For SMEs in a competitive economy time is money, and many find themselves necessarily working almost hand-to-mouth to keep the cash flow moving and the business thriving.
So ensuring your business processes are efficient from the outset, or solving time-wasting issues, are of paramount importance.
The majority of SMEs are well aware that they could improve efficiency.
Research by Nuance Communications has revealed eight out of ten companies are able to identify areas for improvement, but a lack of money, time and training are barriers to change. More than half of SMEs say that money is the main barrier (52%).
While lack of time and money are clearly significant, arguably it’s the lack of training and awareness that are the real barriers here.
Many small and micro businesses are run by people who are experts in their particular field, but know far less about acquiring the technological tools that could equip them for success. This gap in their knowledge means that they are unwilling to invest the necessary time or money in the technologies and solutions that could enable their businesses to become more efficient, more accurate and ultimately more profitable.
The key thing that experts warn has to be kept front of mind are customers and cash flow, and remembering to take stock and review and cut what isn’t working. Microbusiness owner Jayne Constantinis sat down with experts Tony Robinson OBE and Steven Steenhaut to discuss simple solutions and ways to increase efficiency and innovation in small and micro businesses to make sure you have the edge over your competitors.