Are you ready to take your business to the next level?
Take control now by keeping up with the latest in the ever evolving cloud technology options available to small and medium-sized businesses.
A recent report, completed by Xero Australia and Asia, found that the 19 per cent of SMEs (small and medium-sized enterprises) owners that readily adopted new technologies have found an increase of 120 per cent in revenue and an increase of 106 per cent in productivity.
Looking at this data, it is completely logical for business owners in todays technology-driven world to incorporate modern cloud-based technologies into the management of their businesses today! Although some SME owners may feel intimidated by resistance to change, or the additional costs in adopting such technologies into their practice, it is important to realise the incredible benefits of these products and how they outweigh the risks or misconceptions.
If your a SME owner, start by talking with your Financial Adviser or Accountant as ask them to help break down the process of moving to digital technologies in smaller, more manageable steps. Talk to them about their other client’s experiences with moving to cloud-based software and how they have seen their SMEs productivity and revenue increase with this change. You will also need to discuss your software options. Each SME is unique, as are cloud technologies, so it is important to do your research first. What cloud technologies do your advisers recommend/use? Would your business benefit from a multi-cloud strategy?
Cloud technologies generally offer different subscriptions levels depending on the needs of your business – so you can scale up and down with your business needs. A major incentive of cloud technologies is that they offer a work-from-anywhere model, where communications, documents and applications all exist in one platform for collaboration and saves your from carting paperwork around with you wherever you go. Cloud technologies also offer safe, reliable forms of data storage that is protected from cyberthreats, while driving through cloud efficiency by the use of cloud automation and cloud dashboards that update instantly.
Things to consider when adopting cloud-based techonolgies:
- Research – look into current cloud technologies that support SMEs like yours. Talk with your Financial Adviser and/or Accountant. Talk with your friends or like minded business owners.
- Educate yourself – train yourself, train your team, attend conferences and talk with your advisers if you need support.
- Consider the benefits – review your employees responsibilities and how adopting cloud technologies will free technical staff from spending hours on system security, provisioning, maintenance, tuning and upgrades, and allow them to focus on projects that will drive business growth.
- Look at the data – the International Data Corporation predicts that by 2023, one in two businesses around the world will generate 40 per cent of their revenues from digital products and services. What are you doing to keep up with this movement?
- Reflect – there is almost definitely a technology solution that can help you and your SME, whether a business is looking to innovate in order to grow customer loyalty or to reduce supply chain and operating costs to increase profitability. Consider what your businesses ultimate goals are and get going!
Contact Lana and her team at Matovic Business Accountants to discuss how National Minimum Wages might affect your business. Email us at info@matovicaccounting.com.au or call (07) 3557 5721.
Leave a reply