/BIS Business: Networking: The key to success/Is your Business Fit for Business? (Part 4)

Is your business fit.......for business? (Part 4)

 

Technology

 

 How often we make New Year resolutions for ourselves, such as losing weight, getting fit and giving up smoking, but often neglect to apply a similar approach to our businesses. So throughout the past three issues we have looked at three of the main components that make up our businesses,

 

Business Planning or Strategy

People

Business Processes

                       

In this final part of the series we look at Technology and its role in business.

 

In this age of technological enlightenment, the technology we use to run and manage our business processes has become both more integral and more crucial to the effective running of a business.

 

Computers have become the modern day equivalent of the wheel, the car, the radio or the television and much more. It has evolved via the World Wide Web into the largest database in the world. We can now key in almost any subject or term and receive vast amounts of data whilst sitting in the comfort of our armchair at home.

 

Telecommunication Systems have evolved in such a way that we can now, not only receive and make phone calls almost anywhere in the world, but we can send messages, take photos or video clips, pay bills, listen to music and annoy people in restaurants all from a device that fits comfortably in our pockets.

 

It would seem obvious therefore that the need for technology in the workplace is paramount, and accordingly the hardware and software that helps us to run and manage our business processes is key to making our business more effective.

 

Using Information Technology to Improve Performance

 

Information technology can improve performance by speeding up and automating routine procedures. It can also free staff time for more productive and creative work and reduce the possibility of human error. Payments can be automated by using direct banking services and you may be able to outsource routine work and integrate the results into your in-house systems - for example, you might outsource bookkeeping and accountancy but retain credit control in-house.

 

The Internet has simplified and speeded up communications. Files can be sent as attachments to emails. However, it is important to remember that email is an insecure medium, and sensitive and confidential information should only be exchanged through secure channels such as company intranets or through password-protected websites.

 

Technology can be used as a tool to achieve better customer relations by using software such as contact management and customer relationship management software (CRM). It can also create more cost-efficient business processes.

 

For example, automated stock control can be used to reduce or eliminate expensive inventories. It allows just-in-time ordering with automated re-ordering, speeds up the production process so customers get your products sooner, reduces costs, and helps to balance the books.

 

Technology can incorporate extensive reporting and feedback facilities making it easier to monitor Key Performance Indicators.

 

For example, a company website can be used to report a great deal of useful information, including:

 

• How much time customers spend on the site
• Their "journey" through the site
• Who they are
• The most and least popular pages
• How many visitors become customers

If you use an external web hosting company, ask what statistics are available. If you host your website in-house, your web server vendor will be able to advise you on this.

Business Consultancy and Advisory companies will also be able to offer advice on finding innovative ways to use technology to benefit your business.

 

Do We Really Need Technology?

 

Technology should only be used in business where tangible benefits can be gained. For example, if you are a business that only handles a small amount of transactions, there may be no significant gain in installing accounting software when simple bookkeeping will suffice. In other words, use technology for business gain and not just for the sake of having the technology. It is a fact that when we go to buy a new mobile phone or a TV we often go for the model with the most features, but in reality, how often do we use all those features, if at all?

 

Which raises another issue; in that if we invest in technology for our business we need to make sure that we are trained to use it to optimum effect, so that we can achieve maximum benefit from that investment.

 

It is amazing how many people use Microsoft Office, but probably only utilise 10 to 20% of its functionality.  As the saying goes, “if you’ve got it, flaunt it” and it doesn’t really cost much to train people on these programmes and the return on investment can be very high.

 

For a start it shows your staff that you care about them and the way that they do their job. This means that they will almost certainly be happier and more confident in their work, which will improve their motivation and commitment to your business. This in turn will be reflected in their output and subsequently to your clients and the performance of your business.

 

“A Little Knowledge Can Be a Dangerous Thing!”

 

Without the right training technology can be counterproductive! As the saying goes....”A little knowledge can be a dangerous thing!” Being self-taught brings with it a degree of self-satisfaction but invariably comes after a lot of painful and unnecessary problems from “learning the hard way”. This may be ok on a home computer but if you are using computers for business, the resultant problems could be catastrophic. Always try to keep home and business computing separate and keep computer games away from your business computers. Make sure that you have the latest anti-virus software and avoid the many different “Messenger” type systems that can bring their own fascinating and unique brand of attachment problems! Another good tip is to avoid downloading free screensavers from the Internet as they are often configured to provide their source with lots of information about you and your computer. A friend of mine in the UK recently found his bank account empty as a result of internet fraud, not to mention that around 85% of all e-mail is now said to be Spam!

 

Another programme that is hardly ever used to maximum effect is Microsoft Outlook which is usually included free these days when buying a new computer, and contains many useful features in addition to e-mail management, including a calendar and diary function, a contact database, a task pad and notes facility. For many small businesses these packages are perfectly adequate without the need to purchase more expensive programmes so productive technology does not need to be expensive!

 

So there we are, at the end of our new year Fitness Programme. We have looked at the importance of having a sound Business Plan, the importance of the People within our business, the Business Processes that we need to adopt and how the sensible use of Technology can help us to be more effective. So hopefully, after our New Year Workout.....

 

Your Business Should Be........ Fit For Business!

 

 

If you feel that your business would benefit from our Free “Get Fit For Business Review” just call 952 499 400 and ask for our Business Development Team.