How Technology Helps The Way We Do Small Business | The legal ins-and-outs of doing business online.
As a small business owner and a small business lawyer, I see all too often the overwhelm that kicks in amongst my colleagues, friends, and clients when we are doing all the things in their business.
There is so much to know and so much to do – and at the end of the day, regardless of outsourcing and delegation, the buck stops with us (the business owner). If something gets overlooked or something falls through the cracks – it doesn’t matter what went wrong or who was responsible, it’s our business and we bear the brunt of these mishaps.
This can be complicated a little more when there are actual real consequences that flow from human error or glitches, and that means that the business owner is responsible for those consequences. That can mean consequences to our own business (such as tech downtime, loss of sales or revenue, or a hit to the profit), but it can also mean exposure to the loss of other businesses (for example, if our mishap has caused a loss to one of our client’s businesses, well that is next level consequence and responsibility).
I am asked often how I manage to juggle all the things in my business, as well as what tips do I have for my clients to limit their risk and exposure to loss financial damages to third parties.
Well, that’s where technology comes in. Simply put, technology can help small business owners in so many ways. I am a true believer in the value of internal systems and processes, to both manage our own businesses and to ensure that what we are doing for our clients is done properly and timely (therefore limiting the risk and exposure when things go wrong). In this day and age, we are fortunate on so many levels in our business for the benefits that technology delivers.
Clever use of technology in a small business can be the difference between running a smooth operation (like a well-oiled machine!) or a fly-by-the-seat-of-your-pants and hope for the best style of business (and yep, you guessed it, I’m more of a well-oiled machine woman!).
Many business owners these days run businesses online. Whilst that can be liberating in that we have more freedom, flexibility, and reach, it can also mean we need to take extra steps (and precautions) to be sure we are keeping records that meet both our legal obligations and to ensure our business is protected long-term (both in terms of financials and tax, and any specific client records that need to be held). We also need to be sure that when we are doing business online, we have systems in place to protect client data, maintaining confidentiality where required, and ensuring we deliver what we promise (think Australian Consumer Law obligations here!).
So how can technology help small business owners?
Take a look at some of the most common tech tools that I see used amongst my colleagues and clients (and several that I use myself). This technology can help by streamlining, systemising, automating, and securing data.
Record Keeping
Xero | MYOB | Hubdoc | Receipt Bank
Document Storage
DropBox | Google Drive | Last Pass
Project Management / CRM’s/Communication
Monday.com | Asana | Click up | Trello | Slack | Air table | Zoom | Voxer | Loom
Digital Signing
Docusign | Hub doc | HelloSign | EverSign
Social Media Schedulers
Planoly | Sked Social | Later | Buffer
Video and Images
Canva | Splice | Inshot | Lifelapse
Security is a significant consideration for online businesses, with cybersecurity being a real threat. Business owners who do business online need to be sure they have their online security measures in place and regularly reviewed, and cybersecurity insurance is a must.
Confidentiality to protect both business' own data, and that of their clients is also something that online businesses need to factor into their internal systems and processes. The Privacy Act applies as well as some industry-specific confidentiality obligations. The right technology can make this a breeze if (like most things) it’s done properly.
Then there is the slightly less obvious matter of deadlines. All businesses need to be mindful of this – that is, meeting client deadlines where it’s important. However, in my experience, this is a real focal point for online businesses because it seems to be easier for deadlines to fall through the cracks if not managed properly. That can be because online businesses can have team members and clients in different locations; time zones become important, and communication can be largely virtual/remote, as opposed to face-to-face. When managed well, these factors can definitely be the strength of a business. But when managed poorly, these things can be the downfall.
In short, online businesses have more legal and professional obligations than the standard bricks-and-mortar/face-to-face business. The risks are there, and they’re real. That doesn’t have to be a negative though, and it certainly doesn’t need to hold a business back. If managed properly, both from a legal perspective and in terms of professionalism, an online business can thrive often to a higher degree than its bricks-and-mortar counterpart. Technology helps small business owners here.
The takeaway?
Prevention is better than cure.
Use technology wisely, and incorporate tech and automation wherever you can in your online business to minimise risk and to ensure maximum professionalism and profitability.
PS. – If you are unclear on the sorts of things you need to be thinking about in your business you can jump over here and download your free copy of the Annual Legal Checklist. I designed this checklist to help remove the overwhelm for small business owners, so they know where to focus their attention, and what they need to consider.
I hope you find it helpful! If you’d like to reach out, you can always book in a free chat with me.
You might also like to read more of our tips in our Legal Advice for Small Business: The Ultimate Guide.