The business and finance world have experienced massive disruptions since the advent of modern technology. The financial industry has changed, with more value being added day after day because of the consistent innovations being made by techies. In the world today, any entrepreneur who wants to have a chance to make profits in the finance industry has to incorporate technological factors into his/her business.
Small and medium businesses have better chances of enjoying a piece of the market share in their respective industries because of technology. These firms, partnerships and one-man businesses make use of personal computers armed with VPN privacy, printers, cloud storage and a host of other tools to keep their trades running. Technology can have varying effects on a business based on the plan the entrepreneur has for the business, the utility of the product or service being offered, and the fluidity of the business framework. Let’s see below how technology has shaped the way we do our business.
1. Increased Teamwork and Sharing of Ideas
Because of technology, small and medium businesses now find it easier to get an insight into what customers want that could increase profits. For a businessperson to conceive an idea and put it into motion to reach fruition, the opinions of workers, customers, and business clients need to be taken into consideration. Technological advances in the form of electronic mail and chat applications have made communication between human business components simpler and swift.
There are also applications that help track management programs, business projects, and share updates to team members like Zoho. Instant modes of communication like these help SMEs disseminate information quickly and efficiently regardless of the locations of team members.
2. Remote Work
The advent of modern technology has afforded small and medium business owners the ability to hire anyone in the world regardless of the location. Online freelancing is fast becoming the norm among university graduates because it involves little to no stress and saves time that could have been used up during commuting to and from a workplace. Online freelancers also enjoy the ability to work at any time of the day or night.
Remote work has eliminated the major issue of visa processing between countries for SMEs. It also affords these firms the ability to choose from a large talent pool across nations or regions.
3. Sale of Commodities Online
Technology offers small and medium enterprise owners the option to cut costs like warehousing pertaining to the sale of goods. A lot of customers are shopping online for jewelry, gifts, electronics, clothing, and small business owners can now set up shop online for a few dollars. The creation and maintenance of a website could cost as low as $30, saving entrepreneurs thousands of dollars in renting space.
The importance of technology in our world cannot be stressed enough. How can small and medium business owners tap into the numerous advantages that tech has to offer? Here are some tips that businesses can follow to stay ahead of the curve and conveniently compete with other firms in the long run.
4. Adapt to the Ever-Changing Market Conditions
It has never been more crucial for SMEs to clinch onto new forms of technology. Entrepreneurship that has ignored them in times past lose customers and clients in the long run, leaving them to think about the dominant market positions they could have reached and/or maintained. Research has shown that companies that consistently adopt new technology have recorded faster levels of growth than businesses that don’t.
39% of SME owners believe that the adoption of new technology would be crucial to their firm’s continuance in the years to come. 33% also acknowledged that new technologies were consistently tried to fit with their business plans. Basically, this means technology is quickly being recognized as a tool to propel a business into new profit levels as it affords companies the capability to complete operations in a simpler and quicker way.
5. Be Available
Companies are now able to work flexibly with their employees and clients due to technological innovations. A firm that has a remote workplace or makes use of cloud technology for its employees can afford workers the opportunity to complete tasks from home since company data would be available to them regardless of their location.
An entrepreneur’s work hours go beyond the conventional 9-5; businesspersons constantly need to be at alert to respond to impromptu situations that might come up about work. Video chatting technology in the form of Skype and other similar applications ensures a business owner can access meetings even while being in another location. A framework put in place for remote work would help proper a firm to greater heights.
6. Work Smart
The quicker certain business tasks pertaining to your company are completed, the more time gets freed up for you to attend to more important issues. Technology gives us the opportunity to make use of online banking to complete financial tasks instead of heading to the bank. It expands reach through the use of web advertising by targeting the right potential customers. You can advertise on websites that write on stuff related to what product or service you offer and have the right niche of potential customers.
You can also make use of tracking services to let your customers know the state of their orders. Clients love increased transparency in transactions.
7. Improve Communication
The communication flow between a business, its employees and customers should never be a problem at any point in time. Technology has ensured greatly reduced costs during communication. Video chatting platforms use a lot less money than calls. Also, customers who need information about a particular product or service should be able to contact a customer care agent for help. Chatbots for websites help ensure that questions from customers can be answered 24/7.
The business world today is highly competitive and demands a lot from entrepreneurs due to changing trends in technology and markets. Trying to ignore them and not implement them could mean the gradual death of a business especially as competitors could latch onto them. The best option is to welcome technology and use it for your own ends. Some of the ways this could be achieved are by creating a work environment that could be accessed remotely, improving business-customer communication, and the usage of technology to complete tasks swifter.
One who adopts the required technology only can flourish in the modern era.