Part 1: How to best utilize technology to improve business practices – Profitability

business practices

If you own a small business, you probably know that technology can help improve your business practices.

But it’s a broad topic and if you are like most small business owners, you might not have the time or bandwidth to fully research how technology can improve your business practices so you simply don’t.

You could be costing your business revenue and missed growth opportunities, however.

We’ve put together a two-part blog series on how to use technology to improve your business practices. In this one, we are focusing on profitability.

Investment

Yes, investing in technology can be daunting – and costly. But if you do it right, it can – and will – lead to more profit. Which, in turn, can lead to more growth. Investing in IT can have a greater impact on profits than investments in other areas like marketing. One reason for this is that you probably already know what marketing tactics work for your client base but technology is moving so quickly that maybe you haven’t fully explored how it can boost your business. And that’s where the opportunity for profit – and growth – comes.

Cutting costs

Sometimes, you have to look at how technology can reduce costs or spending. One way IT can help is solutions for tracking customer service and satisfaction – and even retention. So, you can increase revenue by finding better ways to do the things you do via technology and you can also cut costs by using technology by decreasing some of your operating expenses.

Competition

IT investment is one of those things where if you aren’t doing it, but your competition is, you will get left behind. This is especially true if you are in the service industry. Customers want you to make their lives easier and more pleasant – and if your competitor is doing this via IT, you could lose out if you aren’t offering the same options.

For example, if your competition has a new VoIP phone system and you are continuing to use an aging and limited on-premises phone system, how many times will your customers tolerate issues and glitches?

AccuNet Inc.

If you have questions about investing in technology can help your small business become more profitable, we can help. Contact us today!

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