by Kevin Moland, Product Manager, ProfitStars
The greatest monetary opportunities come at the bottom of economic cycles. Accordingly, the current recession represents the most opportune financial moment in our generation. While the economy was dipping, technology was soaring. The evolution of online commerce, the proliferation of smart phones, and the explosion of social media sites like Facebook present new marketing channels for small and mid-sized businesses. Back office innovations like remote deposit capture and the integration of automated accounting packages provide tools to reduce costs and maximize productivity. Wise use of technology today will pave the way for growth tomorrow. If you fail to act now, you may not be in position to take advantage of future opportunities.
What Can You Do Now to Fuel Future Growth?
Focus on Savings, then You Can Focus on Sales
The most limiting factor for the growth of your business is the number of people you can afford to have on your payroll. Growth can certainly be inhibited by market factors, but it can also be dictated by the amount of time your staff can spend identifying, cultivating and nurturing potential prospects. But hiring additional sales staff and footing the bill for new marketing campaigns are expensive steps. And if your sales efforts succeed, you’ll likely have to add operations staff to deal with the additional work flow generated by new clients.
On the other hand, technology-induced operational savings can lay the foundation for an increased investment in sales.
- Money saved from operational efficiencies can be used to fund new sales campaigns.
- Reduced staffing needs in operations will allow you to shift knowledgeable people into customer-facing roles.
- Automated, scalable back office processes can support the expanded work generated by new sales, without increasing expenses.
Leveraging Technology for Savings: 10 Ways to Save
- Networking/VPN Access (Remote Offices)*
- Automated Accounting Packages*
- Inventory Control/Delivery Tracking*
- Time Tracking Software*
- Integrated E-Mail/Calendar Systems*
- Direct Deposit of Payroll
- Remote Deposit Capture (converts paper-based checks into electronic transactions in a totally secure environment)
- Lockbox Services (Affordable check scanning and imaging)
- ACH Origination
- Card Processing Services
*(Nexxtep can help with these)
In summary, automating your business on the inside prepares you for increased volume, helps you turn your focus outward and opens the door for growth.
Kevin Moland manages remote deposit and payment products for ProfitStars, a Jack Henry company, where he brings to bear nearly three decades of experience designing online financial applications. Early in his career, Kevin managed bank operations for community financial institutions, specializing in back-office processing systems and electronic banking programs. Since joining the financial software industry in 1993, Kevin has been a key player in the online services revolution, providing product direction and overseeing software design for some of the nation’s premier online banking and commercial payment vendors. Kevin serves as a faculty member for the Southwest Graduate School of Banking at Southern Methodist University, and he has been a featured speaker at conferences, seminars, and user group meetings throughout the United States.
You can see Kevin in person when he presents the keynote presentation at our Technology Symposium on September 8th. In Kevin’s keynote, “Size Doesn’t Matter! Leveraging Technology to Make Your Business ‘Bigger’,” he’ll discuss how small and mid-sized businesses can go toe-to-toe with much larger competitors.