The past few years have been pivotal in small business transformation. Online sales have risen fast and with umpteen tech tools at their disposal, local small businesses can now go global. With the use of website providers from Wix to WordPress, these businesses can have their own online presence. And third-party platforms like Shopify and Etsy allow the setting up of digital stores swiftly.
But there are many, many more ways that technology can help small businesses advance. Here we take a look at some of them, as well as technologies specifically meant for them.
How technology can advance small business success
Technology usage by small businesses can be the difference between staying in the same place and growing really fast. Here are some ways it can help your small business:
- Process streamlining: With automated payment systems, project management tools and shareable drives, technology has made doing business much easier. Even if you are yet to adopt technology usage as a small business owner, chances are you have already encountered simple but powerful tools. An example is document formats like PDF. It is superior not just to hard copy documents that can get lost or stolen but also to digital alternatives like MS Word. These are also widely used today as they preserve documents’ integrity, all while retaining flexibility. For instance, a PDF converted to an editable PDF can allow for changes to the document. These can also be locked in for future security.
- Tech adaptability: Technology on its part has advanced a lot to meet the demands of small business. A good example is instant chat options with customers, who are the lifeblood of any business, big and small. Ease and speed of communication can increase turnover and leave customers more satisfied.
- Growth through tech: small businesses who are willing to use readily available tools like Google Analytics to track metrics have a better shot at success. These metrics can help understand the products customers are most interested in, and who the active customers are, among others. As a result, a business can tailor itself better to cater to their requirements.
The example of the card reader
Today, 99.9% of businesses are classified as small businesses in the US. This leaves little doubt that technology will continue to adapt to them. Consider, for example, card readers. Gone are the days when cash usage was the norm. It started with chip and pin machines. And while they still have their usage for large transactions, for everyday purchases, a contactless card reader does just fine.
It is just the most convenient option, which can be used conveniently by small pop-up shops to taxi services. In fact, it is so user-friendly, that small businesses that do not use it risk missing out on business. On the other hand, some businesses do not even encourage cash transactions anymore. They do not risk losing business. Because times have changed, and it is also a customer preference to make cashless transactions.
There are also other advantages of using card readers. With all transactions recorded online as a result, it is easier to keep track of your incomings. This saves time since you do not have to manage cash every day, which avoids errors in the process. No trips to the bank are required and your financial position can clearly show up in the bank statement.
Embrace technology
The key takeaway from this article is to embrace technology as a small business. It cannot just help you as a small business owner to survive but thrive in ways you never thought of before. It can help you streamline your processes making financial management to customer engagement more effective.
But more than that, tools that offer customer insight can help you cater to their needs better. One example is payment method preferences. With customers increasingly engaging in cashless transactions, a card reader can be a handy technology tool for small businesses. So go ahead and embrace technology already!
