Businesses have always been the first ones to use developing technology. After all, it helps their operations become faster and more efficient. Fast forward to the 21st century, and businesses are now armed with impressive technology to help propel their business forward. This has given smaller enterprises more leverage to succeed, but how does technology actually help small businesses?
Connect with Customers More Quickly
Online Stores
One of the most useful innovations technology has brought us is access to a virtual marketplace that allows anyone to purchase whatever they want anywhere. This development has become so prevalent that online shops are slowly starting to take over brick-and-mortar shops. Anyone can start an online store—with a very small capital, too (especially compared with a traditional shop). This led to a boom of small businesses, and these small businesses eventually grew to become medium-sized enterprises, bringing more to their customers and the local economy.
Online Marketing
Marketing used to be something that was exclusive to large companies who can afford to sink money on TV ads, print ads, and billboards. But times have changed. Nowadays, all it takes to execute a marketing campaign is a computer and an internet connection. Digital marketing has helped many small businesses to push their services and products to their audience. Its digital nature has made it accessible to anyone with relative familiarity with technology. DIY online marketing campaigns have proven highly useful, with many small businesses using them to take a prominent share in their respective industry successfully.
Online Payment
Perhaps the single most beneficial development that’s surfaced in the past few years is financial technology. It has evolved far past early developers’ expectations, integrating itself into modern society. Now, you can make payments to any financial service or business, be it settling your mortgage with a lender, buying something online, or even transferring funds to another account. Anyone can access it through a smartphone or a computer, making navigation and use easy for both businesses and customers. The evolution of financial technology has played a crucial role in helping small businesses flourish through its no-hassle approach and high efficiency when it comes to handling funds.
More Efficient and Collaborative Workplace
Have a Digital Workspace
No longer do business owners need a physical working space for their employees, as companies can now use a virtual workspace instead. Collaborative internet tools allow people to work remotely, removing the need for an office. Staff can now send in their output, which can be accessed and edited in real time by their managers. Many aspects of running a business have moved on to a virtual space, allowing tasks to be accomplished even without having employees in the same room. This saves resources in renting office space as well as other typical office items, such as paper, furniture, and other physical materials.
Work Automation Software
Automation has taken over many of the more mundane tasks typically associated with running a business. Clocking in and out, manually editing a manuscript for grammatical errors, or even tracking work-related statistics can now be accomplished by automated computer software. This results in a more efficient and optimized approach to business, allowing small businesses to pour their efforts and resources into something more beneficial, such as customer service or product improvements.
Streamlining Processes
Hiring
One of the first things a business would do to get the gears going is to hire people. With technology, as it is today, whatever size your business is, you’re more likely to recruit people through online hiring platforms than through word of mouth. Targeted job postings, mobile or online interviews, and even AI-powered software that help you sift through applications are some of the advantages of using technology in your hiring process.
Training
The unexpected shift of a working setup has left some companies scrambling to come up with a proper and effective training program for their new hires, as well as development training for their current employees. There is no doubt that integrating technology in training has its merits. Remote learning has been gaining much traction, and this extends to company training and development. As a company, the idea of learning something anywhere you are as long as you are connected to the internet can help save you time and money.
Technology will continuously evolve, and businesses will always be the ones to push it forward. Small businesses of all kinds will do well to integrate technology more into their production. At the end of the day, technology makes business success all the more possible.
