The benefits of a tech-driven strategy for businesses are clear. Technology creates affordable solutions to the problems enterprises of all sizes face, enabling growth and business success. According to a Gartner survey, 56% of CEOs say that implementing digital improvements has increased their business’s revenue.
Adapting to the world of technology is crucial for every business but can be all the more important for small businesses. They often don’t have the funding and established brand reputation of bigger competitors, making the first few years feel like a fight for survival. Nearly 50% of small businesses don’t last five years.
Technology can make a significant impact by offering entrepreneurs a competitive edge. In crowded industries where small businesses are fighting to stand out, technology empowers them with the tools they need to survive and thrive.
How Technology Can Benefit Your Small Business
We often hear about the benefits technology can bring business owners. Here are a few for consideration:
Collaboration can be incredibly difficult, particularly with the disruptions of the last several years. But in every business, collaboration is necessary for long-term success. Digital technologies such as project management software or enterprise communication platforms allow businesses to collaborate effectively.
These software solutions can enable asynchronous work, where people who aren’t together can work effectively towards a common goal. They also serve as central hubs where files, project updates, and results can be tracked and shared.
Efficiency is everything for small businesses, where budgets are lower and entrepreneurs are often overwhelmed due to a lack of time. Using collaborative technology tools can increase operational efficiency by up to 130%.
Technology can streamline key processes as businesses are less segmented. Many tools save time, with software like a Customer Relationship Management platform automating tasks for less hands-on work.
Driving Positive Customer Experiences
In every industry, the customer experience is king. Customer experience dictates whether or not your acquired customers will continue to frequent your business, and providing a positive experience is crucial to business growth.
Technology enables businesses to improve customer service by opening communication with customers. Companies can keep customers in the loop with custom or automated messages, collect data to ensure a positive experience, and offer more accessibility with 24/7 digital service.
Reaching More Customers
Marketing outreach is how businesses grow, and technology has changed the marketing industry. Small businesses used to rely on newspaper ads or billboards on the side of the road. Now, they can grow their business through much more powerful mediums.
Social media marketing, whether influencer marketing or social media ads, empowers businesses to connect with a targeted audience. Digital marketing often costs far less than traditional advertising while yielding bigger results.
Small businesses have a lot to keep track of. Every dollar they spend should be purposeful. In the past, they’d have to hire bookkeepers to oversee their results, but now technology enables businesses to stay on top of their spending.
Invoicing, accounting, and reporting software can arrange information into easily understood charts. Now, businesses can use technology to oversee their spending and its results to ensure they use their money wisely.
Learn the Skills Needed to Understand Modern Technology
Implementing a tech-driven strategy is an impactful way to grow and scale a business. Mastering the many technologies that can provide a leg-up to businesses takes time and effort, but entrepreneurs must ensure they invest in these strategies.
At the Henry Bernick Entrepreneurship College (HBEC), present and future business owners connect with qualified business and academic staff with experience utilizing various technology solutions. Contact us today to learn how we can teach your business how to harness the value technology provides.