Digital is becoming more ingrained in everyday business – across all industries. So, leveraging the right technology at the right time can significantly boost your business’s efficiency, productivity and growth potential. Yet with so many technological advancements happening simultaneously, how can you determine which solutions are the most appropriate for your operations? Here are six pieces of tech your small business needs to thrive.
- Customer relationship management (CRM)
CRM software streamlines customer data management, sales processes and marketing activities, enabling you to:
- Organise customer information
- Track interactions
- Manage leads
- Identify opportunities for upselling or cross-selling
These platforms also allow you to create targeted marketing campaigns and improve customer service by providing a holistic overview of the customer journey. Popular CRM options for small businesses include Salesforce, HubSpot CRM and Zoho.
- Cybersecurity protection
With cyber threats increasingly on the rise across Australia and globally, protecting your business’s sensitive data has never been more important. Investing in cybersecurity tools can safeguard your company’s digital assets, sensitive customer information, online transactions, financial data and more. Antivirus software, firewalls and encryption tools are all crucial for preventing data breaches. It’s also important to implement password-protection measures like two-factor authentication (2FA) and use biometrics where possible.
- Project management platform
The right project management tool can help small businesses optimise workflows and meet project deadlines. This valuable software will include collaboration tools, task tracking, document sharing and progress monitoring features, helping you to improve team communication, facilitate project planning and execution, and enhance the company’s overall productivity levels. Asana, Trello and Monday.com are all popular project management solutions for SMEs.
- Inventory management system
An inventory management system can automate your inventory tracking, purchase orders, stock levels and order-fulfillment processes so you won’t have to worry about unexpected financial issues. They provide real-time visibility into inventory levels, they can streamline supply-chain management, and they can even reduce the risk of stockouts or excess inventory. With accurate inventory data, businesses can improve procurement while ensuring timely order fulfillment. A few of the top inventory management systems for small businesses include NetSuite, Fishbowl Inventory and Stitch Labs.
- Customer interaction management tools
Delivering an exceptional customer experience can help build customer loyalty and drive new business growth. With a customer interaction management tool, your business can more easily manage and track customer interactions across social media, email, phone calls and more. All customer communications are centralised in one location, allowing you to make prompt responses while getting a holistic view of customer interactions. Implementing customer interaction management tools like Zendesk, Freshdesk or Dialpad could make all the difference to improving your customer satisfaction levels.
- Payment processing system
Fast, secure payment processing is a must for all small businesses operating in the era of digital transactions. Having a reliable payment processing system in place means you can accept payments from customers through all sort of channels, including credit cards, mobile payments and online transactions. These systems also integrate with e-commerce platforms, they can generate invoices and even provide analytics on sales and revenue. Popular payment processing solutions suitable for small businesses in Australia include PayPal, Square and Stripe.
“Embracing the right technologies can streamline your business operations, enhance customer experiences and drive growth for years to come,” says Robert Trevarrow, Managing Director at Specter Finance Group. “What’s most important is to evaluate your current business needs, long-term commercial goals, budget and technical proficiency, and then choose the most appropriate solutions.”
Want to invest in these essential technologies but don’t have the capital to make it happen? A commercial broker can help connect you with the best solution for your circumstances. Speak to the experts at Specter Finance or call 1300 654 241 today to get started.
into all the various financing options available to you, make sure you have a clear understanding of your growth objectives. Review and refine your expansion plans, whether it involves opening new locations, investing in new technologies and assets, hiring additional staff, or upgrading your existing equipment.
A well-defined growth strategy will help you identify your exact funding requirements and determine the most suitable financing solution for your business.
Traditional business loans
One of the most common ways to finance a business expansion is through commercial lenders, such as those we work with here at Specter Finance. Established lenders, from banks to specialty and private lenders, offer various business loan options, including term loans, lines of credit and equipment financing.
To apply, you’ll need at minimum, a recent business bank statement and a copy of your ID (such as a Drivers Licence). With interest rates still on the rise, it’s important that you do your research to compare loan terms, rates and repayment timelines from a number of different lenders to find the best fit for your business. Be wary though – doing this on your own will negatively impact your credit file (as each lender will mark your file on enquiry). To avoid this, and save yourself a great deal of time, speak with a Commercial Broker. The team at Specter Finance are experts in this space, and can explore your options without hitting your credit file at all.
Invoice financing
If you are facing financial woes due to delayed payments from customers or seasonality, invoice and cash flow financing can help get you out of a tough spot – and even set you up for further growth.
Invoice financing gives you a percentage of the outstanding invoice amount upfront, reducing the gap between when you issue the invoice and when it’s paid. This type of financing can give you working capital to fund ongoing operations and support business growth.
Peer-to-peer lending
Peer-to-peer (P2P) lending platforms have gained popularity recently, and they may be an alternative financing option worth considering for small businesses. P2P lending connects borrowers directly with individual investors, bypassing traditional banks.
This streamlined approach can result in quicker loan approvals and access to funds. However, since it’s a relatively new lending solution, make sure you carefully review the terms and interest rates associated with P2P loans to ensure they align with your business’s repayment capabilities.
Equity financing
If you are open to sharing ownership of your business, equity financing can provide you with the necessary capital for growth. Be aware that this involves selling a portion of your business to investors in exchange for funding – usually venture capital (VC) firms and angel investors.
Because you will be ‘buying into’ new business partners, make sure you conduct thorough due diligence, seek legal advice and work with a commercial broker like Specter Finance to negotiate the most favourable terms before entering into an agreement.
Government-backed loans and grants
Federal, state and local government all understand the value that small to medium businesses (SMBs) bring to the economy. As such, they support business ventures through various loan programs and grants. Keep an eye on the government-backed Grants & Programs Finder as it’s updated regularly and can give you easy access to a range of financing solutions.
Securing government-backed loans and grants can be complex. Be prepared to put together a detailed proposal on how you’ll utilise the funds, if successful. You may prefer to engage a Grant Writer to assist you.
“Expanding your business requires careful planning and access to appropriate financing options,” says Robert Trevarrow, Managing Director of Specter Finance. “Partner with an experienced commercial broker – we can help you develop a robust financing strategy, which you can then use to fuel your business’s growth.”
No matter what type of commercial lending support you need, we can help you reach your business goals. Speak to the experts at Specter Finance or call 1300 306 394 today to get started.