Time is of the essence when you are running an SME or a startup. It’s one of those resources that can make or break the company. However, all businesses have, essentially, the same amount of time. That is why the most important thing with time is to learn to use it for your advantage and to make the most of the limited time you have.
The most important thing for SMEs and startups to note is the use of technology. Technology is the best tool in the fight against time because it can help manage it better. Technology can be a time-saver because it can:
- Automate specific tasks
- Keep working on things 24/7
- Deal with more tasks and actions at once
- Delegate and schedule more effectively
The great thing about technology is that it can help in the above ways across the different business departments and functions. That’s why all businesses, no matter what their size or industry is, should opt for tech solutions.
But what are the best ways to use tech? How should it be used to save time and manage your business better? Here are four of the essential time-saving tips for SMEs in terms of using technology for your benefit.
Improve HR management with software
Staffing your business is one of the key ways to achieve success. With the right talent, anything is possible. Of course, it’s not just about recruitment either. It’s crucial that your business manages its staff well because you don’t want to have to replace people all the time. Maintaining high retention rates is important, especially for startups.
The HR software can then help manage your employees as well. Apart from this Employers also rely on technology like HRIS system and Cloud-based payroll software to manage all payroll and HR process with minimal error.
The good news is that there is great cloud HR software for SMEs that can help save a lot of time when it comes to recruitment and staff management. These tools can automate the application process, sort out and analyse applications, making the hiring process faster and more effective. The HR software can then help manage your employees as well, with different options available for things like performance review and payroll management. Together, you end up creating an ecosystem that listens to your employees and engages them more deeply in matters relating to the business.
Organize different business functions
Now, the key issue in time-saving is to do with organizing. This involves organizing your tasks but also the ability for the employees to self-manage their time and work. You do not want to create a rigid organizational atmosphere because it can cause more problems in terms of productivity and effectiveness.
Technology can help with organizational efficiency. Tools like communication systems that allow instant messaging and document sharing are great for ensuring everyone in the team talks, for example. You should also use systems that make planning easier – timetable software that allows everyone to manage their own time can be important in terms of flexibility and efficiency.
Automate your finances
For SMEs, the other big part of achieving business success comes from managing your money. While the amount of time available is essentially the same for everyone, your monetary resources tend to be limited when your business is starting out or when it’s still small.
One of the main things to solve is to ensure cash flow to your business is happening at the right speed. This means that your invoicing should always be on time and you should make sure customers are paying on time. Finance software for SMEs is great for this, as it makes it automated to send invoices and to follow back on clients that might have missed a payment.
Respond to your customers as fast as possible
In order to grow your business, keeping your customers happy is crucial. Whilst your product or service is the main way of ensuring they keep coming back, it’s also important to ensure you deal with customer service issues as efficiently as possible. Mistakes can happen to any business but it is the way you deal with them that can be the difference in losing customers and retaining them.
Technology can help with this. Not only should you pay a lot of attention in building the right kind of website and social media presence to answer customer queries and attract new customers, but you also want to ensure there are multiple ways to contact your business. This means looking into things like chatbots and automated responses to customer e-mails, for example.
Finding the right technology
The above shows how much technology can help SMEs in the competitive world of business. It can be a huge mistake to avoid adopting tech solutions – not only can the right technology solve many problems, but it can also help grow your business. In fact, technology has the power to ensure you are not just efficiently managing your precious time but also growing your business and earning more.