Make better decisions
All entrepreneurs face challenges in their business. But not all realize that information and communications technology (ICT) provides a range of user-friendly tools for better managing everything from inventory control and operations to accounting, human resources, communications and customer relationships.
Hunches can now be replaced with accurate information delivered in real time, equipping managers to make better decisions and improve their company’s performance.
Technology brings efficiency and speed to an organization. It provides tools to better manage and analyze information about your clients, your finances and your operation. Websites have also become a critical sales channel for most businesses—and their importance will only continue to grow.
Ensuring every job is profitable
For Great Canadian, it was a bottom-line decision. Its estimating software takes into account overhead costs, the price of goods and other hidden expenses, ensuring that every job is profitable.
The company purchased a second software package to improve productivity and better manage its crews. Instead of clocking in at the office, O’Donohue’s crews are now clocked in at the work site by their foreman, who is equipped with a smart phone. They are also clocked in and out at lunchtime. Savings on unproductive time and overtime are huge.
“We were paying people for a lot of travel time that wasn’t necessary,” he says. “This software will save us about $130,000 annually in salaries. As an investment, it was a no-brainer.”
Every Great Canadian truck is also equipped with GPS and a smart phone to track crews in real time. If a customer calls to ask whether a job has been done, O’Donohue can tell him or her the exact minute that workers arrived at or left the site.
Despite the benefits, too many entrepreneurs put off ICT investments, fearing it’s too complicated, too expensive or not what they need. Cost is usually the biggest deterrent until entrepreneurs realize that many solutions are affordable for even the smallest companies. Some are even free.
“ICT and Internet-based solutions can be scaled for any size of company,” says Todd Madgett, Director, Sales, for Cisco Canada. “With the advantages of new network and cloud-based services, and hosted and managed services, the cost of equipment that small entrepreneurs need to invest in is limited.”
Define your needs and investigate your options
Many entrepreneurs also worry about making a bad investment. Companies can reduce this risk by first clearly defining their needs, and then taking the time to thoroughly investigate and evaluate the different options.
You can talk to more than one vendor and other companies that have done this before. It also may be worthwhile to invest in some professional advice.
O’Donohue acknowledges it takes time and money to set up and implement technology solutions, but says it’s not as expensive or complicated as entrepreneurs fear, and the returns can be significant.
“You will usually recoup this investment in a year or two. Even before then, you’ll see how it is reducing costs and making your operations more efficient,” he says. “It’s been a big factor in our company’s growth.”