Every business owner knows the tedious admin work that needs to be done to run a successful business, including accounting, employee payroll, inventory and more. It is all too easy to persevere with inefficient systems and traditional processes simply because they have formed a part of our working routine and the hassle and time required to rework these age-old practises is too daunting. Unfortunately, such thinking simply isn’t logical and these practises will inevitably not stand the test of time. For every day that we continue to allow our businesses to be burdened by unnecessary admin and archaic process, we are missing out on the opportunity to modernise, streamline and produce a thriving business that can lead to personal fulfillment and a comfortable life!
Most SME entrepreneurs are working around the clock to run their business and have no further capacity to think outside the box and get creative. To tackle this issue, in our world of fast pace technological development, one of the priorities should be to scour the market for new tech that unburdens us of these repetitive tasks and leaves our minds free to create, build, invent and generally contribute to our societies with our brilliant business ideas.
Often business owners will hesitate to purchase software to make administrative tasks simpler because it seems like something they cannot afford. What they are not considering is the cost of team hours and the potential for human error, which in the long run will cost the business a lot more.
A report from Sage found that entrepreneurs currently spend an average of 120 working-days every year on admin tasks, accounting for around five per cent of the manpower of the average SME. The same research said that increasing productivity of just 5.6% in the UK could lead to an increase in GDP of at least £33.9bn a year. Considering that businesses can be more productive by simply replacing their manual admin work with computerised processes this can be very easily achieved.
What if you can use innovative technology to not just save time and money but to earn you extra money on the side?
Many great entrepreneurs have come up with software and cloud solutions to provide automation for time saving purposes. Akoni has taken this one step further and come up with a solution for a task most SMEs don’t even consider taking on, because
- They are not aware of the potential earnings they could profit from
- They don’t have the time and resources to do it
This task is, broadly speaking, about cash management. The most underutilised asset of SMEs today is cash. A business will have a certain amount of cash savings, sitting on an account and earning nothing, when it could be generating interest rates amounting to the value of being able to invest further into the business, such as hiring more employees for example. Large corporations already do this today, because they either use treasury services offered by their banks or hire their own treasurers, who will be up to date on market rates, move cash around to different accounts based on maximum returns and deal with the paperwork involved. SMEs cannot afford this luxury and banks do not provide such services to anyone but large corporates.
Akoni’s platform revolutionises this problem and provides an easy to use service, which levels the playing field and gives SMEs the same opportunity to optimise return on their cash savings. The best part is, that there is almost no paperwork involved and virtually no time needs to be invested to do this because everything can be done in a matter of minutes in a few clicks.
Our world is moving faster than ever, don’t let your business stay behind! Use technology to your advantage for your venture to succeed.