5 Ways Technology Can Benefit Your Small Business

Today’s business technology continues to have a profound impact on the world. It has played a significant role in the tremendous growth in trade and commerce that we are currently witnessing. Modernization of IT infrastructure yields innovative solutions that enable small businesses to realize their full potential.

The future is bright for companies willing to embrace change, from Infrastructure as a Service to high-speed internet to cloud technologies.

The advantages of a technology-driven strategy for businesses are clear. Technology creates low-cost solutions to problems that businesses of all sizes face, enabling growth and business success.

Adapting to the world of technology is critical for any business, but it is especially critical for small businesses. They frequently lack the funding and established brand reputation of larger competitors, making the first few years feel like a battle for survival. Almost half of all small businesses fail within five years.

Here are some advantages of business technology solutions:

• Automation and Productivity – The adoption of technology solutions for business allows small and medium-sized enterprises to run as efficiently as the larger corporations. Tapping into the benefits of high-speed internet and automation software allows for better handling of vital tasks. Automation tools can enhance your digital presence and engagement with your customers.
• Increased Revenue Streams – Technology solutions for business allow executives to generate new sources of revenue for their enterprises. The creation of e-commerce stores enables sales teams to target a broader customer base. In 2019, consumers spent over $601.75 billion with U.S. online merchants, up 14% when compared to 2018. Businesses are also tapping into the wonders of SEO and PPC marketing to generate more leads and revenue.
• Financial Savings – Business and corporate executives are adopting Infrastructure as a Service, outsourcing most of their IT solutions to consultancy firms. The managed services market was valued at approximately $170 billion by 2019. Communication solutions such as video conferencing and VOIP enable businesses to save on travel costs and accommodation. Cloud services reduce data storage costs. Automation reduces the need for surplus staff, saving on labor costs.
• Better Customer Experience – Intuitive web designs can help streamline your operations on the first point of contact with your potential clients. Automated tools can enable customers to book appointments and consultations. IFTTT systems help address customer issues at any given moment. These technological systems can help build consumer trust and brand image.
• Simplifying Tracking – 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.

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. There are endless possibilities for small enterprises that enhance their IT blueprint. The benefits listed barely scratch the surface on the potential of adopting technology solutions for business.