Utilising Software To Improve Profits
In the last few years, there have been rapid advances in cloud services, artificial intelligence, data management, IT services, and more that can make an impact on your business.
There are now so many business solutions available that it can be overwhelming and difficult to decide on the ‘right’ solution for your needs. You want to make choices that let you focus on your core business, not on the technology that helps operate it.
Introducing new technology can be an effective way to make your company more productive and profitable. New technology doesn’t always have to be new widgets! Here I will take a look at how new software can improve profits.
Time is money. Time spent by team members on tasks or process where a software can do the same tasks or process at a fraction of the time will reduce labour costs. Introduction of new software, to take over tasks or process, often requires significant interments and time outlay. However, the long-term advantages usually far outweigh the initial costs.
The solutions mentioned in this article are the ones that are the most common and which we have tried and tested for our clients.
CRM – Customer Relationship Management.
Investing in a good CRM software will improve insights into customer needs and behaviours as well as management of your relationship with clients. The best example of this is how Tesco use their Clubcard. Each time you pop into your local Tesco to grab your favourite drink or food, you scan their Clubcard. Tesco will have records of how often you are buying your favourite items and will give you money off vouchers to buy even more. Google use their Algorithms to let its partners know that you’re searching for a particular product. When you log onto say Facebook you will see offers for the products you searched on Google will appear on your Facebook. Do you know what your client buys often? Do you know which product they buy makes you the best margin? You too can now do what Tesco and Google have been doing. Perhaps send them discount vouchers on high margin products to incentivise to buy more.
Speed of response.
We are living in times where we need information instantly and at our fingertips. The millennials and Gen Z won’t wait for information about a product you sell until the following morning. Delayed response could potentially lead to lost revenue. How do you solve this? Why not use mobile apps. Recent report published showed that 90% of consumers said they use multiple devices to complete everyday tasks, while 40% say they use mobile device to conduct research to making a purchase. This figure is only going to go up. Microsoft 365, new name of Office 365, has all its commonly used apps on mobile devices.
Stock management software.
If you business relies on buying and selling products(stock) then a good stock management software helps automate your process and track information about orders and delivers. The software you choose should ensure it can forecast supply and demand accurately so that you can cover your client orders. Poor stock management will result in lost profits. Holding stock longer means cash tied up.
Resource management and efficiency.
There are a number of software which will help to manage resources by improving efficiency and reducing waste. Reducing wat means increasing profits. Float is a great software for resource planning.
Xero.
Using Xero as your core accounting system gives you more flexibility over your accounts, a deeper understanding of your data and a huge opportunity to automate your finances. The world of finance is changing, and the beauty of this software is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are. By using an industry-leading Cloud Accounting system you get instant access to the information you really need, putting you in complete control of your numbers and your business.
Chaser.
Chaser addresses two important problems:
Getting your invoices paid on time. £225billion in late payments is owed to UK SMEs.
Reducing the time spent on chasing customers to pay invoices. UK SMEs spend 33 hours per year chasing late payments.
The average Chaser user sees a £4,400 cash flow boost per £100,000 turnover, and saves 7.3 hours a week on credit control activities. Chaser securely connects to your Xero account and allows you to set the chasers/email communications that you want your customers to receive.
Chaser will never chase any unpaid invoices without notifying you beforehand. It will always have up-to-date information from Xero so invoices that have already been marked or reconciled as fully paid will never be chased. Chaser will also give you the flexibility to match what you would do if chasing personally: to chase different customers in different ways; and to chase multiple invoices for the same customer in one chaser rather than sending separate communications.
Futrli.
Futrli works alongside Xero to provide you with complete clarity of your data, allowing you to visualise and track your financials, as well as plan for the future. What makes Futrli so valuable is that every transaction from the beginning of time can be imported, which means absolutely any KPI can be looked at in real-time for operational, retrospective and future analysis. And if anything is amiss, you are always the first to know.
With Futrli, you can create anything from simple budgets to complex forecasts instantly and in a format to suit you. Ideal for any business meeting. Essentially, Futrli gives you back control. Through connecting to Xero and its live bank feeds you can log-in at any point and have instant, up-to-date financial information about your business. Through gaining complete visibility, Futrli can help your agency grow and become more profitable.
Do the homework!
Before you invest time and money in any of the new software, do a careful assessment of what’s available that best suited your company. You also need to consider the stability, functionality of the product and the availability of third party add-on apps.
We recommend that all business carry out regular System Improvement Reviews to identify inefficient internal systems and processes, as well as new solutions on the market.
These should focus on:
Your Pain Points - technology should help you run your business more efficiently, if it isn’t, why is this? Do you require further training or is it out-dated and no longer suitable for your needs?
Team Insights - your team are the ones dealing with your systems day-in/ day-out. Speak to them, understand what their most repetitive tasks are and what is the most time-consuming part of their job. There might be new systems that can now improve these processes or the systems in place may no longer be suitable.
Your Budget - do you know how much you intend to invest each year on your IT infrastructure? This will help you prioritise on those tasks that need improving first. To find out more about any of the systems recommended in this
Our Cloud team are here to help you implement the best of cloud business technology in order to help you improve your profits and better manage cashflow. To find out more about our cloud services, click here or feel free to get in touch.