A survey by Deloitte found that out of 1,000 small businesses, 99% use at least one digital tool in their day-to-day business operations, according to smallbizgenius.com. Today’s business leaders are using technology to integrate and automate operational processes, with the ultimate goal being to streamline workflow, cut costs, and increase production time. For example, the use of payroll automation systems can transform your business by reducing human error, saving time, and effort.
But the use of technology in business is not all about automating processes. In fact, successful businesses leverage technologies to increase success. Here are 5 ways technology can boost small business growth.
Provide Better Marketing Strategies
Small businesses have limited marketing budgets, which is why they have a difficult time reaching existing and new customers using print advertisements. Naturally, the lack of a strong presence in the market can lead to slow business growth or even failure. Fortunately, startups can create brand awareness using cost-effective digital marketing strategies, thanks to technology.
Regardless of the size or market, small businesses can use social media marketing, pay-per-click ads, email marketing, and content marketing. For example, you can increase visibility and attract potential customers by creating a user-friendly, mobile responsive, and optimized website. In this digital age, consumers turn to the internet for information before making a purchase decision. So when they find valuable information and quality products on your website, they are more likely to do business with you.
Business growth depends on several elements, such as providing high-quality customer services, reducing operational costs, and maximizing profits. To achieve these objectives in the age of technology, you need productivity software such as Trello, Asana, Todoist, and Toggl Plan. Digital tools increase efficiency at the workplace by helping employees to stay on top of their daily duties.
Office productivity apps also provide visibility for management to track progress. For example, time tracking software helps business owners to track tasks and evaluate those that generate revenues within a specified timeframe. Tracking progress is an excellent way of identifying processes you can outsource, combine, improve, or eliminate to speed up business growth. Planning tools like Calendar, are also essential to ensure you stay organized, set, and accomplish your objectives within specific deadlines.
For any business venture to grow successfully, employers and employees must collaborate through effective communication. This is why successful small business owners are turning to technology. The ever-evolving tech advancements provide a variety of useful tools for business communication. While telephone calls are still a viable option of communicating, modern businesses can now hold meetings remotely using apps like Skype, Zoom, Google Meet, and Slack. These tools are efficient and less expensive for both internal and external communications. Additionally, with cloud computing tools like Google Drive, you can create, store documents, and then share them remotely. This way, you and your employees can collaborate from anywhere in the world without facing any barriers.
Protect Business Using Web-Based Insurance
Managing a small business comes with inevitable risks that may slow down growth. For example, natural calamities could destroy business property, or an employee could get injured. In some cases, a client might file a lawsuit for a contractual breach. All these risks lead to financial implications and could ruin the reputation of your company. That is why carrying business coverage is vital for staying afloat when mishaps occur.
However, obtaining insurance for your small business the conventional way can be time-consuming and expensive. For every business owner, cutting costs and maximizing time for enhanced productivity is a top consideration. With this in mind, you can leverage technology to access small business insurance online. Besides being cost-efficient, buying coverage policies online is convenient. There is zero paperwork involved, and you can personalize your insurance plan based on your company’s needs.
Create a Memorable Customer Experience
Creating memorable customer experience is fundamental for the sustainable growth of any small business. When you meet the needs of customers, they become loyal and even brand ambassadors. And since modern customers want the entire purchasing journey to be memorable, it is wise to implement technology in business processes.
Advanced technology like virtual reality can attract the attention of consumers because it offers a sensory experience. The opportunity to engage with a brand on a personal level makes consumers feel compelled to make a purchase and recommend others. Other technologies enhancing customer experience include chatbots, Artificial Intelligence, programmatic marketing, and the Internet of Things.
Adopting technology in business was once considered a luxury, but now it is vital for the growth and success of a company. When used right, technology saves time and effort, improves customer services, and enhances your company’s security. Because tech tools allow you to automate processes at a lower cost, you can cut operational expenses and maximize your profits.