Top 5 Reasons Your Business Should Invest In Technology

Top 5 Reasons Your Business Should Invest In Technology

2010 was the year of the entrepreneur. Over the 12 month period in 2010, the number of people starting businesses was at its highest point in 14 years, dating back to 1996. Entrepreneurship tends to follow the economic cycle, with periods of boom promoting new businesses aided by easier financing and expendable income, and periods of bust with businesses growing out of the need to get to work. In 2010, the job market was still very week after a prolonged period of high unemployment. The numbers indicate that when people can't find work, they can try and create it by starting their own businesses.

Starting a business is difficult. The business owner often has to be the expert at everything from operations to accounting and management. It is very difficult to do all the jobs of a business owner well, so how can a young business grow and thrive with the economy against it and owners that are spread thin?

The answer is simple. As a business owner, it is important to look for ways to do your job increasingly efficient and effective. The best way to improve both efficiency and effectiveness is to put systems in place to automate where possible and create fluidity where there are bottlenecks. Here are the top 5 things having the right technology can do for a small business.

1) Technology can improve revenue stability by setting up auto billing and tracking receivable. Revenue and cash flow are the life blood of a small business, so you need to be aware and on top of every dollar that is owed to the business. Having a smart accounting system that can auto bill your recurring customers and track money owed can keep your cash flow at optimum levels.

2) Technology can reduce stress. Having a system to easily keep up with core business metrics can give you the quick snapshots of your business's health. Surprises can really hurt an owners moral and increase stress levels, but if you are being informed daily of critical metrics, you can reduce the chances of being surprised in your business - because usually those surprises are not pleasant ones at all.

3) Technology can put the "Aces in their Places". It has been said a lot to improve efficiency, but this old saying is still true. As a business owner, you probably started a business doing something you loved and were good at. You didn't start a business to be an accountant or a data entry person. With the right technology, you can streamline business tasks and get back to doing what you started the business to do - execute your product or service.

4) Technology can increase revenues. When your business becomes more efficient, you can increase volume and still maintain a good level of operational execution. Increasing volumes adds money to the bottom line. Energy that would be spent on manual business administrative tasks can now be used to provide your services or sell more products.

5) Technology can save you time and money. There is always a cost associated with business technology, but in many cases the cost can be quickly absorbed due to all the positive implications that it can provide. Business technology can save money by decreasing downtime, improving efficiency, and reducing human resources put into manual administrative tasks. All of these time savers work closely to put more money and time in your pocket.

If you haven't looked at the business tools and software available for your business, it is time to now. Find out what solutions are available for your industry and see if the tools offered will be able to help you run your business.

Resource: Jackrabbit Dance is a leading provider of dance studio management software that provides the necessary tools for efficiently managing dance and performing arts studios.