Small Business Owners: Utilizing Technology to Improve Profits

If you really want to become more profitable and improve operations in your company, you have to shift your focus from the following limiting thoughts about technology.

  1. If I buy the latest production software we will be in good shape
  2. We don’t do that here
  3. We are unique, we don’t have competition that use technology to help them generate profits
  4. The plan is in my head, people will steal it off the computer
  5. All I need is more sales to make more profits

You’ve got to get the right mindset by eliminating restricting thoughts, and then you’ll be ready to improve people, processes and profitability.

Do you ever wonder how a company can start out with just one idea, a passion and a vision, then 10 to 20 years later have thousands of employees and millions in sales?

  1. What did these companies do to become so successful
  2. Are the owners smarter than you?
  3. Do they work harder than you?
  4. Did they have better equipment or people than you?

No. But they do use better technology tools to drive operation (the people and the process). Operations represent about 60% or 80% of all your overhead costs but they’re the least understood by US businesses.

For decades, the Japanese have focused on operations that have driven innovation and a culture of continuous improvement. In the right small business owner hands, operations and technology can be a competitive weapon.

Now, ask yourself how can your small company— with just a handful of employees and limited resources — turn operations and technology applications into a powerful weapon to beat competition and learn to grow and thrive!

Why invest in technology / What are the benefits

The bottom line is, if you’re suffering from tight cash flow, exhausted lines of credit and top-line growth, then you have weak operations and have underutilized the technology applications onsite or off-the-shelf that can help you.

First step to rapid profit improvement is to start by questioning your employees. They usually know where costly blocks and bottlenecks are hidden.

Technology can store employee survey results that help you to plan profitability.

Employee Questionnaire(sample)

  1. Are your interests and ambitions being challenged
  2. Does each department in this company have measurable standard designed to increase profitability? Does each area have documentation of process flows and procedures of how it should work?
  3. Does everyone in this company share the goal of improving the company profits? Does the CEO hold town hall meetings about ‘planned profits’?
  4. Are you regularly told when you do good work?
  5. Do you get the help you need to do a good job?
  6. As an employee, do you feel you can trust your direct supervisor/manager?
  7. Are owner/managers open and honest with employees?
  8. Does the company provide you with continual training in areas that will make you a better employee? Has it trained you on how to cut operating expenses or increase revenue to improve profits in your area?
  9. Are your responsibilities generally explained, well planned and organized?
  10. Is poor performance tolerated by management? i.e., worker performance, operations bottlenecks and customer relations.

The following are other ways business productivity software drives business processes more efficiently to gain optimal results:

Create an open and communicative environment.

By storing appraisal information within a formal database, managers can more easily communicate business strategy and create measurable goals for their employees that will support overall company objectives. In allowing employees to see the whole picture and understand better how individual goals fit into the company’s business objectives. This can create a energized and engaged employees, thereby raising the business productivity of the company.

Motivate your employees using technology.

Based upon the information gathered in an online performance evaluation, managers can compare current skills with those required for advancement or other recognition or reward opportunities that present themselves as the manager tracks progress on employee goals throughout the year. You may also find you need to redirect employees to different departments if you feel their business productivity could increase elsewhere. If there are impediments to better performance, the company should review why it is happening and try to eliminate these through better allocation of resources or additional training.

Monitor business productivity and employee progress on goals.

Business productivity software solutions enable managers to more easily track progress during every phase of goal completion and offer immediate reinforcement or coaching to keep performance and deadlines on track in daily operations, and utilize performance measurements for strategic planning.

Electronic Commerce

There are many business applications related to e-commerce, from setting up your online storefront to managing your supply chain to marketing your products and services. These technologies fall into three main categories:

Business to Business(B2B)

  • Purchasing indirect supplies
  • Look for catalogue-based websites offered by suppliers for corporate purchases, similar to business-to-customer websites, for purchasing indirect supplies such as office furniture, pens, paper, and general office equipment.
  • Leveraging your existing Web presence
  • Improve your existing business-to-customer e-commerce website. Greater sophistication can be added into your online store to target your business clientele.

Business to Customer(B2C)

The global reach of the Internet has allowed many businesses to sell their products and services online, both at home and abroad. An electronic storefront is a website with many pre-built e-commerce components like electronic shopping carts and secure payment gateways that you can use to set up an online store.

Internet Marketing

Everything you do to promote your business online is Internet marketing. For example, Internet marketing strategies include (but are not limited to) website design and content, search engine optimization, directory submissions, reciprocal linking strategies, online advertising, and email marketing.

How to Implement Technology to increase profits

IT implementation can be a valuable tool for increasing workplace productivity, but without a careful selection of the right technologies for your specific industry and comprehensive employee training, it can also serve to reduce productivity, profitability and employee satisfaction. The return on investment will depend on whether the technologies implemented are right for a given business’ needs and how prepared employees are to use them.

