Business

Tech That Can Give Your Business A Much Needed Boost

You’ve started your own business. Give yourself a round of applause. No, seriously! Small businesses are great for the economy and help to keep the flame of entrepreneurship alive and well. You may not realize it, but your enterprise is blazing a trail for the emerging young talent trying to make it behind you. Starting a business in today’s fast moving marketplace, where competition is rife and for every opportunity there are half a dozen caveats, takes some serious fortitude. To startup a small business today is to stand shoulder to shoulder with corporate giants. But while the multinational giants may have the edge over you in terms of familiarity, they cannot match your outstanding attention to detail, your dedication to excellent customer service and your passion for your chosen field.

Despite your dedication, determination and resourcefulness, however, a few years in it’s quite common to feel like you’re beginning to stagnate. You’re ticking over nicely, but while you may not have a whole lot of bad days, you don’t have any groundbreakingly excellent days either. It feels like a glass ceiling has been built over your business and you’re stumped on how to smash it to pieces and lead your business to the next level of success. As in most things, technology can help. Many small business owners are resistant to embracing new technologies. They may even look down their noses at the prospect of setting up a website or even a social media account for their businesses.

Even if you shy away from technology in your personal life, there’s no reason not to embrace it in your entrepreneurial pursuits. Indeed, failing to move with the times could well make your business one of the SMEs that never makes it into its fifth year.  

It’s best to invest

You likely got as far as you did by keeping your overheads manageable while recognizing the important areas in which you needed to invest. You kept your cash flow healthy and knew the right opportunities when you saw them. If, however, you still feel a sense of inertia settle over your business, it may be due to a lack of investment.

While you may be reticent to tie up more of your much needed profits up in yet more overheads, investing in these tech solutions will help to ensure that your business grows by…

  • Increasing efficiency
  • Expanding your reach
  • Saving money
  • Engendering customer loyalty
  • Improving productivity
  • Facilitate cash flow

Have a bit on the side

Your significant other won’t mind. In fact, they’ll probably actively encourage it. Many entrepreneurs have a bit on the side. It helps them to manage that difficult line between paying themselves a salary that reflects their worth and having enough surplus capital in your business accounts to ease cash flow. Hence,lots of entrepreneurs have some sort of side hustle or investment strategy to supplement their business income. Technology can help you here, too whether it’s in the form of downloading apps to help you make a little extra money in your free time or investing in an algorithmic investment platform like AlgoTerminal to build your investment portfolio faster and more efficiently than you ever could alone. When you have an extra source of revenue coming into your business you can be a little more liberal with your business spending, making the capital investments that will lead you to growth without worrying about cash flow or even keeping the roof over your head.

Your own mobile app

You may never have expected that your business might benefit from its own app, but while the multinational giants have been reaping the benefits of access to the vast mobile online marketplace for some time now, small businesses are increasingly getting in on the act. If your business has a website, it will most likely benefit from an app. Apps can, of course, be used to facilitate transactions (which becomes increasingly important as more and more of us are accessing the internet through mobile devices rather than laptops or desktops) but that’s really just the tip of the iceberg. Apps can deliver targeted content and promotions to users, incentivize loyalty by using them in the same way as a loyalty card or even grow your reach by incentivizing customers to share the app with their contacts (just think of the Uber model).

Project management and collaboration

If your operation is spread across several locations with several key players working in close collaboration you probably aren’t working as productively as you could be. Working remotely in collaboration with others can be a time consuming and frustrating process. A conversation may start out in a meeting, be continued over the phone, trail into email and stray into text messages or WhatsApp. Tracing all of those ideas and contributions can be a time consuming affair (and when you run your own business, time is money). Fortunately there are many project management apps like Slack and Asana to allow collaborators to work together and communicate quickly and easily in ways that ensure everyone is on the same page.

Customer Relations Management (CRM)

Many larger businesses use CRM solutions to help them get the most out of their relationships with their customers but there’s no reason why small businesses can’t benefits from using CRM software. Even if you have a strong relationship with your customers, a good CRM can give you detailed data on customer behavior allowing you to spot and pre-empt buying patterns allowing you to bring individualized, hyper targeted offers and promotions for your customers. All small businesses pride themselves on their ability to go the extra mile for their customers but a good CRM will help you go even further.

VOIP

No entrepreneur wants to spend more than they have to on an essential function or service, yet whatever your business phone tariff, you’re probably spending over the odds on your phone bill. If your business necessitates making a lot of outgoing calls you will find that switching to VOIP (Voice Over Internet Protocol) not only saves you money but allows you better and more consistent service, reducing the risk of your profits becoming derailed by poor service.

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elliott

elliott

Ive been blogging now for 5 years on various sites for the love of knowledge share. I decided to start my own blog a few years back to share everything from tech to business news. Follow me on twitter for more.