As a business owner, you’ll constantly be looking for ways to improve performance and increase profitability. That can be done in any number of ways – be it through branching out into other markets, hiring new staff, or cutting back on overheads, to name just three.
Data from the Office for National Statistics reveal there were 327,000 business deaths in the UK between 2020 and 2021 – a rate of 11.1%, representing a slight increase in the previous 12 months (10.3%).
One of the ways you can avoid befalling the same fate and becoming another statistic is by harnessing the power of technology, which has become a central component across practically every industry. But why is it so important, what are some common examples and what can you do to ensure yours is functioning at the optimal levels for your needs? Read on to find out more.
Why is technology so important to businesses?
Technology shapes almost every aspect of our personal and professional lives. In a business context, it allows us to communicate with our colleagues as well as with clients and customers. For some companies – such as software providers – it is the concept around which the whole model is built. In other sectors, such as construction, it can be used in the design stage as well as for marketing and promotional means.
What technology is commonly used in business?
The specific tech used will vary depending on the nature of your business and the industry you operate in. But here are some common examples that you are likely to need in some capacity.
PCs and laptops
Working on an old or slow laptop can have a hugely detrimental effect on productivity. It will reduce the efficiency of your staff’s output and in some cases can even result in important work being lost. With that in mind, it’s crucial that you keep your hardware updated to the latest spec.
You need to be able to rely on a strong internet connection, as well as ensure your various devices are compatible. That means choosing the appropriate adaptors, and upgrading to USB C cables to connect phones to laptops is one such example of an improvement you can make to improve your day-to-day processes.
With greater numbers of staff working from home, clear and regular communication is an absolute must. In order to achieve this, you need to ensure the platforms you use are designed to meet your needs, boasting the functionality that matches your workflows.
Long gone are the days of keeping all your records on paper. Technological advances mean you can do all your accounting, finance, HR, and payroll digitally. There are platforms that offer a comprehensive solution, and these can prove far more efficient than juggling multiple pieces of software.