Step 1

Brainstorm a list of business process improvements you may be able to realize from a technological implementation. Your list should include three categories: improvements that you know to be possible, and which are core requirements for your expense; a wish list of things you would like to have, but which may be future development efforts; and a list of things which would transform the way you do business, but which may not be possible. These three targets provide you with a present-day implementation goal, as well as a future development target–and it may be that your transformational goals could be far easier to reach than you expect.

Step 2

Determine whether you intend to develop these technologies using in-house resources, or through outside consultancies. Nearly every major workflow technology requires extensive customization, implementation procedures and training. Small businesses can sometimes get by cheaply using staff members technologically proficient–but mistakes made at the beginning of the process can ramp up costs later on when you turn to professional outside support.

Step 3

Avoid specifying particular technologies if you do not have the technical expertise to evaluate them properly. The purpose of the managerial process at this stage is to define goals and budgetary constraints; non-technical managers who wed themselves to specific technologies too early can miss out on substantial cost savings, and choose a technology not the best suited for the work.

Step 4

Circulate your request for proposals among outside consultants and implementors, or establish an internal process for doing the same among your staff if you are keeping the work in-house. Major technological implementations will not succeed if they are added to the existing workload of an employee. Proper technological implementations can be more than a full-time job in and of themselves. Staff members shifted to technology implementation should have their existing duties moved to other staff resources.

Step 5

Negotiate a time frame, budget and implementation benchmarks with your external or internal staff resources. If you are working with an outside consultant, your contract should include protections against running over budget and over schedule. Likewise, the consultant will protect his own firm by setting specific terms of the work to be completed, and charging you extra if you change them over the course of the contract.

Step 6

Develop an implementation timetable, including the following steps: test deployment to review the work; training, if necessary; a transition phase from the current workflow to the new technology; and production deployment of the completed technology. This last phase is typically followed by an iterative process, in which improvements to the technology are collected from the staff who have direct experience working with it. When budget and time allow for it, apply a new cycle of upgrades to your technology to ensure that you are getting the most out of it.

The Importance of Information Technology Training from a Management Perspective

Information technology training for IT managers and systems analysts may seem superfluous – these folks are usually well-learned in their areas of expertise. But, do they understand how a company’s technology fits into the bigger picture from a business perspective? That’s where management training becomes important. Every manager who plays a role in researching, selecting or implementing enterprise technology needs to have a firm grasp on the basics of emerging technologies, as well as how they serve a larger business purpose, to ensure that technology is being used to the company’s best strategic advantage.

Stay Current on Revolutionary, Emerging Technology Applications

A program of continual information technology training is crucial to the success of any IT team. Technology is constantly evolving, and it seems that there is a new application released every day that is meant to simplify doing business. This can be overwhelming if you do not stay current on the high-level trends of technology and their corresponding impact on business. With the Web 2.0 revolution in full swing, management training is a useful tool for managers to become familiar with the online trends such as blogs, wikis, podcasts and RSS feeds, as well as how the trends are going to change the ways we view the Internet and communicate with each other. It is estimated that these technologies will have significant business impact in the coming years, and companies everywhere have to consider directly how it affects their business strategies.

Information technology training can help managers determine the impact of new technologies and how to adapt their business processes. Trying to envision how Web 2.0 changes traditional business models is difficult when you have no knowledge of how these new technical applications are being used from a business perspective. First and foremost, managers must take it upon themselves to become proactive by keeping abreast of emerging trends and understanding them not only from a technical standpoint, but evaluating them from a higher-level, strategic standpoint. Management training courses on technology focus specifically on the ways that emerging technologies affect businesses on a high level. This is the type of knowledge needed to make conscious and informed decisions on what aspects of new technologies will affect your organization in the next few years and transition your thoughts into strategic action and implementation.

Collaboration and information sharing, within and outside of enterprises, are two areas that have made huge strides that management training can help your organization harness to improve business strategies. The advent of user-created content sharing has transformed the way that enterprises communicate. Enterprise-class blogs and wikis boost productivity and innovation by enabling ad hoc teams to participate in complex, collaborative problem solving, and then make the results available to the rest of the organization with ease. Information technology training gives managers the high-level information about these technologies that they need to bring them effectively into your organization.

Large companies will often struggle the most with adopting new business strategies based on emerging technologies due to organizational inertia and the lag that comes from changing any integrated system. Not only do the right people need to be convinced of the value of a new application, but the proper infrastructure often needs to be developed or tweaked to implement the technology. This is where the importance of management information technology training to understand the potential impact of technology from a business perspective comes into play.

