In the age of IoT, the integration of technology in the way a business is run is imperative. From business intelligence to marketing and everyday processes, technology is key. Unfortunately, technology can be overwhelming for some small businesses who can feel controlled by it instead of using it to take better control of their business. In this article, we highlight 5 ways that investing in technology can power your business’ growth.
1. Data storage
We live in a data-centric world. All our online interactions generate information which is recorded as data and insights which can be essential for marketing and communications. Today, the amount of data sent and received is massive. Just a decade ago, storing all this data would have posed a challenge for any small businesses. Dedicated servers were expensive and most small businesses would have seen it as an over-the-top investment. Now, with cloud technology, small businesses can have easy access to secure data storage facilities that hardly create a dent on the budget, making it one less thing to worry about as your business grows.
2. More cost-effective and targeted marketing
Pre-digital, marketing campaigns were the domain of businesses with huge budgets. TVCs, radio ads and print ads on mass media were for the ‘exclusive’ use of big brands. With marketing technology, namely social and digital marketing media, only the small business owner’s creativity separates its marketing activities from bigger brands and businesses. It is now possible for the small business owner to nurture customer intimacy, be seen as an authority in their industry or run targeted sales campaigns.
3. Measure progress
While sales remain to be an important indicator of a business’ success, it can be a retrospective measurement. After all, sales are but an outcome of several activities; for example, quality of the product, marketing activities, distribution and cash flow. To address its decline or boost its growth, a business needs to know where it stands on these activities. It was difficult in the past to measure them, but not any more. Most marketing platforms offer easy to understand insights into who is engaging with your content, while there is plenty of other customer-facing and content management software out there that can help you streamline and improve your day to day processes.
4. Processes at your fingertips
The growth of business apps and Software as a Service (SaaS) has literally put so many of the once-complex aspects of business management at the fingertips of small business owners. From receiving to making payments, planning rosters or responding to customer enquiries, affirmative actions and informed decisions can be made on the go. SaaS and business apps are great productivity tools, especially while your business is growing rapidly.
5. Profit management on the go
The pulse of every business is its cash flow, which is essential for a strong business strategy. Poor cash flow management can adversely impact your business’ viability, but with integrated accounting systems that handle everything from budget planning to making and receiving payments, as well as accessing your accounts in real-time, cash flow management and profit forecasting is easier than ever and can be done from anywhere in the world.
These might sound like nice-to-haves, but in actual fact, investing in the latest business technology is essential. After all, those who fail to keep pace stand to lose out. From business intelligence and strategy to digital marketing and more, connect with us at vLinkD to find out how you could utilise technology to bring about change for greater growth.