When it comes to boosting growth and productivity, technology is a vital tool that SMEs need to make the most of.

While the benefits of technology for businesses are obvious, many SMEs are slightly slower on the uptake of new developments in tech, perhaps because they lack some of the confidence and funding that larger corporations have at their disposal.

If you’re an SME owner, read on to find out how embracing different types of technology can help your business flourish.

Boosting collaboration and creativity

As a small company, idea sharing and working in a communal way is one the best things that you can do in terms of coming up with new and dynamic ideas for your business. Luckily, there are a number of software tools you can use that make this a lot easier.

Programs such as Basecamp and Zoho allow you to discuss and share tasks amongst your employees in one place, meaning that you can upload work or ideas and everyone can get stuck into them at once. These types of software tools also make project management much easier as you can assign and delegate work, create to dos and tick of tasks once they have been completed.

Improving your digital marketing

Ensuring that your digital marketing campaigns are up- to scratch and pertinent to your audience is vitally important as an SME. They will ensure that consumers continue to engage with you because they are excited by the content that you are putting out there for them to enjoy.

A survey by Animoto revealed that 64% of consumers said that watching a marketing video on Facebook influenced their purchasing decisions, so why not consider using technology to create your own video content that can be used to promote your brand or a new product and service that you are offering?

If you don’t have any experience doing this, don’t worry. You could always just start small and use free video editing apps on your phone to play around with effects are visuals. Once you find your feet you can move on to using more advanced software tools, such as Adobe Premiere. 

Helping with bookkeeping and accounting

It may seem like a dull part of what is involved in running a small business, but how can you expect to grow if you don’t have your finances in order?

Make use of software tools such as QuickBooks and Freshbooks, which will ensure that your accounts are in order and helps with invoicing and payroll. 

As new figures reveal that SMEs across the capital are struggling with high levels of unproductivity, we must cite the benefits of effective borrowing for sustaining growth and increasing competitiveness. 

A lack of productivity is cited as being a major concern for SMES, prompting action to be taken across different corporations.

There are a number of financing options including a business overdraft, loans and property expansion capital, all of which may seem like worthy suggestions for the 93% of SMEs across London that are citing a lack of productivity as being a significant issue. 

For those running SMEs, having confidence in their business and remaining competitive are imperative to both sustained success and growth.

With our personalised approach to offering SMEs guidance and funding and a commitment to exploring the best avenues for individual companies, GIC Capital is the perfect resource for businesses ready to expand or maintain the current levels that they are working at. 

If the Carillion collapse has highlighted one thing, it’s that small businesses need to have access to the relevant finance for their needs.

Small firms that are owed money by Carillion have now been confronted with cash flow issues, meaning that many jobs have been put at risk. The government has responded quickly to help the small businesses that have been affected, but what can we learn from the Carillion crash in terms of finance? 

In order to avoid becoming supply chain casualties, SMEs can take a number of actions.

Firstly, they need to look out for red flags and classic warning signs.

In the case of the Carillion, there were a number of things that pointed to the fact that the company was in trouble. Firstly, the fact that the company was taking up to 120 days to pay suppliers, with 30 days being the standard.

Another sign is the fact that some SMEs in the supply chain were quoted as saying their invoices were routinely being questioned on the grounds of the quality of the work or goods provided.

Both of these factors are classic hints that a company could be in trouble, and SMEs need to consider how this could result in negative side effects for them, including cash flow problems.

How to stay in control of your finances

When it comes to managing your SME, there are a number of things that you can do in order to stay on top of your finances. Firstly, it’s really important to have a financial plan that factors in any type of financial difficulties that you may run into.

Understanding your financial position is also really important, and what this means is that you are constantly aware of your outgoings and how much money your business has. Consider signing up for internet banking and getting an app on your phone that will allow you to constantly track your finances.

How we can help SMEs

We have a number of financing options available that can help SMEs sustain themselves and grow. We offer business loans, overdrafts and expansion capital from trusted lenders and always take into account the individual circumstances of every SME that we work with. To find out, more visit our website.