In this series on ‘profits’, I wanted to include an episode about how technology can help us increase profitability but I didn’t want to get into the whole debate on AI (or Chat GPT). As I’m starting to write this blog, I’m keeping an open mind — perhaps the same reasons for using technology in our businesses to boost profits will also apply.
Nevertheless, I digress.
In today’s economy, small business owners must be constantly aware of ways to keep costs lower and improve productivity. If you’re serious about driving profits upward, it’s time to take advantage of all that modern technology can offer.
Here are 5 proven ways technology can help us:
- Increase Efficiencies and Productivity
Productivity is directly related to profitability. One way technology can make employees more productive is by facilitating remote working. However, there are many other ways you can harness the power of technology to increase productivity. For example, having integrated accounting systems and software will dramatically improve efficiencies while giving you more consistent data for effective business decision-making.
- Maximize Opportunities
When opportunities for collaboration or new sales opportunities are missed, so is the opportunity to increase profitability. How often have you (or I) failed to follow up with a past prospect or collaborator? Using a powerful CRM technology is one way to ensure you find the fortune in the follow-up.
- Better Customer Service
There are a number of technology tools that can help improve customer service – a happy customer who has an amazing customer experience is 10 times more likely to refer you than one who has had a poor experience. Both an excellent CRM tool and an online support chat can not only improve the overall experience but also provide valuable insights into customer needs and behaviours, thus resulting in boosting profits.
- Reduce Costs
If an employee (or team member) can be more efficient, costs are reduced. Advanced systems can integrate with your accounting and invoicing systems so that all your systems use the same set of data.
- Smarter Marketing
Marketing drives sales…if your marketing can be smarter and more efficient using technology tools such as email marketing – then profits will increase.
Imagine getting a 4,200% return (yep, you read that right!) on an investment (according to BDC).
That’s the kind of ROI you can get from email marketing. Pretty impressive for such a simple and affordable marketing tool!
So here’s the question of the week…
Where in your business could you EMBRACE TECHNOLOGY more TO BOOST PROFITS?
If you’d like to hear how this one entrepreneur helps others boost their profits, listen to this week’s episode of Work Less PROFIT More with my special guest Eric Saumure here. Eric is a master of technology allowing him to build an extremely successful virtual accounting business!
YOU CAN DO THIS