Talking Cents

Technology and small business

The phenomenally rapid progress in technological change can often be overwhelming for the small business owner, especially in terms of knowing what equipment to update as well as choosing the right software to improve the operability of your small business. From reading various recent articles on the subject, and as a small business accountant, speaking with various clients, it would seem that, as a whole, Australian small business owners are behind the rest of the world in taking up new technology to run, assist and improve their small business.

Clearly, if the technology is not being kept up to date, then there can be little doubt that these same small businesses are not making the most of social media opportunities. I honestly believe that there are some critical lessons to be learnt here. The rapid uptake of technology by the consumer has two sides for small business. One is the opportunities it presents to create new ways to market your business via online social media, the other is the downside of being left behind as savvy small business owners invent ways to get in the face of a potential customer who spends so much time in front of a computer, smart phone or tablet device.

Having a fancy, well lit shopfront on a busy road is no longer enough to succeed in attracting customers. So getting back to my initial point, the small business owner that does not make use of the new mobile technology and social media platforms can expect to fall behind their competitors who do, and at a rather rapid rate.

Every small business MUST have a social media and technology policy as part of their initial business plan. If you don't I urge you to update your business plan before it's too late.