More Tech Tips: Manage Cash Flow in Your Small Business
You know, sometimes I used to kick myself when at a function and someone would invariably ask “So, what do you do?”, and automatically I launched in to terms like infrastructure management, managed services, virtualisation, IT procurement…ho hum….are you bored yet? Probably.
People aren’t really interested about what business I’m in, they genuinely want to know what it is we do. Like, really, what do we ACTUALLY DO? Now that I understand this my answer to the question in much better: We help small and medium businesses be more successful through using technology. Specifically, we help businesses outshine their competition, help employees collaborate and be more efficient, unchain workers from their desks, allow access to information from anywhere at anytime, give business owners more time and help them cut costs and manage cash flow. Wow, now I understand how to communicate my marketing message better, and don’t sound like an uber-geek, people actually want to talk to me at functions!
Now, getting back to the point, sometimes people ask “but how” because they can’t make the link between, say, how computers can manage cash flow. Of course it’s not just about computers anymore, it’s about a myriad of technology solutions out there that can be leveraged for an overall business improvement.
Sometimes you just have to think outside the box. Today I was discussing cash flow with a client, so….
Four ways technology can help manage your cash flow:
- Improving efficiency: Yes, an oldy but a goody. Some small businesses simply struggle with cash flow because they don’t send out invoices or chase payments often enough, so by implementing some automation around office administration, this problem can be solved. This can be as simple as using Microsoft Office applications more effectively, integrating processes and applications to avoid double entry of data, for example.
- Cutting down on travel: It’s so easy to cut costs by replacing travel with communication and conferencing technologies, many of which are very cost effective and some even free. Not every meeting has to be face-to-face and often the same results can be achieved over a web conference.
- Cutting down on fixed line phone calls: Phone calls across the internet (VoIP) are cheap and the technology is becoming more reliable. This is especially effective if you have multiple offices – for a basic solution you could just start with Skype in your offices and make sure staff use this for “internal” calls between offices.
- Cutting down on office space: Rent is often the major expense for small businesses, especially in the beginning. With the technology available today, there are some employees who may be able to work just as effectively from home as they can from the office, allowing you to downsize office space and freeing up extra cash every month.
Please feel free to post comments and questions.