Technology is it worth the cost and effort?
Bill Gates stated..."The first rule of any technology used in a business is that automation applied to an efficient operation will magnify efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency."
Ask yourself the following questions;
How automated are your systems?
How quickly and accurately can you ascertain your profitability?
How much duplication of effort is currently being performed, can you streamline operations (both production and back office)?
Do you know the true costs of a particular job or product?
The Small Business Administration (SBA) identifies that the utilization of Technology is a necessity to stay competitive. They deal with five major categories that can increase business efficiencies, and expand operations which implicitly means controlling costs while increasing the bottom line i.e. PROFITS!
The SBA identifies the following five categories:
Time Tracking Software
Most companies utilize at least 4 of the 5 suggested software categories if not all 5. Having access to all your financial data has numerous advantages, the simple truth is you cannot grow your business in a healthy manner without knowing the facts. Besides the numerous technology applications available today, multiple software applications can interface with each other, and if need be custom integrations is a relatively easy option that needs exploring, prior to a new application implementation.
To run a business without seamless process integration will magnify the inefficiencies. In today's competitive environment, where international boundaries have been diminished, competitive advantage through process management is a clear and decisive means that explicitly reflects well on all aspects of the business; employees, existing clients, prospective clients, profitability, not to mention the benefit of knowing where you are fiscally today...There are just to many variables and complexities to mentally manage all the variable data.
Being the CEO Champion, you are required to focus your time and energy on pushing the company beyond its current boundaries, which means that the leader never becomes complacent at any level of achievement or accepts the status quo... do not get court up in the daily operations.
In closing let Elbert Hubbard sum it up..." One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man."
I am here to help you if you need assistance in achieving your financial goals. Reach out, I’m here, Give me a call or email me today!