A recent study has found that 95% of entrepreneurs think software and technology is key to running a happy business, despite almost half (45%) admitting they don’t have the right tools or technologies to do so.
The research of more than 1,000 UK entrepreneurs, commissioned by online accounting software company Xero, also showed that 37% wish their IT systems were more efficient.
James Caan CBE, serial entrepreneur who started 28,000 new businesses in his role as Chairman of Start-up Loans, believes having the right technology to run your business is imperative for success:“Every entrepreneur should be equipped with the right tools to run their business efficiently. Business apps like Xero provide technology solutions that simplify the way business owners manage their finances, giving them the freedom and flexibility to focus on what they’re passionate about.”
The research from Xero found financial inefficiencies, often due to a lack of technology in the workplace, cost the average UK business £35,000 in their first year, equating to a potential £175 billion loss in revenue with over five million SMEs in the UK.
However, in 2015, 77% more business owners chose to use Xero’s cloud accounting and payroll app to manage their finances than the previous year. This growth represents small business owners’ thriving appetite for cloud-based software, signifying the changing face of UK business.
Because a happy business is a beautiful thing, Xero has worked with Dr Robert Holden, Happiness Psychologist, to find five requirements for making your business a happy one:
1. Have a vision: Knowing what you’re working for helps you take pride in your work and focus on your goals.
2. Good relationships: Make sure you have honest and clear communications with your employees, clients and customers to help keep them happy too.
3. Freedom and flexibility: Having a good work life balance and being able to enjoy your free time or family occasions with flexible hours helps you to manage your workload and do your best job.
4. Growth and investment: Learning new skills and helping others to do the same encourages engagement and excitement.
5. Creativity: It’s not just about coming up with new ideas, but also allowing yourself and your team to be creative and using the right tools to do this.