Management Training for Appropriate Technology Selection and Recommendation

Management training courses typically deal with logistics and personnel management but fail to guide managers when it comes to making decisions about technology. As a manager in today’s world, what really matters isn’t just your ability to lead and maintain technology infrastructure – it’s your ability to deliver positive business outcomes. Cutting IT costs and managing infrastructure are only part of the equation. Technology must also reduce business risk and generate new opportunities and growth. Information technology training can help managers transition their views of technology as an isolated island off the coast of a business and look at it as one working part of the whole machine that is the organization.

Finding a cool application that has all the shiny bells and whistles you dreamed of and recommending implementation based on the technology’s sheer innovation is no longer enough to make a good business case. Before presenting a recommendation, you must understand every step involved with the successful implementation of the technology. A thorough study will need to be conducted to determine what departments, processes and functions will need to be modified in order to benefit from the new technology. Management training courses focusing on information technology gives managers the tools they need to make that determination.

If you are going to make an impact on the decision makers of a business, you have to get on their level. When it comes down to making a decision, for many business people it is all about the numbers. That is why it is essential to participate in information technology training courses that help you perform your due diligence and gather the data you need to compile hard numbers around your recommendation. What is the true return on investment that the company can expect to achieve by implementing the technology? It is much easier to convince an associate of the merits of your idea if you can show a real increase in profit based on proven research instead of attempting to sway them based on opinion only.

Conclusion

Technology is rapidly changing the way that businesses communicate and function every day. It is important for managers to take a proactive role in understanding emerging technology trends and how they may affect a company’s business model by investing in an ongoing program of information technology training for all levels of staff. Management training in particular is essential for ensuring the right technologies are pursued to ensure business success. Viewing technology as a direct influencer on the business as a whole ensures consistent alignment of goals throughout the enterprise.

MT4 Account Copier: A Useful Technological Application

The technological applications are seen in many fields but they have influenced some fields more. The forex trading is one such field that has become more popular because of technological advancements and applications. One such is the metatrader forex account copier.

The tool that is used most for this is the forex account copiers of many brands. Among them the MT4 account copier has been used by many men and women all over the world who are desirous of trading and gaining profit in this field. The metatrader4, the forex account copier can be installed in the computer for forex trading and copying trading signals.

Actually copying trading signals is really of great importance to make deal or trade in forex. The copier is working all the time even when the whole world is sleeping. It is an automatic tool that copies the signals of the forex trade. All the changes are recorded for our perusal.

It can be bought online or in any shop which sells such equipment for our use. The software is not expensive and anyone can afford it. Also the cost will get covered in a few transactions of profit. The software is easy to use too and we need not know the tricks of the forex trade to go in for an installation and go ahead with the trading.

First, the copier copies the trading signals. We can study all of them and then decide the deal that we think would be profitable and go ahead with it. A little experience doing some successful deals will suffice to build our confidence as most of them would depend on the changes taking place and the deals of other members that the copier has copied to our account.

The process is simple from our side but the forex account copiers follow some complex algorithms do all the transactions successfully.

Business Intelligence in Mobile Applications

Gone are the days when the use of a mobile phone was restricted to connecting to your family and friends. The scenarios have changed now, and it is no surprise that mobile technologies have advanced beyond recognition. The users of the new mobile applications have access to more than thousand applications online and mobile manufacturers are trying to tap this opportunity by developing solutions for smart information.

Over years BI (Business Intelligence) service providers have spent time and money to deliver best solutions to the users. Though the growth has been stagnant for a long time but now it has shown a momentum because of a rapid growth in technology and revolution in mobile based applications. The face of BI in mobile apps will change more when it will move from a dashboard providing application to a more sophisticated task specific feature. With improvement in the ability of smart phones the users not only enjoy interacting with mobile devices but also access useful information and sophisticated analysis.

BI in simple terms means technology, application or software that is used to extract, store, analyze data so as to help the management make better decisions, and BI through phones is sending business information through mobile.

It is helpful to business in several ways like:

1) Improving employee productivity – Today information system is used in CRM (Customer Relationship Management) marketing that will automate sales force management system, which involves huge cost and too much time on data entry. With implementation of these services in mobile BI, the users will get a structured management information system at less cost. This will provide accurate data for sales team as to where they are and what they want to achieve. BI applications also help sales team to represent how the services of the company can be useful to achieve targets. Moreover, it will be useful in supply chain management to form a distribution strategy for retailers and manufacturers. Several models can be proposed through mobile BI for product lifecycle management and information technology chain operations.

2) Faster decision-making – In current business scenario all the firms need information in a speedy manner so as to take accurate decisions and grab the right opportunity. The slow and inflexible business information may lead to major problems. For example, if a decline in sales has occurred in a particular region, the management cannot address the problem quickly without channelized information system. The accurate and fast information through mobile will be helpful in determining the actual cause of the problem along with quick decisions from the management front. The aim of mobile BI is not restricted to provide quality information but to enable faster decision making. Decision makers will be benefitted as it will reduce cost and increase profits by providing the historical trends and predict future estimates.

