Technology is vital for all businesses up and down the country.
It can revolutionise how a company works in so many areas, from more efficient front line production to improved data analysis.
But with technological advances moving at a faster rate than human skills, it is vital for small and medium sized businesses to keep up.
So to help, Yorkshire Bank’s Group Business Banking Director, Gavin Opperman, is here to answer your questions...
Q How can small businesses reduce costs associated with new technology?
A Every small business needs technology to support them to make their business more efficient.
Technology is moving faster than human skills are, which is why it is necessary for small businesses to weigh up exactly what piece of technology they want to own, its longevity and whether its development can be outsourced.
Q Is understanding the latest technology essential for all small businesses?
A Most small businesses will need to adopt some level of technology to make their business run efficiently.
However, if small businesses get caught up in the technology race too much they can move away from their core business.
Remember to find a balance between what is needed and how to make the business function optimally.
Q What technology should small businesses be looking out for?
A Every small business is different. There’s a number of exhibitions that they can attend to see what technology is most suited to them.
Small businesses should look for options that will give them long-term sustainability at an economical rate and ultimately make their business more efficient.
Q Many small businesses are struggling with the complexity of new technology – how can they simplify the concept?
A At Yorkshire Bank, we strive to bring industry experts and like-minded people together. Many of the sectors or businesses are prepared to share their knowledge to others in the industry.
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It is about finding the right technology to fit your business, and one that is suitable over a long period.
Q How can small businesses keep up to date with the latest products and services available?
A When it comes to technology, Yorkshire Bank provides a relationship model.
We as bankers aren’t there as technology experts, but what we can do is share best practice. We can introduce small businesses to experts in our portfolio who can advise on the latest products and services available.
Q Many small businesses in the North are hindered by time and internal resources – how can they still embrace new technology?
A The biggest challenge Yorkshire Bank has identified with small businesses in the North is the skills shortage, which puts pressure on internal resources.
A lot of universities are developing skills in technology, but it’s how small businesses can retain the talent within that.
The aim would be to keep the intellectual property within the region, so small businesses can embrace new technology without added time or training.
- Find out more about a business bank that works for you at YBonline.co.uk/business