Business Technology: Innovation in Small Business

In an increasingly digitalized world, your business needs to take advantage of all the technological tools available. That’s if you want it to fulfill its potential, of course!

It doesn’t matter how small your business is; technology can enhance its growth and help it achieve its goals.

Read on for ways tech can help your small business, plus 10 examples of must-have technological solutions.

10 Ways Tech Can Improve Your Small Business

1. Better brand awareness
   If you’re not currently using digital ads, you’re only reaching a fraction of your potential audience. Although we’re not suggesting that traditional advertising should be entirely abandoned, digital marketing can be a more impactful and cost-effective way to increase brand exposure and build a loyal customer base.
2. Smoother customer service
   A one-off sale can turn into repeat business when you offer an excellent customer experience. These days, customers expect to be able to contact your customer service department in different ways. Sending a message on social media is often more convenient than making a call.
3. Streamlined accounting processes
   Technology can make accounting work less tedious, and digital tools can reduce the possibility of errors being made. When processes are automated, they can be carried out more quickly. If you’re currently paying an accountant by the hour, this could result in significant savings! By saving them time, you save yourself money.
4. Advanced and enhanced project management
   Modern organizational tools make it easy to track time, monitor progress, record deadlines, and allocate responsibilities. Rather than relying on individual reports, the right software allows you to enjoy at-a-glance updates across the entire progress. As a result, you’ll soon see where processes can be optimized, and you’ll have hard data to back it up!
5. Optimized operations
   It’s a smart idea to use technology to analyze your operations. A digital solution might be able to identify issues that were previously oversights, inspiring you to make much-needed improvements. For example, you could use machine learning to analyze your business’s financial history and uncover any problems.
6. Stronger security
   Every business has data, and data is arguably the most valuable asset that your company owns. That’s why it’s crucial to protect it. Of course, you might not expect anyone ever to target your small business, but it’s better to avoid an unpleasant surprise and protect your data using innovative technology.
7. Easier payment options
   It’s just good business sense to make it easy to buy your products and services. Thanks to technological innovations, there is now a whole range of diverse payment options. Your customers will find it convenient if they’re able to pay using their preferred method. The last thing you want to do is add an obstacle at the final stage of the sale!
8. Increased post-launch support
   These days, customers expect more and more from companies. Many businesses offer support after the sale, and technology allows them to provide that effectively. The advantage of investing in this kind of service is that you increase customer satisfaction and loyalty to your brand. If your competitors are offering this, you can’t afford to ignore it.
9. More data—and more useful data
   The right digital solution can be incredibly helpful in gathering and analyzing data. Modern businesses don’t run on human instinct alone; their plans are guided by concrete statistics. You can get the data you need to succeed by embracing innovative technological products and services.

10. The ability to operate remotely
    The physical presence of a business has become less important as a company’s digital presence has become more vital. You may not even need premises, so why not let your team work remotely and save some money on office space? Post-pandemic, there is an incredible range of tools available to facilitate this.

10 Examples of Must-Have Tech for Small Businesses

1. Cloud computing
   If your team is working remotely, each member can access the information they need thanks to cloud computing. This technology has been transformative in the business world because it allows companies to scale up more easily.

2. Payment methods
   We’re buying more and more items online, but security remains a concern for many buyers. You can reassure your customers by investing in secure payment methods. That way, they’ll feel more confident about buying.

3. Mobile applications
   Does your business have an app yet? Imagine the benefits for your brand if you were on the home screen of every customer’s cellphone! That’s why so many companies are rushing to develop their own.

4. Data security
   If you neglect to protect your data, you’re bound to regret it! There are legal reasons to invest in technology that keeps this asset safe. If there’s a leak, this could dissuade customers from patronizing your company.

5. Chatbots
   Do customers often approach your customer service team with the same questions? You could save their time by using a chatbot to handle basic inquiries. They’ll refer your customer to the right resources, and customers will still feel heard by your business.

6. Website Implementation and Enhancement Tools
   You may already have a website, but are you making the most of it? If it was built years ago, it’s probably already out of date. A terrible website can be more off-putting to the modern customer than no site at all! That’s why it’s worth investing in yours.

7. HR Software
   Okay, we already said that data could be your company’s biggest asset. If that’s true, then your employees must be a close second! Technology can help you retain and motivate your employees by identifying issues quickly and providing online professional development opportunities.

8. Drones
   It might sound a little futuristic, but drones are now a fact of life for many companies and customers. This may not apply to your business, but if you’ve been making expensive deliveries, drones could be a more cost-effective logistical solution.

9. Customer Relationship Management (CRM)
   The right CRM tools can help you understand your audience, strengthen your relationship with previous customers and identify opportunities to maximize sales. If multiple people are handling customer service, you can store all interactions in one convenient location.

10. Emails
    In a list that contains cutting-edge technology like drones, emails may sound incredibly passe. In reality, email marketing is still a highly effective marketing strategy if approached correctly. A successful email campaign can save you money on other digital advertising methods.

Technology is being developed and launched as we speak. It may feel like extra effort to keep abreast of these tools, but embracing digital innovations will be key to the success and sustainability of your small business in the future.