Technology is a force for good, no matter what the headlines might sometimes say. It’s especially powerful in terms of business development. No small business or startup should attempt to grow without using technology to their advantage.
When it comes to becoming more effective and getting your small business started, you can benefit from technology. Here are the five key ways technology will help your small business grow faster.
Technology has a huge impact on productivity. This happens in a number of different ways. First, you have a lot more technology apps that are directly aimed at improving productivity. Things like Slack and Trello can help a small business organise work better and boost productivity as a result. The majority of these apps support mobile and desktop versions which make it easy to stay on top of things at all times.
But technology also helps productivity by freeing time from mundane tasks to the more important ones. With automation in different systems, your employees can stop wasting time dealing with minor issues and focus on growing the business. Technology, like the use of human resource management software, frees time and allows productivity to grow.
Improves analysis and business development
Technology has also provided small businesses and startups with analytical tools. These can be used to improve business strategies and therefore, help the business grow faster.
Analytical tools are available in a range of sectors. You can use them to examine visitor and engagement numbers on your business website, using the discoveries to improve the system further. Analytical tools are also available to measure key performance indicators (KPIs) – you will know when you’re making sales, which services are draining resources and many more similar questions. Knowledge is always beneficial and technology has made it easier to gain it.
Enhances talent acquisition and management
For startups and small businesses, the most important thing is to find the right talent. If you have a group of people who all work towards the same goals and with passion, you can achieve anything. While small businesses used to be at a disadvantage when it came to hiring and keeping talent, technology has levelled the playing field.
Recruitment is now more effective and easier. Even after the hiring process is over, technology has made it easier to hold on to talent. This is down to improvement in management and how human resource management software can allow a more transparent nurturing of talent. The software solutions automate and streamline many management functions and remove pointless bureaucracy. They also provide employees with agency, which helps them feel more appreciated within the company. With happier workers, it’s much easier to grow the business.
Technology has revolutionised marketing. Not only are many traditional marketing methods obsolete in the face of digital marketing, but marketing has become more cost effective and wide-reaching. Even the smallest of startups can launch a targeted and specific marketing campaign that get results.
Marketing has also become less of showcasing your business but more about having conversations with your customers. Social media’s role in this has been instrumental. Businesses can engage their actual and potential customers easier and use their endorsements as marketing – in fact, technology allows your customers to market for you!
Surpasses collecting money
Sorting out your finances is among the key things small businesses and startups must do in order to grow. Technology has made this a breeze for businesses with web-based payment systems and software solutions. You do not have to rely or wait for the banks – customers can pay you safely and instantly online.
The great things about digital payment systems are the integrations with modern accounting software. You can often have different inputs and outputs appear instantly on the accounting system, saving you time and money in sorting out the books. The easier this process is, the more you can focus on making money rather than managing it.
Cost effective and beneficial
In the past, many small business owners would have listened to the benefits of technology and in the end, realised they won’t be able to enjoy them due to costs. But technology has become widely available and most solutions now are cost effective. They not only provide small businesses with savings, but they don’t even cost a lot upfront. This is often down to the use of cloud technology – when software uses cloud it can be scaled based on your business needs. If you need your human resource management software to cater a company of 50 people you can do that. But if your company grows to 200 employees, you can simply scale.
Overall, technology has opened more opportunities for small businesses. They no longer have to worry about growing enough to start investing again or take huge risks at the start. Technology has made running a business more fun!