Why the right technology can boost your business

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I’ve been proudly working in and supporting small business for decades. With a whopping 97 per cent of all businesses in Australia classified as small businesses, we’re an integral part of the economy.

Part of creating and keeping your small business going is ensuring you have an up-to-date business plan so you know where you’re heading. It’s also increasingly important to ensure your team has the right technology needed to perform well, regardless of whether they are on the road, visiting customers, or working from home remotely. Thankfully, there are so many financing packages available now which are tailored to every cash flow. So, the cost of updating technology has never been easier or more affordable.

One thing I learnt early on was it can be a false economy trying to do everything yourself to save money. The same applies to trying to keep old machines and technology going when they are well past their use by date. If you’ve tried it yourself, then you’ll know it usually ends up costing you dearly in time invested or you have to do things twice (because they weren’t done right the first time).

Investing in technology has saved me time and money long-term

The big question is; how can you use new tech to help drive your small business into ‘thriving’? Admittedly, I resisted newfangled technology and gadgets at first. But now I couldn’t live without my laptop and smart phone which allow me to keep working on my small business even if I’m far away. Investing in the right technology has saved me serious time and money long-term.

David Koch chats to tech expert Val Quinn. Watch the video here!

So, when you’re working long hours and money is tight, how do you know where and when to spend your hard earned cash? And how much should you invest back into your small business? I always seek expert advice and make sure that when I do invest in new technology for my small business, I’ve done my research before handing over a cent. It was a lesson I learnt the hard way. So, now I go straight to experts. It really is about working smarter and not harder.

It can be a false economy to do everything yourself to save money

The reality is even those of us who aren’t into technology need to jump on board. Before you take the leap, focus on investing in your own knowledge and learning what new technology works for both you and your small business. Ironically a lot of hard-working people in small business think they don’t have the time or finances to set up the equipment they need to support their business. But doing so could make the world of difference to time management and profits.

Don’t forget to do your research, get the help and advice you need.

Of course, it’s always important to ensure you’re getting value for money for your hard-won cash. That’s why I’m a huge advocate for the $20,000 instant asset write-off for small businesses which has been extended until 30th June 2018. This is a great opportunity to upgrade the technology in your small business to help keep up with the ever-changing market. If you’d prefer to pay as you go and get IT support as part of the deal, Lenovo’s PC as a Service (PCaaS) offers a great option worth investigating.

We need to invest back into small businesses to grow them

Often life is so busy working in small business it’s hard to take time out to think things through and prepare a realistic plan. Asking yourself questions from these five key areas below will help to make sure you’re on track:

  1. Are your staff members enjoying their roles and as passionate about your small business as you are? If not, is there anything you can do to help motivate them? Or anything they can realistically do to improve?
  2. Are you (mostly) enjoying the journey of building your small business and also taking care of your health and personal relationships?
  3. What’s your goal for the month, for the year and for growing your small business over the next five years?
  4. Do you have the right support system in place and do you need more help to consistently move your small business in the right direction?
  5. Do you have the technical equipment in place to help you get there?

How can your small business work smarter, not harder?

We all need to invest in our small businesses to grow them. If you’re feeling stuck, then taking a day out, a weekend or a week away often feels impossible. But it is probably the most important thing you can do. After all, you’re the most important asset your small business has.

Even if you can only manage a few hours then take the time to get a fresh perspective and think about how you can work smarter, not harder. And consider what technology and equipment your small business needs to help you get there.

Then write out a new strategy and business plan. Don’t forget to do your research, get the help and advice you need, be proud of what you’re achieving and also have fun along the way.

Discover how to beat the system with the $20K instant tax write off

Old technology may be costing you thousands

David Koch
David Koch is a passionate small business supporter, host of Sunrise on Channel 7 and President of Port Adelaide Football club. ‪A long-time small business owner with his wife Libby, his mission for Kochie’s Business Builders is to support small business owners with simple, easy to apply information, tools and resources, and help them succeed in both their business and their relationships.

2 COMMENTS

  1. Hi David, I started up my own unique business for SME’s called MD Locums – a managing director substitute. I mind people’s businesses so they can take a break whether it’s for a holiday, recovering from a medical procedure or completing their studies. Whilst I am there I also carry out projects on their behalf making a measurable difference.
    This service is very much needed especially if there is an unexpected death and their partner/wife does not know what to do. We provide a caretaker role until probate or until they decide whether to sell or for us to find an MD. This takes the pressure off them allowing them a time to grieve.
    I am looking at franchising but the cost to set up is high ($50-$60K). Should I get more quotes or seek another opinion? I would be grateful for your advice. Regards Jeanine Hind

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