By Aly Garrett, Founder | Principal, All in Advisory
Businesses with high digital engagement enjoy a 20% increase in annual revenue and are twice as likely to be growing revenue and four times more likely to be hiring. 
Technology is breaking down barriers to entry and reducing non-productive time and costs. You can harness the power of change for your business by recalibrating and utilising technology and the ‘cloud’ to deliver untapped revenue streams and efficiencies. It can help to streamline processes and increase productivity, leading to time savings, cost savings and improved accessibility and functionality.
Use technology as your enabler to harness the power of change to your advantage by:
MAXIMISING YOUR ONLINE PRESENCE
- Make sure you have an up to date and functional website
- Ensure that when people are searching online for the service or product that you provide that they can find you
- Build a social media presence – form a strategy and be targeted. If done right, you can engage your customers quickly and cheaply
Engaging your consumer through digital means is critical and there is a strong link to revenue growth.
UTILISING CLOUD TECHNOLOGIES
- Store and access data and programs over the internet instead of your computer’s hard drive. It delivers accessibility 24/7, which in turn delivers flexibility. This alone will revolutionise how you and your employees work. It is the next evolution of the internet.
- From a finance perspective, Xero is a popular accounting platform, for a small monthly subscription (starting at just $25/mth) you can access the program and have all of your accounting data at your fingertips 24/7. It is proven to reduce processing time through automation of bank feeds, improved useability and functionality.
You can process your bookkeeping and accounting work quicker and cheaper than ever before, freeing you up to focus on the running of your business.
STREAMLINING YOUR PROCESSES
- Many businesses double handle the processing of transactions. Streamlining your processes so that transactions are only entered once will deliver time and cost savings.
- Invest in cloud programs that talk to and share information with each other. If we take a restaurant or BnB for example, utilising cloud technologies you can take up a cloud Point of Sale (POS) or booking software which feeds into Xero.
- When a sale occurs, it is recorded in the POS system in the cloud, this information is then sent to the accounting platform seamlessly, no need for any manual data entry. This also improves the accuracy of the data.
The more digitally engaged your business, the better the opportunity your business has to survive and thrive in these tough economic times. Is it time for your business to embark on its cloud & automation journey to reap the rewards?
Watch out for future blogs where we will delve into cloud products that will help build your cloud ecosystem.
 Deloitte Access Economics: Connected Small Business – How Australian small businesses are growing in the digital economy.
All in Advisory is a proud partner of TiCSA.