2018-01-15 05:58:38 Small Business English https://quickbooks.intuit.com/uk/resources/uk_qrc/uploads/2017/10/blog-hero_v.13.jpg Tools Of The Trade for Entrepreneurs

Tools Of The Trade for Entrepreneurs

4 min read

Using Tools of the Trade: Entrepreneurs and Small Business Owners Share Their Favourite Tools to Run Their Business Effectively

For small and medium-sized enterprises (SMEs), future growth depends on how efficient a leader can be with their organisation’s time. Automating tasks and giving yourself the freedom to focus on projects that drive more business is the best way to revolutionise your company and your bottom line.

In the UK, there are 5.3 million micro-businesses that employ 0-9 people and account for 32% of employment in the country. With micro-businesses making up a large percentage of the workforce, it’s paramount that these businesses invest in technology to help increase their productivity and business impact.

How to Revolutionise Your Business

Investments in technologies and software is one of the best ways to allow business growth to happen. A recent report from American Express found that micro businesses were spending an average of $225,379 per year on business expenses, with technology investments being the 3rd largest expense at 19 percent.

SME leaders understand how tech investments can boost their business. James Sinclair from Trade Finance Global says, “Software as a service (SaaS) tools can help accelerate efficiency, growth and product launches within the small and medium business space.” But how do you know which tools are right for you?

Technology and software services are a booming business themselves. There is a tech product for seemingly every business need today. However, you don’t need every single product available. Leaders should take advantage of the demonstrations and free trials that tech product companies offer to test if the software will meet their needs before making an investment.

 

Take advantage of whatever training and customer support is offered. The software is only going to make your business more productive if you understand how to use it fully and efficiently. Also set time aside at the same time each year to review your tools. David Shaw from Business Computer Solutions states, “We review our technology stack often to ensure that we are utilising the very best tools on the market to serve our customers as well as our own systems to run the business.” An investment in a tool is a waste if it’s not leading to improvements to your bottom line.

Time Saved is Money Made

Seb Dean from Imaginaire understands the importance of automating small tasks. Seb shares, “It sounds like a minor thing, but I’ve always felt that if you can save 30 seconds on tasks that are carried out daily, you’re going to make some pretty decent gains across the organisation as a whole.” Jill Holtz from Digital4Sales agrees by saying, “time is of the essence and anything that can help save time is a good thing in my book.”

Competition for business is stiff too. “Any significant goal will require you to go out and pursue it, usually in competition with others,” says Ben Richardson from Acuity Training. Help your business stay agile and competitive by investing in tools that allow you to focus on your main offering more effectively.

Saving time and money is one of the main reasons QuickBooks came to be a business – we wanted to help SMEs by handling the heavy-lifting on their daily accounting tasks so they can focus on what matters most to their mission.

Check out our graphic below for the top tools that SMEs like you use to make their business more productive and more profitable. There are solutions for a variety of issues. Did we miss any? What tools does your SME use to run your business effectively?

Sources:

House of Commons Library Business statistics PDF

http://www.cityam.com/271512/smes-spend-average-gbp1m-their-businesses-every-year-but

Sara Colligan — Oneresource

Kat Wczesniak — XpertSM

Elisa Duriavig — VA solutions

Elaine Ross — Freedom Solutions

Jill Holtz — Digital4Sales

Alison Hadley — Alison Hadley

Angela Tempest — The Blogging Blog

Emma Jauncey — ValueAdd

Nicola Francis — Purple Square Design

Russell Davies — Lobster

Sidse Sorensen — Digital Impact

Seb Dean — Imaginaire

Ben Richardson — Acuity Training

Sophie Singer — Zelst

Hannah Urbanek — Think Productive

Rob Kendal — Created Red Media

Stephen Rademan — Life Design Group

Daljeet Singh — The London Coaching Group

Ross Barnes Moore — alldayPA

Tom Previte — Launch22

Jessie Davies — Signable

Sarah Banks — Banks’ Business Solutions

Mark Persaud — Divine Aesthetic

Rebecca Newenham — Get Ahead VA

Jason Miller — JM Graphic Design

Rachel Weinhold — GrowTraffic

Jennifer Villa — Invoq Marketing

Grace Chen — Hubble

David Shaw — Business Computer Solutions

John Rooney — Klood Digital

Nick Powell — Stronger Self

Zeina Barker — Vefficient

Garry Hunt — DIG LAB

Sadie Finch — Sadie Finch

James Sinclair Trade Finance Global

Anna — RotaCloud

Polly Dhaliwal Appdopt

Kayleigh Brindley — Admin Angels

Leanne Palmer — Flowbird

Bernie Mitchell — Bernie J Mitchell

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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