Chloe Aitken
2 minutes length
Posted: 11th August 2021

Butchers’ knives, back offices, and building a business

By Chloe Aitken, Finance Market Specialist

We’ve just seen a huge sum of money pledged by our Government to entice investors into backing breakthrough technology and innovation.

As the UK tries to build the pandemic-scarred economy, there is a growing focus on development and science.

What’s happening?

The UK Government has just launched the Future Fund Breakthrough this month. It’s a £375 million scheme to encourage private investors to co-invest with government into innovative, R&D intensive, UK companies operating in breakthrough technology areas such as quantum computing, cleantech, and life sciences.

But where do businesses need to focus and prioritise their investments to flourish?

Just like UK plc, if businesses want to succeed, they must embrace and invest in technology.

Typically that means focusing on the customer-facing platforms, the shop window, but your back office systems are also critical for success. And it is often these that are overlooked or left behind, particularly where budgets are tight.

Why do businesses need to focus on investing in the back office?

1. Finance teams need scissors too

Your team want to do a great job. To do this they need the right tools. Hairdressers have hairdressing scissors; butchers have butchers’ knives. Your finance team need their own equivalent – a solution that solves their problems, so they can solve yours.

2. Planning for the future

Your team know when the business is doing well and when it isn’t, even if you don’t tell them. Your team need job security. Unlock the data in your back office systems and give your business the information it needs to plan for the future, as well as report on the past.

3. Belonging wherever you are

Everyone needs to feel they belong. That they matter. Cloud-based systems are the great equaliser. It doesn’t matter if your team are in the next room or on the next continent. You can recruit from a much wider talent pool and with flexible working now an option, include those previously excluded on the basis of geography, mobility or personal commitments.

4. Time to automate

When your team have the right tools for their day job, they have the confidence to take on new challenges. Automate your processes, lessen the administrative and transactional burden, and give your team the chance to achieve bigger and brighter things.

5. Move away from the minefield

Invest in your back office systems, alleviate enervation, and encourage innovation. Simple tasks shouldn’t be a technological minefield, and, put simply, outdated systems make work hard work.

How can software help?

Take a look at this page on IRIS Financials for more information.