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Our Yes Business Can event guest Joe Wicks expanded his online fitness sessions during the COVID-19 pandemic and used YouTube to become the nation’s PE teacher.

Watch the replay of our event ‘Harnessing the power of technology’ where Joes Wicks MBE is joined by a panel of business leaders to examine how businesses can use technology to their best advantage over the coming months.

If you’re keen to follow in Joe’s footsteps and use tech to embrace new ways of working, we’ve got some guidance to help you get started.

5-step guide to using tech to embrace new ways of working

1. Assess which areas are ripe for change – Are any areas of your business not performing as well as they could? Which have become more important in recent months? Take time to assess the various areas of your business and see where technology could add the most value. It might be automating tedious tasks, freeing up time for something else, or creating more efficient processes for growth areas.

 

2. Find the right tech solution for you – There’s a lot to consider when it comes to finding the right tech solution. Start by mapping out all your requirements and setting a clear budget. Key questions to ask include; how long it would take to implement any new systems? How much time would be needed to onboard or train staff? Is the new solution compatible with any existing tech solutions you use? Will it be easy to scale up as your business grows?

3. Consider your online presence – Upping your online presence is a key way to get ahead in an increasingly digital world. Embracing e-commerce can expose your brand to a whole new set of customers, while using social media and email is a cost-effective way to market your business. The Lloyds Bank Academy offers a number of free courses covering topics including getting started with search, building an online shop and making the most of social media.

4. Upskill your employees – Introducing new technology and ways of working can be daunting for employees, but making sure they have the right skills upfront to effectively use any new tools or programs can help smooth the transition. It also ensures you’re getting the most out of your investment.

5. Don’t delay – Investing in technology is a big decision and one which shouldn’t be taken lightly. But with technological and business landscapes changing rapidly, taking too long to make a change could see your competitors gain an advantage. Informed but swift decision-making is key. 

bMoneyWize: Using digital channels to connect with your customers

Financial education company bMoneyWize uses blogs and social media to inform and engage its customers, and help demystify the subject of money. Founder, Dr Arinola Araba shares her thoughts on using digital channels to connect with your customers.

Shift your mindset – If you’re used to connecting with customers face to face, take a step back and assess what opportunities digital channels can bring, and approach them positively. You may need to experiment and try new things before you find what works for you. 

Get access to support – I went on Lloyds Bank Academy’s ‘Storytelling’ course which has helped me create more engaging content. I’ve also been supported by my East London Business Alliance. This organisation has created an online community for local businesses where we can get support and tools.

Aim to provoke an emotion or reaction – Content needs to make people think. I use a lot of questions in my blogs and social posts to encourage richer engagement.

Find what your customers are interested in – I use hashtags and Google Alerts to help me decide what I should be talking to my community about. Experiment with different types of content to see what works for your audience.

You can read more about how bMoneyWize and Joe Wicks MBE embraced technology to boost their businesses in this interview with
The Times
.

4 ways investing in tech can boost your business

This year, more than ever before, technology has been helping businesses across the UK become more resilient. Our 2020 Transformation with Tech report highlights that an estimated 2.7 million microbusinesses put their ability to keep trading throughout the COVID-19 pandemic down to digital technology. Gareth Oakley, Managing Director, Business Banking, looks at some of the ways tech can give businesses the boost they need:

Technology can help improve customer relationships – 61% of microbusinesses say their use of technology has helped them remain engaged with customers.

Digital adoption is helping firms protect their revenue – Businesses who rated themselves as digitally ‘proficient’ are more than twice as likely to have lost the least revenue.

Tech can help cut costs – 35% of businesses have made cost savings due to increased use of digital technology during the pandemic.

Digital know-how can aid recovery – The most digitally ‘proficient’ companies are the most confident they’ll return to pre-COVID-19 trading levels.

 

For more insights, download the full 2020 Transformation with Tech report 

 

For more guidance to help your business navigate the coming months, take a look at our Trade , Financial resilience  and Innovation pages.

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.
 

Accelerating digitisation in your business

Digitising key areas of your business activity can help reduce costs, grow revenue and delight customers.

Boost business with a website

Focusing on online sales has been a lifeline for many businesses in recent months. You can build a customisable ecommerce site with our website solutions.

Lloyds Bank Academy courses

Grow your business’ digital skills with our range of free online courses, including lessons from our partner Google Digital Garage.

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While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.