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How technology can relieve the pain of running a new business

18th October 2018 Print

Gone are the days of businesses shirking away from employing new technologies to facilitate more efficient ways of working. However, this still doesn’t mean that everyone is on board and some companies, especially newly established ones, still lag behind and miss out on the many benefits tech can offer. If your business doesn’t currently employ technology as part of its core business processing, then read on to find out what benefits you can expect to reap. 

Attract the right workforce 

No business can be successful without talented and committed employees but if your company’s processes aren’t simple and intuitive, you will struggle to retain the right employees. The truth is that in our Digital Age employees want to be able to master business operations quickly and it’s been reported that one third would consider leaving a job due to old technology interfering with productivity and growth. Whilst this number is somewhat shocking, it shows just how much the right tech matters to a new business. 

Manage expenses 

Every business will incur employee expenses to some degree and most don’t think to have a good system in place from the get go; research shows that most businesses spend an average of 10% of the total budget on employee expenses so it’s vital that it’s managed well from the start. Asking employees to keep hold of receipts and processing them manually just won’t cut it as we discussed in the point above. Instead, look to employ an expense management platform that will make expenses a breeze to deal with. Getting employees into the habit of tracking expenses from the start will be beneficial in the short and long-term, as a sense of accountability will be developed early, all with the use of a smartphone. For more information, click here

Save on costs

Staffing a new company is not only complex but also expensive. Chances are that for every department you envision needing you will require a manager, a junior and possibly someone at an intermediate level to tackle the range of tasks that will need accomplishing. Technology can help you here by eliminating the need for junior members who would typically get tasked with the more menial tasks anyway. For example, if your company is doing digital marketing then you’ll need someone to monitor and manually run tasks like data aggregation, emails, promotions, and more. But with the help of marketing automation software, you can have one employee performing these tasks with ease.This is especially important for new businesses when any savings are greatly appreciated. 

A new business that’s open to technology and optimised for the future from the start is likely to get a competitive advantage over businesses that are still doing things the old-fashioned way. Incorporating technology into your new businesses will streamline your processes and allow you to focus on launching and growing your company in the most efficient way possible.