Adapting to digital solutions is vital in a startup’s success and survival. For both old and new businesses alike, failure to get accustomed to the changes may cause them to get left behind, increasing the risk of extinction.
But the cost of fully converting your business processes digitally may come at a hefty price tag, which may be an extravagant expense for most entrepreneurs and startup founders. The good news is that business owners can adopt various digital strategies one step at a time instead of going completely digital all at once. This way, it won’t break the bank and everyone in the team will have sufficient time to adjust to the various changes.
To give you a better understanding of how digital transformation can do wonders for your startup, here are some clear-cut benefits that can provide you with more clarity:
Now that you know how it can benefit your business, here are five areas where digitisation can be applied seamlessly in your startup.
Before cloud-based solutions entered the picture, on-premise software dominated the business world. These are procured as one-time purchases, which are then installed and operated on computers. On the other hand, cloud-based or SaaS services are hosted on the vendor’s website on behalf of the customer, and can be accessed and operated remotely.
Most business owners today would lean towards cloud-based or SaaS software to run their operations from website hosting software, human resource management, to accounting software. With a plethora of benefits including quick deployment, scalability and integrations, and data security, it’s no wonder why startup founders are making the switch from traditional on-premise software.
As a modern business owner, you need to make automation your best friend — especially when it comes to all things accounting. Unless you have a knack for numbers, most entrepreneurs despise the accounting processes as it is commonly associated with time-consuming and repetitive bookkeeping tasks.
Simplify your bookkeeping tasks through the use of accounting software. This way, you can forget about the manual data capture process and rely on cloud accounting to keep your books online. On top of that, it improves bookkeeping accuracy, allows for real-time reporting, and helps with tax compliance as well.
Take advantage of collaboration and productivity tools to enhance internal and external communication in your organisation. Now that remote teams and work-from-home arrangements are the new normal, most companies are highly dependent on these tools to stay connected despite the physical distance.
Video conferencing apps like Google Meet, Zoom and Skype For Business and project management tools such as Trello and Notion allow for easier communication and collaboration among team members. Some of these solutions come at no cost, so take advantage of these solutions while you can.
Simplify your company’s financial processes by opening a business bank account with online banking features. If you haven’t already done this step, you should know that it’s best to keep your personal and business finances separate.
While traditional financial institutions may present a wide variety of features, perks, and rewards, they may not necessarily align with your immediate business needs. What’s more, setting up a business bank account with a traditional bank may have higher monetary requirements such as high interest rates and monthly fees.
Find a bank that offers online banking options and other modern features that give you the flexibility you need as a startup founder; digital banks and neobanks are a great place to start. Even if this means switching banks to find alternatives that serve your business needs better, don’t be afraid to do what’s best for your startup.
There’s no better time than now to turn to all things digital. While it may seem like a daunting feat from the get-go, digitisation is imperative to the future of business.
One way to start is by digitising all facets of your business finances with the Aspire Business Account today. Streamline your financial and accounting processes with the expense management feature, scheduled payments and seamless integration with your accounting software.