Without utilizing modern and emerging technology in businesses, it’s almost impossible to compete and flourish in the marketplace. In addition, we are evolving in an era of digital transformation where home cottage businesses use social media channels to promote their services.
As per reports, one-third of businesses have failed terribly in the UK by not incorporating the latest technology in their business operation and execution. It is predicted that by 2025 all industries and businesses will be transformed to complete digitalization. This highlights how information technology and other modern technology have helped industries differentiate, innovate, and compete.
Let us talk about how technology can influence small businesses by increasing their capital and making their operations run smoothly. On one side, new technology can help businesses simplify the natural progression of their operations and processes by offering greater efficiency and versatility. On the other side, one can brainstorm and dig into the benefits of tech-friendly alternatives.
How to Leverage the Latest Technology to Promote Small Business Growth
Here are a few major business sectors that can be ramped up by installing ultra-modern technology.
Starting with Productivity
Productivity is measured via operational management and execution. The effective way of handling business tasks is to appoint any project management software. This task management software allows a manager to assign daily tasks to individuals and teams collectively. The company should also motivate their employees by giving them bonuses, rewards, and gift items, like giving AI-based gift items to their IT team. This can help track the progress of each operation. Cut down the use of paperwork and switch to digital filing and documentation. Files and other business data can be easily saved, sorted, and share on cloud and drive systems. A working email management system can help the business communication between its employees and clients. Likewise, a business on WhatsApp should be actively running among all the different members to make communication as instant as possible. Business WhatsApp is a new and efficient professional practice. Openoffice.org is user-friendly software with services like graphics, presentation, database management, word processing, spreadsheet, and anything that helps a business manage its operations.
Finance and its management
Paper invoices have always been a menace to keeping and recording. Turn to online invoice generator software and services as it is handy to keep records. It can be instantly sent to the customers through which they can measure online payment. The same record can be used as a raw data business revenue analysis. Organize sales and expenses data into Excel files as a comprehensive accounting tool for backup and streamlining accounts functions. It makes sharing the files with the bookkeeper and other team members feasible. This can help in online budget tracking without hiring a team of accountants. Manage and update taxation payments online to avoid sending an employee to tax departments every month. Many technology service providers in the market can design an invoice-generating app for a small-scale business on a low-cost budget, google pay, or customized apps.
A new era of marketing
Billboards are still an important marketing tool alongside paper advertisements on the streets. However, this digitalization era has completely evolved marketing strategies. All small and large businesses have responsive social media handles to practice customer service and to receive brand exposure. Facebook, Twitter, and Pinterest are free or inexpensive product, service, and brand promotion sources. Email marketing also comes under the same tagline as receiving subscribers on the newsletter; you can pitch them with regular business updates. A website for a small-scale business is a costly investment. Still, it will surely result in certain achievements such as brand authenticity, visibility on the search ranking, and better conversion leads.
Handy customer service
Connecting and interacting with customers instantly on social media channels is easier. The website itself can be used as a live chat portal. Customers can get prompt responses to their queries and orders. Online questionnaires and surveys can be completed by uploading poles on Facebook and emails. This helps narrow the communication gap between the brand and the client. Instead of calling a client for a business meeting or a product or service demo, the business manager can use an online appointment program for virtual meetings. This will allow him to manage clients in one place with one strategy and flexibility. The client doesn’t have to suffer from traveling as well.
Numerous small-scale businesses are running on online platforms such as Facebook or Instagram. They have no physical offices or collaboration. By virtual and online means, a small-scale business can save the cost of running a physical office search a no rental charges. Employing teleconferencing and video calling, team members can collaborate by sharing their activities and progress. The individual tasks can be assigned to the project management tool. Online businesses allow businesses to hire employees from different demographic areas. A well-settled small-scale business can set up its intranet as a company portal to access, save, and share files. The covid-19 pandemic has already taught us the significance of employees’ training for online working protocols.
Note: When running an online business, a business owner finds countless moments where he has to screenshot by screen to save the capture or data in the records. For this, screenshot-casting software can be used, recording all the specific activities on your system with voice-over narration. In addition, this can allow the owner and team members to use saved screencasts for future lessons and demonstrations.
A small-scale owner is always searching for knowledge and experience to expand his venture in terms of profits and customer pool. With a limited business budget and bounded time, challenging to incorporate technology into business operations and management. Suppose you are one of those who are interested in teaching modern business technology in their startup. In that case, it’s important to start looking for free online business training programs for you and your team.