Incorporating Technology for Smart Business
Small business in India has grown in leaps and bounds in the last few years, in terms of adapting technology. Entrepreneurs are becoming technology savvy, and are all set to invest more in technology in their business to optimise cost and time.
Intuit had commissioned a research on small businesses, and had asked around 350 small businesses about what would they wish to have done differently in their entrepreneurial career, and around 39% of the respondents had said that they wished they had invested in some IT resources early on. Small business owners of today are welcoming the idea of incorporating technology in their businesses, and are often looking forward to streamlining financial and business management processes to increase efficiency and productivity.
Adopting technology is an important part of growing your business, and more and more small businesses are realising that. Financial management is one such area where businesses can benefit from early adoption of technology. Our research shows that around 85% of small business owners are using technology for better financial management, while 43% said that they rely on an internal financial team as well as an external CA for financial guidance. If company accountants work with technology, using global best practices for the businesses, it is possible to gain a competitive advantage in the industry.
Seeing is Believing
A major factor that seemed to have played in the recent adoption of cutting-edge technology for small businesses is the fact that ‘seeing is believing’. More and more small businesses are convinced about use of technology from seeing other businesses derive value from their technology adoption.
Small business owners who have incorporated technology in their business model have witnessed ‘hyper growth’ for their companies. Adopting mobile responsive websites, using social media for digital footprints and accessing cloud technology for collaboration and retrieving data from multiple devices are some of the technology trends that are quickly becoming indispensable for small business on the road to scaling up. While businesses adopting these, lead the road to scale, slowly but surely others are following suit.
Fit the Technology into Business, Not the Other Way Around
Business will only be adapting newer technology as long as technology is adaptable for the business. Entrepreneurs need a tool that will address their concerns, and not build a business around a tool. As smart phones, tablets, emails and mobile applications are penetrating India in urban and rural cities, new possibilities have opened for small businesses. Business owners are integrating better tools and processes into their existing systems.
Businesses need a tool that constantly evolves to address the dynamic market needs. Using a financial management tool that adapts to the differential needs of entrepreneurs is one such progress small businesses are making today. They are now equipping themselves with user-friendly financial management technology systems to access their finances on the go.
If implemented timely, financial management is all set to move from a mere support function to a strategic benefit for these businesses.
What is required is an open mind and willingness to try ‘new’ tools to manage finances in a seamless environment.
So have you adopted technology for your business? Write to us in the comments.
The white paper, commissioned for Intuit India, reveals essential data on financial management trends and practices amongst small business in India. “Financial Management – An Essential Tool for a Healthy Business,” represents data collected via qualitative and quantitative interviews with 350 Indian small businesses. The small businesses researched have a full-time employee strength ranging from one to 99 and an annual revenue falling of less than INR 60 crores.
Read our Financial Management blog series here:
Why Small Businesses Need to Take Stock of Financial Health in New Year
Why Small Businesses Need to Start Financial Management Early On
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