When is it time to upgrade your business technology?

New technology
ID:20873276

Sponsored Article

Having up-to-date technology plays a critical role in the growth and success of any small business. If your Eftpos machine keeps crashing during morning rush hour at your café or the graphic designers in your agency are working on slow computers with an outdated version of Photoshop, then poor technology is harming your business. Good technology can improve workflows, provide better customer service, make employees happier, save time, and boost your bottom line.

When is it time to upgrade?

Signs that it’s time to update your technology include:

  • it’s costing you more not to do so
  • productivity is suffering
  • you have better technology at home
  • you’ve been weighing up options for a while
  • you need a competitive advantage
  • your competitors have better technology than you do.

What should you update?

Naturally, the exact technology you need depends on the nature and size of your business. However, most businesses could benefit by making sure that the following are up-to-date and performing optimally:

  • software for payroll, HR and invoicing
  • accounting platform
  • computer hardware and software
  • internet connection and network
  • telephony system
  • point-of-sale payment systems.

Having poorly performing key systems, such as payroll, HR, accounting and invoicing, can quickly become a huge drain on time and resources. If the short-term costs are preventing you from upgrading it could well be a false economy that’s actually costing your business money. A small business loan from an online lender like Prospa might be the solution.

What is the best measure of success?

The right technology should streamline your workflow so that you and your staff are more efficient and productive. For example, managing your invoices through Cloud-based accounting software that is fully automated, such as Xero, minimises human error and gives you more time to grow your business rather than chasing late payments. Likewise, software like Employment Hero manages your payroll and can be integrated with Xero so you don’t lose precious hours tallying staff leave.

How to make the right choices

Talk to other small business owners who have similar businesses about the technology that works for them and get referrals. You can connect with other small business owners on online forums such as Flying Solo. Comparison sites like Software Advice can also help you make the right choice. Be sure to upgrade to hardware and software that both meets your current needs and can be scaled up in the future as your business grows.

How to measure success based on the decision to upgrade

Using the right technology can give your business a proven edge. A 2013 study by Boston Consulting Group, Technology’s Impact on Small-Business Performance in Five Global Markets, reported that small and mid-sized businesses that led in the adoption of new technology increased annual revenues 15% faster than those that didn’t. The florist whose website is equipped to handle online orders will get more business than a florist who requires customers to call the shop to place an order.

You’ll know that your upgrade has paid off if you can see measurable increases in orders and profits or reduced hours on routine processes that can instead be spent nurturing and growing your business.

Need extra funds to help upgrade your business technology? A small business loan from Prospa could help. Call 1300 882 867 or visit prospa.com.

Brought to you by Anna Fitzgerald, Prospa