Today, small businesses rely more on new technological solutions to make their customer engagement, product development, and marketing activities stronger. Adopting technology is one of the best ways to gain an advantage over your competitors, especially among small businesses. Although your company might be technology enabled, you could be missing out on fast-evolving technologies capable of supercharging your business such as:
Over the internet financing
Getting the small or mid-sized loans needed to grow a small business can prove challenging, which is why the rise of online lending and funding opportunities is bound to have a big impact. Selling small amounts of equity to a multitude of online investors is one of the technology trends small businesses need to follow. Crowdfunding has evolved from a fad to one of the accepted methods of funding product development and business ventures. You can take advantage of this trend by inspiring investors into investing in your products or services.
New marketing channels
The availability of new digital marketing channels is another major technology shift that small businesses need to follow. Print advertisement is losing ground to new, over-the-internet marketing channels such as Pinterest, Instagram, Twitter, and Facebook. Apart from being more effective, internet marketing costs significantly less than print advertising. Location-based mobile marketing has matured and adopting a social network strategy works to enhance online visibility. To supplement your current sales efforts, you need to focus on social media as your primary marketing channel. Start by identifying the platforms preferred by your target audience and create a strategy to engage their interests and provide them with interesting and useful content.
New technologies
In addition to streamlining the management of inventory and creating user-friendly websites, call centers, and online catalogs, most companies are now using financial systems such as QuickBooks. Although you may have adopted technology is these ways, there are evolving applications that small businesses need to adopt including:
- Online customer relationship management (CRM)
- Subscription-based SaaS, providing different services on a pay-as-you-go basis to minimize up-front investment.
- Real-time, on-demand video marketing tools
- Smartphone or tablet-based systems that allow your employees to provide instant, coordinated responses to your customers.
Outsourcing expert and core services
Outsourcing services is another technology shift that small businesses need to follow. By allowing small businesses to pay for what they need when they need it, outsourcing reduces the cost of business operations and allowing companies to stay lean, which is the exact opposite of hiring people with the required expertise. Since virtual bookkeepers don’t need office space or office supplies and can work as much or as little as required, virtual bookkeeping services are not only cost-effective but offer flexibility as well. This arrangement could be particularly beneficial for businesses with fluctuating financial needs and those that don’t need a full-time on-site bookkeeper. Additionally, outsourced service providers do not require insurance, benefits, or employment taxes, all of which can help small businesses to save a significant amount. Outsourcing services enable the redirection of internal resources to mission-critical activities, cutbacks on expensive infrastructure requirements, and access to lower labor costs.
Cyber security
Cyber security is yet another technology shift that small businesses need to follow. You have probably heard of the high-profile hacks perpetrated against large organizations in recent years. Although you may not consider yourself a target, small businesses aren’t immune to such incursions and should look into data loss protection. Prioritizing cyber security plays a major role in protecting your business operations and data.
The cloud
By delivering both software and hardware services through a network, the cloud is arguably one of the most significant technology shifts for small businesses. In addition to providing incredibly cheap storage solutions, the cloud offers an array of shrink-wrapped options, all capable of reducing the capital investment of a small business. With the use of tablets to take orders, fulfill orders, and manage automated systems, companies and consumers are already benefiting from the cloud.
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