Want to run your business better? Find out how tech can help
There are some problems that all assume are just part of business life. As a business owner, you assume that the challenges you’ve always had to deal with will always be there.
At First Data, we believe that technology can help you overcome these problems. With the right combination of hardware and software, modern technology can provide business owners with tools far more powerful than they might expect.
So what kind of challenges might you be able to overcome with technology?
Understanding your challenges
We’ve commissioned multiple pieces of research that have helped us to better understand the challenges faced by UK business owners.
When we think about how we can help make businesses more efficient, this research helps to inform our approach. Here are some examples of the interesting results of our research:
- 42% of UK small businesses spend over 15 hours per week on administrative tasks. 14% spend more than 25 hours per week
- 36% of businesses said they were too busy with the day-to-day running of the business to implement measures that improve customer relationships
- 42% of businesses said they tend to go by ‘feel’, rather than using data to understand their customers
So, the question is simple – how can technology help to rectify these problems?
Cutting down on admin
When you’re running a business, it can sometimes feel like the list of administrative task is never ending.
You’ve got to cash up, manage the accounts, keep track of your inventory, monitor staff hours... as the list grows you start to see why the average amount of admin time for UK business owners is as high as it is.
With a modern EPOS system, you get a clutch of features and functions that can cut down on this time. The ability to cash up at the end of the day with a single push of a button, integrated inventory management that keeps track as sales are made, and integrated analytics and accounting tools can all make life so much easier.
The importance of cloud access
The ability to access your data from multiple platforms – your EPOS system, desktop PC and mobile phone, for example – has the potential to be game changing for business owners.
This means you can access your integrated accounts when you’re doing the books at home, make use of a train journey to plan marketing strategies by checking your customer database on your laptop, or check on the day’s takings from your mobile phone.
What this boils down to is having more information more of the time – meaning you’re always equipped to make better business decisions.
Data and customer relationships
Building a better understanding of your customers and getting away from making decisions based on assumption are two positive things that go hand in hand.
By integrating all of your business analytics and customer data into one platform, you gain the ability to make the kind of connections you need to make the choices that will improve the experience of your customers.
Seeing a slowdown in purchases at a busy time of day? Look into the holdup and see what can be done. Seeing a correlation between the purchase of two products? Do a bundle deal to get more customers to start buying them together.
Making these kinds of decisions based on data gives you the best possible chance of success – plus, if things don’t go the way you expect you can check the data to see where it might be going wrong.
Using your time
When technology gives you the ability to cut down on admin hours and make smarter decisions with less legwork, it’s the equivalent of you being given time back.
What can you do with that time? Well, if you’re worried that you don’t understand your customers then get out into your business and meet them, find out what worries them and what makes them tick.
Combine this with data and you have a winning combination.
Get the right tools
At First Data we’re dedicated to helping business owners overcome their challenges. When it comes to running your business, making it more efficient and less stressful, we have the right tools for the job.
Our suite of EPOS systems – Clover Station, Clover Mini and Clover Mobile – have the hardware and software you need to run your business better. Switch to a Clover solution from your current provider and you could get up to £150 cash back. Find out how today.