It’s no secret that technology is now one of the biggest factors in determining a business’ success. Since it first appeared on the market to make life easier for companies, tech has taken the reins as one of the most important parts of a business, in some cases even making or breaking a company as a whole. Many businesses have fallen at the tech hurdle so to speak, refusing to make an investment into the pieces that they need to take their company further.
This mistake has cost them greatly, leaving them struggling on the market, or leaving the company to go under.
It makes sense then that small companies should be focusing their efforts on getting the right pieces of tech to help them grow their business. Down below, we’re going to be discussing some of the ways in which tech is fueling small business growth, and why it’s so important to have. If we’ve piqued your interest, read on to find out more.
Becoming More Competitive
Being a competitor on the market is essential if you want to grow your small business. There is absolutely no chance that you are going to be able to grow your business if there is no demand for this, and businesses will not see demand if they are not a key player. Instead, people looking for the services or products that you provide will choose one of the main players on the market, overlooking your business completely.
In order to be competitive, businesses need to provide top tier services and products, while also making sure people know about them. Marketing is massively important here, and tech can help with this too. If you don’t have the right tech, you won’t be able to create the right marketing resources to target an online audience, and that causes massive problems for your business.
Have you ever heard of the saying ‘anything you can do, I can do better?’ We’re sure that you have at some point, but in business, you will find that the saying is going to be ‘anything a person can do, tech can do better’ in a lot of cases. Of course this is not always true, especially in customer service jobs that require a human touch to them. However, there are a lot of tasks that tech can do far better and more efficiently than humans can, reducing the risk of error and getting the job done faster. This leads to an overall more efficient business, while also keeping you competitive with the other companies on the market.
Efficiency is a key part of keeping your business in the game, and this is not something that you’re going to be able to do without technology. The other companies that you are competing with are going to be far more efficient, taking your customers when you cannot provide at the same rate that they are. As such, getting technology will fuel your business growth by allowing you to provide for more customers in an efficient way.
Some businesses think that cloud computing is only a good solution for companies that are larger in size, but this is not the case at all. In fact, small businesses are actually the ones who are benefiting most from this solution, with over 82% of small and medium businesses reporting that they have experienced reduced costs since they started using cloud computing tools.
Cloud computing offers a scalable solution for businesses when it comes to software access such as hvac software and so much more, as well as data storage and other collaboration efforts. The cloud computing tools mean that there is less need for on-site infrastructure, reducing maintenance costs and allowing for more flexibility.
Using Artificial Intelligence
Artificial intelligence (AI) has been around for a while now, but only in the last few years have businesses seen how much potential it really has. Chatbots for example are massively helpful when it comes to basic customer service, and are still being developed to provide a more detailed solution for customers. The use of chatbots means that some companies are able to provide 24/7 support for their customers, making that business more appealing to the people using it.
AI also allows businesses the chance to gain actionable insights from large amounts of data. Something that would generally take a person hours, days, or even weeks to comb through can be done in minutes, giving businesses the information that they need to make the best possible choices moving forward. As such, it improves decision making, and reduces costs for business, allowing them to put more money into other areas where it is needed.
There’s an app for pretty much everything these days, and if you don’t have one for small business then you are missing a trick. Businesses everywhere seem to understand that the best way to ensure their business is accessible to the most people is to have a mobile application that is easy to use, and to understand. Those who create complex apps are going to put users off using them completely, driving a wedge between customers and your company. Don’t forget that people are not going to spend ages trying to work something out that seems impossible, they will just move onto another app that is easier.
With the use of mobile applications, businesses will make things more convenient for their customers, which is a huge bonus. People want ease, and that’s what mobile applications allow. Hire an app developer to help you with this, talk about what you want from the app, and they will work their magic, creating the perfect application for your business.
It’s also true to say that mobile applications help expand the reach of businesses, allowing them to gain more customers all over the world. As long as you don’t have your application set to a certain region, you can allow users to use the application no matter where they are.
Safeguarding data is more important than ever, especially due to the fact that cybercrime is on the rise. This has been the case for quite some time now, and businesses now more than ever need to be careful at keeping client data, as well as the data of their business safe. It’s a difficult job, and businesses should be looking at hiring security professionals to take on this task for them, ensuring that it is done properly, rather than trying to do it themselves and risking it not working.
There are pieces of tech and software that have been designed specifically to help businesses keep this data safe, so making use of them is going to be paramount to success here. You might be wondering how this fuels business growth, and the simple answer is that it helps you gain a reputation as a company that can be trusted. People who are looking for a business to provide for them want to know that their information is going to be kept safe, and will choose a company that is known for this, or at least doesn’t have a poor reputation when it comes to it.
Overall, we’re living in a world of technology, and if you own a small business you’re not going to be able to avoid technology. Make the plunge and get what you need for your business, because you’re going to regret it if you don’t. You will meet the same fate as other small businesses that instead of growing, ran themselves into the ground trying to remain competitive without the right tools to do so.
We acknowledge The European Times for the information.