Small and medium-sized enterprises (SMEs) in the UK could lose billions of pounds each year because they are not making key investments in new technology equipment.

This is despite the fact that certain solutions can have a profound impact on business growth and in fact, the country is now falling behind other more forward-thinking small businesses in countries such as Germany, Italy, Switzerland, Turkey and Mexico – according to a study by asset finance provider Lombard.

If you don’t want your firm to get left behind, seizing the power of technology is essential – and while it may feel like forking out on software solutions is a costly burden that hasn’t been factored into your budget, it’s important to remember that investing in technology is indispensable for business growth.

Top 5 Technology Solutions For Small Businesses

Take to the Cloud

If you’re an SME and you haven’t already made the move to cloud technology, now’s the time to make the transition if you want to take on competitors.

Cloud computing is a great way to promote flexibility as well as lower overheads – it’s a particularly important move for small businesses, especially if they’re looking to expand. Plenty of larger firms have already incorporated the technology into their businesses and have reaped the benefits. However, a lack of education and fear are noted as among some of the biggest barriers that are preventing all SMEs from making the move.

There are plenty of other advantges too – the technology helps to reduce overheads, allows employees to work from wherever they are located, streamlines processes and helps to improve overall productivity – surely those are enough reasons to convince you that adopting cloud computing is an essential move?

Try Teleconferencing

Communication is incredibly important in today’s business world and there are numerous different ways to keep the lines of communication open between employees and clients – but, teleconferencing has to be up there as one of the best.

One of the major benefits of using a conference call provider like Buzz Conferencing Рand something that will no doubt please managers Рis that it can help to dramatically cut down on the costs associated with travelling Рwhether this is nationally or internationally.

Besides this, people who are sitting across the world from each other can use teleconferencing facilities to easily communicate and it’s also an incredibly useful tool for small companies looking to step into foreign markets.

Time-tracking Tools

While you may have every intention to get certain tasks done, many SME owners will agree that sometimes it feels like time just disappears before you get the chance.

Thankfully, there are tools out there that can track where and on what you spend your time. Many of them also give suggestions for more accurate timekeeping, meaning you won’t be caught short again.

Portable Devices

The use of mobile technology for business is more important now than ever before and more and more people are opting for such devices because of their portability and ease of use.

A virtual office environment means you can set up a workspace from anywhere you please – whether that’s your living room, a cafe or makeshift office.

Of course, devices such as smartphones, tablets and laptops are central to this way of working, so make sure you pick the right ones to suit your needs – many newer BlackBerry handset models, for example, are optimised to make sending emails and documents easier than ever before.

Remote Desktop Applications

Working on the go is a common theme for many business owners, that’s why cloud computing is great so you can have access to all your documents wherever you are.

Another handy tool, however, is a remote desktop app which you can download to your tablet or smartphone so you can remotely view and manage everything on your desktop computer. Now you can be connected to your documents when you’re not even sitting at your desk.