Retail climbing, businesses chiming

Is your business innovative?

Retail trade is highly important to the Australian economy. It creates jobs, tax revenue and services the needs of millions of consumers. With the help of business development strategies, companies can take advantage of rising retail trade that swept across Australia at the start of the year. 

Recent figures from the Australian Bureau of Statistics show that retail figures rose by 0.3 per cent in January 2016. Additionally, other sectors also saw a rise. For instance cafes, restaurants and takeaway food services saw a 1 per cent rise.  

So what can companies do to ensure they are capitalising on the rising retail turnover trend?

Utilising cloud services to drive growth

When people think of the digital revolution, they tend to imagine tech start-ups. However, smaller less tech-savvy firms can utilise online tools to drive their core processes.

The upside of a technology-driven SME is a reduction of costs and better reach to suppliers and customers. Unfortunately, research from the Grattan Institute show that smaller firms lack the innovative edge larger firms do. Figures show that just 33 per cent of firms with four employees or less are looking to innovative through technology. 

Luckily there are a number of places to start. One example is through cloud-based accounting software. Through online tools offered by providers such as MYOB, XERO and Intuit Quickbooks, SME owners can access live data that allows them to make quick and effective decisions on the financial health of their business. 

However, to accomplish this transition, you will need the expertise of accountants with experience in cloud-based tools. If you would like to know more about becoming innovative, tech-savvy and agile, talk to the experts at WMC Accounting today

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