It’s no secret that technology holds the key to business growth in the 21st century. From equipment that produces the products you sell on a day to day basis, right through the CRM systems you use to track all existing and potential business, technology dominates all sectors.
In this article, we will discuss how your business can harness technology in order to grow at an accelerated rate and highlight some of the new technologies you should consider investing in for your business.
CRM’s – Key to Business Growth
Investing in the right CRM for your business has the potential to propel your business to the next level. If you haven’t already got a CRM in place, this is something you should definitely consider investing in as soon as possible. There are a whole host of benefits your business can take advantage of, including:
- Storing All Client Information in One Place – This is a major benefit for all departments across your company, as they are able to access all information on existing, current and potential clients in one place. This improves communication between all departments within your company and ensures that all employees are able to access all the information they need in one place.
- Improve Your Customer Service – Customer service is a vital part of maintaining current clients and winning new business, so if there are any opportunities to improve your customer service, you need to take advantage of it. CRM’s are ideal for improving customer service, as all information from previous conversations can be stored on there for all employees to see.
- Automate Daily Tasks – In the sales process, there are often tasks which can be fully automated to take some of the burden off your sales staff. The main issue most companies find during the sales process is getting a prospective client to sign up, by automating tasks such as chase up emails, your sales staff can focus on nurturing new leads which are coming into the business.
Invest in The Latest Technologies Within Your Sector
Regardless of the industry that you work in, there are almost definitely a plethora of technologies you can utilise to enhance your business’ prospects. Whether it is simply investing in new computers for your staff to ensure they’re able to complete their daily tasks with ease or purchasing a piece of key equipment needed to produce your product or service offering, new technologies can provide a catalyst for growth for many businesses.
Whilst the initial financial implications on your business may be difficult to stomach, you can rest assured that over time, the technologies you choose to invest in will pay for themselves and more. If your business doesn’t have the working capital available to make the initial outlay on a new piece of equipment or technology, you should consider looking into short term business loans, as they can give you access to the funds you need almost immediately.
If there are any processes you can automate within your business, you should definitely consider doing so. There are some extremely advanced technologies in all manner of sectors, many of which can fully automate time consuming processes. By taking advantage of the very latest technologies, you can reduce the pressure on your staff and allow them to work on developing new products and services for your company.
Utilising Other Forms of Technology
Freeing up time for your employees is one of the biggest challenges you must find a solution for as a business owner. When your business begins to grow you may find that having the time to invoice all of your new clients puts a real strain on your employees, especially if they have a host of other responsibilities to carry out on a daily basis. Utilising automated services is definitely an option but can be costly to implement and difficult to use, in this case it can be beneficial to take a look at other ways to alleviate the pressure on your team.
Taking advantage of invoice finance services such as invoice factoring could be exactly what your business requires to free up your employees’ time. This type of invoice finance is ideal for businesses who are looking to free up working capital from their unpaid invoices, as companies that offer this service offer an advance of around 85% of the invoice value within 24 hours.
Along with this, when an invoice is due for payment, the factoring company will get in touch with your customer and ask for payment, meaning that you no longer need to worry about chasing up any unpaid invoices. Once your client has paid the invoice, the initial advance will be repaid and the invoice factoring company will take their fees and the remaining balance of the invoice will be made available to you.
If you’re looking to continue chasing invoices in house invoice discounting may be a more suitable service to take advantage of.
If you are in the market for commercial finance brokers with years of experience, be sure to get in touch with Ping Finance. Our friendly team will be on hand to ensure that you are kept informed at every stage of your finance application. We take great pride in taking the pressure of applying for finance off your shoulders, so you are able to focus on growing your business.