3) User friendly interface – The introduction of user friendly functions will definitely improve ROI (Return on Investment) in business. The decision makers can keep themselves updated with new trends and developments by subscribing for reports and alerts. These reports can be saved in certain formats and the mobile apps feature makes it easy to update the information from time to time. The information can be filtered by sort functions which save time. Moreover, the user can easily analyze different trends by changing the metrics or can breakdown the single report into different graphs and conduct a drill down research on the data.

In short, the applications are extended to be used in mobile device so that reports and graphs can be seen in small screen and more accurate decisions can be taken in real time.
BI through mobile applications was a growing concept few years back, but with the rising competition and need for accurate information, its demand is increasing at a faster pace. Once the end users can work on the technology with same accuracy and velocity as conventional systems, the thrust will increase further.

Oliver Lawal: A UV Technology Innovator

Oliver Lawal is like many scientists and engineers in the UV technology field, with intellectual interests that span a wide range. At the University of Manchester England, where he studied electrical, mechanical and software engineering, “I couldn’t decide on one field of study,” recalled Lawal, “so I graduated with multiple degrees and an understanding of several areas.”

Since then, Lawal has lived and worked in six different countries and his expertise contributed to many important projects in UV technology applications. “My first involvement with UV was as a Project Manger in the United Kingdom. I worked on the first large-scale UV installation using variable power electronic ballasts driving low-pressure amalgam lamps,” remembered Lawal. After this, he worked on a UV installation at a nuclear power station in France. Lawal then went on to work on the largest UV wastewater project in the world (at that time) in Auckland, New Zealand.

All of these endeavors have contributed to Lawal’s outlook and vision for UV technology. In this growing field, technology is evolving quickly. Lawal refers to this growth as the water-energy-technology nexus. “We have the ability to help ensure sustainability of our most precious resources for future generations by developing better and better technical solutions to our water and energy stresses,” commented Lawal.

Oliver Lawal’s family has been involved with the energy industry for some time. His grandfathers were motor sport enthusiasts and this helped to stimulate his initial interest in technology and engineering. Yet it was Lawal’s parents’ interest in environmental issues that ultimately led him to a career in water. He recalls his father’s comments about the difference in experiencing oil or water shortages expressed this way: “If we run out of oil tomorrow, we’ll all be driving electric cars. But, if we run out of clean water tomorrow, driving will be the least of our problems.”

Lawal’s professional life is challenging and rewarding. Today, he’s a board member with International Ultraviolet Association (IUVA) and he is president of Aquionics Inc., a company with a 30-year track record in selling and maintaining UV water disinfection technology to municipal and industrial water and wastewater markets in North America. Lawal shares a birthday with Amelia Earhart, and he professes to have the same sense of adventure as her. In his leisure time, he enjoys riding motorcycles and driving racecars, activities that reinforce his passions for technology and adventure.

The UV technology industry has changed since he began his career in the late 90s and it will continue to evolve. “From the perspective of equipment design and operation there is no question that our ability to more accurately predict and control process performance has increased dramatically,” notes Lawal. New techniques such as computational fluid dynamics, microbiological assays, power control and UV-C monitoring are more refined and more commonplace now. “This has resulted in great improvements in energy consumption and a reduction in operational risk,” observes Lawal.

Lawal believes that growth and improvement in UV water disinfection technology has a direct impact on the public health, by controlling pathogens in public water and wastewater supplies. “The sheer breadth of applications seen today, targeting very specific results, is staggering,” says Lawal. “The reduction of endocrine disrupting compounds, total organic compounds, ozone, chloramine, chlorine, cryptosporidium and viruses are commonplace and the applications using them expanding,” he added. Applications that are directly impacted include: ballast water, combined sewage overflows, aquatics, hydraulic fracturing, medical devices, semi-conductors, pharmaceuticals and more.

As president of a leading provider of UV technology, Lawal maintains a focused approach with a close eye towards ethical concerns. “It is important that we do not take shortcuts for short term commercial gains,” he says. “As the sphere and influence of UV technology grows, and new technical solutions like UV-LED’s become available, we need to ensure all stakeholders: regulators, process designers and users understand the critical issues. Regulation is important – it must be robust yet enabling. Process design must be sound and ensure seamless integration with other technologies. And ultimately the technology must be executed in a manner that allows safe and reliable operation.”

There is no doubt that the cleanliness of water impacts the lives of people worldwide. By focusing his life’s work on improving the quality of public water and wastewater with UV technology, Lawal is reiterating his parents’ vision for a cleaner environment and taking the necessary actions to implement this by working towards these goals on a daily basis.