In a world of constant innovation our lives are driven by technology like never before. Whether it’s communicating with friends, catching up on the latest series of Bake Off - or even running our business. Those little black screens give us everything we need and help us manage our lives in the best possible way - or do they?
When it comes to business management and finances there have been some revolutionary changes to the tools business owners have at their disposal.
Cloud accounting solutions, which provide online bookkeeping functionality and real-time information on a financial dashboard via a tablet or smartphone app can offer real benefits to business owners, and help them make smart decisions based on up-to-the-minute information.
There are those who claim such technology is nothing short of a panacea. Now I’m the first to tap into the benefits of technology, but it can only ever be part of the solution. Those who claim that it can replace the human input completely are simply misunderstanding how business works. Yes, we all have to make decisions based on data; but these decisions are also underpinned by instinct, experience and creativity – and technology can never replicate those.
Too many of the IT-based solutions on the market today seek to use technology to replace the kind of personal relationships which business owners value. Technology can do a lot to increase efficiency and provide quality information to help business owners make good decisions, but this has to be complemented by personal interaction with qualified, experienced advisers who really understand the business.
You simply cannot automate the relationship a business has with their trusted adviser. But you can embrace technology to complement that personal advice, and this is perhaps the best way forward.
Progress is a synergy between the best of the old and the new. Getting that mix right is a real challenge in modern life. The best solutions, such as Lovewell Blake’s MyLB offering
, will strike that balance perfectly – for business purposes at least. However, if you want the best cake mix you will still need to tune in Bake Off!