Money Well Spent?

Last week I talked about how our SurePayroll Small Business Scorecard results from July indicate small businesses are using technology to grow.

If your clients are looking to invest in tools to advance their business, our survey gave some insight as to what small businesses have been doing in this area.

More than 60 percent of our respondents invested in the following:

  • Updating website
  • Online services to streamline business
  • Software to streamline business
  • Social media

Forty-two percent also use online advertising, and 34 percent use online tools for presentations, such as GoToMeeting, Dropbox or video conferencing. Our survey respondents rated the following tools on a scale (effective, not effective, difficult to measure or did not use). These were the results:  

  • Company website – (77% effective; 3% not effective; 10% difficult to measure; 10% did not use)  
  • Smartphones for instant communication – 64% effective; 2% not effective; 15% difficult to measure; 19% did not use)
  • Online tools for presentations – (46% effective; 2% not effective; 15% difficult to measure; 37% did not use)
  • Online advertising – (45% effective; 4% not effective; 20% difficult to measure; 31% did not use)
  • Tablets to showcase products – (37% effective; 5% not effective; 14% difficult to measure; 44% did not use)

This tells us there’s room for small business owners to take advantage of technology. It should also give you a good idea which direction to point your clients in. A strong website, optimized for sales, and a smartphone, are certainly good places to start.

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Michael Alter, payroll expert with an MBA from Harvard Business School, is a nationally recognized spokesperson providing thought-leadership and sensible advice to help accounting and payroll professionals build deeper more profitable relationships with clients. Alter, President of SurePayroll, writes the Trade Secrets column on INC.com and is frequently published in Bloomberg TV, the Wall Street Journal, and Entrepreneur Magazine.

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