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30 June 2018 / by Gareth Hill

Drive Growth and Profit: The Benefits to Your Business of Investing in New Technology

The system looks great and the demo went amazingly, ticking the boxes of their every wish. And then the feedback:

“It really is amazing and I’m sure it would do everything we wanted, but we just haven’t got the budget for it in our business.”

It’s a perfectly understandable response. Whether finance software, a new CRM or a new staff scheduling system, investing in new technology requires a potentially hefty financial commitment. In a world of increased competition, growing expenses and tighter margins, the temptation to be a little risk averse in your investments is only natural.

But is the ‘Thanks, but no thanks’ response really the best, or even safest, course of action?

Have you missed a trick, an opportunity to get ahead of the competition?

Investing in New Technology is Not Just for the Big Players

Whatever sector you operate within, there will be factors that affect your profitability that remain out of your control.

These include issues such as: fluctuating markets, political factors like Brexit or the imposition of new trade tariffs, or increases to commercial rates (which has taken its toll on the High St retailer in recent times).

But what about:

  • The productivity and efficiency of the workplace
  • Marketing strategies
  • Customer experience and service

These are the areas in which you CAN have an influence, and areas that most certainly CAN positively impact on your profits.

It’s in these areas of the business, in which the correct application of modern, future-proof technology can offer solutions that help your growth and protect your margins.

Never before has there been an age where technological innovation has occurred at such a pace. From the cloud and mobile applications to the Internet of Things (IoT) and Artificial Intelligence (AI), it can be easy to fall into the trap that these are all bit space age for your business, and not really relevant to your operations.

The reality might, however, be starkly different.

man reading about investing in new technology on an iPad

The right technology can drive growth and boost your company's bottom line

Improving operational efficiency should be an area of key strategic focus when it comes to consolidating or enhancing your profitability.

Manual admin tasks, for instance, can become a major drain on time in the office.

This can be problematic. Businesses that are bogged down in manual admin are spending valuable resources and time that could be more efficiently spent on business or brand development.

Investing, for example, in an online booking system might seem to be one of those ‘nice to have’ items – a good addition to the business but not of any intrinsic value.

However, if you’re still manually managing your appointment booking processes, then consider how much time is being drained away:

  • 10 minutes on the phone?
  • 10 minutes drafting an email response?
  • 5 minutes apportioning the appointment to an employee?
  • 5 minutes adding details into the diary or calendar?

If this is the process for each of 20 appointments per week, then you’re spending more than a working day per week managing them.

What if, by automating your booking system, you could cut this time in half?

Put another way, how much could your business benefit by freeing up half a day per week? Or, 25 days per year?

There’s a tendency to think that introducing new technology is somehow sacrificing the human element of the business. In fact, correctly applied, the exact opposite should be true. Your technology should be working for your business, taking care of the tasks that, while essential, can be a drain on time which could be better spent delivering customer facing and business development activity.  Improving your productivity and, ultimately, your profits.

To find out how thinkBooker works to increase operational efficiency, productivity and your bottom line, please get in touch today.

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