How Can Technology Help You Grow Your Small Business?
Technology has evolved in the last two hundred years. It has become the agent that has fastened progress and modernization of today’s world.
One of the biggest beneficiaries is businesses. The way business is conducted has completely changed with the evolution of technology. The presence of mass-producing machines has fastened production. Similarly, security systems and insurance have made safeguarding your private property nearly absolute.
With the presence of scientific calculators, computers, the creation of complex financial programs, and the advent of the internet and instant access to knowledge, has helped small businesses to establish themselves in ways that weren’t possible before.
1. Access to Friendly Loan Systems
In older times there were limited sources from which you could borrow a fixed amount of money on fixed interest rates. However, it’s not like that anymore. You can borrow funds from financial firms, which not only give you funds but have reliable digital programs and calculators which will assess the sustainability of your business. They also provide you with the timeline and breakdown of payments over a time that you will have to pay back. These can be used to expand your existing setup, fund your new start-up, pay off urgent loans, and so on. This has become possible only because of the development of financial systems and analysis programs that can calculate and analyze already existing data. There are many types of small business funding one can access according to their venture and needs. Small businesses always have run on faith but thanks to technology there is data to support this faith now.
2. Direct Feedback From Customers
With the evolution of telephones and the internet, business owners can get feedback directly from their clients. There are shipping facilities that can ship the product nearly everywhere in the world within days because of airplanes and software that will help you track your product in real time. After receiving the product there is a direct feedback option on the websites or social networks. The product can be viewed and rated by millions all across the world on their computers, laptops, tablets, and smartphones. This way the producer and the seller know what the customers want, how they respond to their products, and what behavior makes the customer wary and look elsewhere for the service. This constant feedback can help the business mold its operations according to the demands of customers to get the maximum output and permanent consumer base and it is only possible with portable technology usage.
3. Focused Marketing
Starting a new business was never easy but today it is easier than before. You don’t need to own physical space or a factory to start your little enterprise. You can just become a freelance seller marketeer and seller of products produced by someone else. Social media is like a live feed of what is in and what’s not. Businesses who learn to tap into this by utilizing social media and access the customers that will truly be interested in their product, succeed. Marketing campaigns should be focused on the demographics that will truly be interested in your product, random marketing only results in a waste of precious resources. Social media applications, applications that serve as platforms for multiple companies to display their products without occupying any physical space have boosted small businesses a lot. Additionally, having an excel calendar template will help you organize your ideas.
4. Save Cost and Manpower
Because of technology you can save a lot of cost and manpower. You can have many tools and software programs available to keep inventory and track finances. There are security systems available that you can purchase at competitive rates to protect your data. There are security companies that will install alarm systems and security cameras around your warehouse to protect the product and you don’t have to hire security guards. A lot of functions can easily be outsourced and services bought from other companies. This not only makes the management of the small business easier but also saves you from the burden of keeping full-time employees and providing them with benefits. You can just buy those services when you can afford to or roll back when the finances run short.
5. Nearly-Free Access to Researches and Surveys
In today’s world, one only has to stay vigilant and keep at the top of things. Like always be familiar with any new research that may be present or in process related to your products and its potential market. This can help the small business progress and use the research if positive to improve their image and validate their product. However, if the research is negative, the business should be quick to dispose of those parts of its venture or change the course to avoid any potential backlash and negative feedback. This has only become possible because of the vast amount of knowledge and data available about everything for everyone on the internet.
Technology has proven itself to be a friend to small businesses. With the age of capitalism, it was felt that smaller industries will not survive but due to the age of the internet and smartphones, the small businesses are back in the market. With the help of applications, they can sell and advertise their products. To learn about the competition they just have to go online and check out all the other businesses who are their potential competitors. The presence of smartphones and other portable devices has brought the world to the palms of people. Because of this technology small businesses are just a few clicks away from their potential customers.
Ethan Lark is a Business, Finance, and Technology blogger who spends his entire day writing quality blogs. He is a passionate reader and loves to share quality content prevalent on the web with his friends and followers and keeping a keen eye on the latest trends and news in those industries.