Today, Lightspeed and SaveTheHighStreet.org reveal that more than a third of UK independent businesses are still using pen and paper to manage vital parts of their businesses such as managing inventory and ordering stock. Of the 2,000 businesses surveyed from the SaveTheHighStreet.org database, only 15 per cent indicate they had an EPOS system installed to help them run day-to-day operations.
These results come as a surprise considering the variety of innovative technological options currently available, that are designed to suit all financial and technical requirements. With independents feeling the increasing pressure to juggle both an online platform as well as a brick-and-mortar store, the need to implement the right technology becomes paramount in order to be able to compete. Modern electronic point of sale (EPOS) systems can become virtual business assistants, having the ability to help manage stock and inventory, and give independents the information they need to make informed business decisions.
Lyndsay King, founding partner and community director at SaveTheHighStreet.org says, ‘From the very start, our goal has been to help British independents face the ever-changing economic landscape and find the tools to remain competitive against the big players in the market. Technology is a key piece of the puzzle for SMEs going forward. Business owners who have adopted tech systems to manage day to day business are finding they save time, money and are able to see their businesses profit and grow faster. It’s worth the initial investment to get it up and running.’
Jerome Laredo, vice president EMEA and Asia at Lightspeed comments, ‘Technology has become such an important part of how we manage our daily lives. With the ten year anniversary of the iPhone coming up, we can see just how far we have come and the incredible effect tech has had in a relatively short amount of time. Yet there is still such a small percentage of independents that use up to date technology in their businesses. Working with 45,000 SMEs, we know what their pain points are and we have designed tools to help independents run their business seamlessly, from wherever they are.’
Further reading on how to manage a business
