How technology can help SMEs drive business growth

The start of a new year always brings a fresh set of expectations and challenges. These are not the easiest of times to be a small business, with the weak pound increasing the price of materials and inflation starting to impact consumer spending. But there are still growth opportunities for those who want it.

One such opportunity ripe for the taking is for business owners ready to embrace technology. In fact, according to a new report from the CBI, UK firms could reap a whopping £100 billion in added value if they could just make more of the huge range of digital tools now on offer.  And the best bit is that you don’t have to be an IT genius to get started.

So, is your business ready to embrace technology to make 2018 a year to remember?

The CBI’s report describes two types of companies: “Ostriches” and “Magpies”. Ostrich businesses stick with what they know, while Magpie firms have the “skill and the will” to adopt proven technologies and best practices to boost productivity. A relatively small group of leading UK firms are highly innovative in using digital technologies to drive success. But too many still suffer from “failure to adopt”, according to the CBI.

With the economic challenges of Brexit looming large, the UK’s SMEs could do with taking a more “Magpie” approach to boost growth. After all, this isn’t a case of leaping into the unknown — it’s more about following what has already worked well among other companies and adapting it for your own business.

Have you heard of cloud computing? It’s one of the big technology areas mentioned in the report which has already helped countless businesses become more productive. In fact, over 70% of companies the CBI spoke to said they’d invested in the cloud over the past year.

Put simply, cloud computing is all about using services delivered over the internet. You probably already use it for your business in the form of email. Technology can seem overwhelming, but forget the jargon and focus on a couple of key questions:

  • What does it do?
  • How can it help my business grow?

My Business Dashboard

Worldpay is always on-hand to guide and advise your business on new ways to grow, especially when it comes to adopting new technologies. My Business Dashboard is a great example of a tool fit for a Magpie company. Yes, it’s a cloud-based service. But more importantly, it has been designed specifically to help you run your business more effectively by managing all your card payments in one place.

All you need is an internet-connected computer and My Business Dashboard account and away you go. With My Business Dashboard you can:

  • View and compare sales trends to understand how your business is performing on a daily, weekly or monthly basis.
  • Stay on top of cashflow with data showing when payments will be deposited in your account.
  • View online invoices in an easy-to-read format.
  • Gain instant access to transaction history.

So why not make 2018 a standout year for your business by seeing how technology could help you grow?