For almost a decade, technology has been a critical part of the business world, and it’s only getting essential as time goes on. Hence, early adaptation to smart tech solutions are critical for business owners to survive in the competitive market.
Small business owners are starting to use tech solutions to boost their work productivity and minimize redundant tasks. It’s becoming more evident that companies investing in this tech improve their bottom line, ultimately saving money and focusing on marketing activities to grow their brand.
Although technology can be costly to implement for small businesses, there are still some ways to save money and reap the benefits of using such new technologies. In this post, let’s explore the number of ways technology can prove to be cost-effective for small businesses.
Table of Contents
Cloud Computing
Recently, cloud computing has become a prominent solution for business and personal users. This solution allows you to store, access data and programs over the internet instead of your local drive. Hence, it helps users access this data keeping them mobile, so long as they have an internet connection.
For example, Google Docs lets you access, create or edit any document through your laptop, tablet, or mobile phone over the internet. You can collaborate on a document by allowing users to work on the same file, so long as the user creating the file has a Google account.
Did you know?
Google Docs runs on a server located at their self-hosted database that’s integrated with worldwide data centers.
One of the major advantages of using cloud computing is the reduction in infrastructure costs for your business and easy access to scalability. You can scale your resources up or down at any time depending on how much traffic hits them – so you’ll be able to save the money (on hosting) when there’s the traffic is low on your website/web store.
With web-based project management systems, you can have professionals manage and organize the technological front of your business. Thus, you’ll be free from hassles like installations, upgrades, or repairs, resulting in tremendous cost savings as there you won’t need to hire technical experts.
Increasing Brand Reach
In today’s brand wars and competition, your adaptability in integrating modern technologies with your business may be your only saving grace. Startups need to capitalize on new opportunities and opt for international funding to jump onto the digital transformations bandwagon.
Using the right solutions can be incredibly cost-effective to maximize your brand’s exposure instead of relying on traditional marketing. We see this more evidently post-pandemic where most businesses underestimated how well digital marketing works and shifted their brick-and-mortar business model to a digital store.
Digital ads have more significant potential in impacting sales and should get some attention due to their quality lead generation. Compared to billboards and TV Ads, digital ads such as Google display ads are more customizable to target a niche group based on age, sex, gender, country, and even the type of device they use.
Organized Accounting Processes
If you’ve got a call from an accountant asking for more information about some transaction in recent months, then it’s time to shed your old accounting methods. With modern technology at our fingertips, your accountant can organize transactions smartly and efficiently with a few clicks of a button.
Accountants have access to word processing tools and specialized software, reducing the margin-of-error in most calculations. Hence, these solutions are more efficient when forecasting and analyzing transactions.
You can also benefit from using these more innovative solutions as you’ll focus on areas that need more work instead of redundant tasks. For example, you’re too busy with the tedious aspects of your company’s finances and might miss out on improvements for improvement opportunities.
Opting for Better Security
It’s not just the big fish corporates that need to worry about security, as small businesses are also in danger of having their customer data compromised. Furthermore, these companies have even lesser resources to control the damage or fight off lawsuits.
Web hosting solutions today provide features like data encryption and security protocols as part of their subscription package. Opting for these solutions can take a big chunk from the business expenditure budget. However, it helps avoid significant data breaches.
Cloud-based solutions have frequent updates to upgrade their anti-malware software, plugins, and extensions. This safety protocol reduces the chances of any tracking bugs being installed in the hardware.
Multiple and Diverse Payment Options
You can significantly improve your sales by giving your customers more options to pay for your products. Some of these payment gateways open your business globally, but you’ll still have to consider logistics if you wish to ship across borders.
Since you can now opt for multiple payment methods for your digital shop, this means you may have a lasting impact on your competitors. You’ll have to create your website using the sales and marketing funnel principles. You will also want to monitor it through tools like Google Analytics and Mixpanel for customer conversion and acquisition leaks.
The Power of Remote Operations
The rise of innovation and the recent pandemic made it possible for businesses to operate virtually. Thus, these businesses save on operating costs on physical space and invest in communication tools like Zoom, Microsoft Teams, Slack, and project management tools.
The rise in a wide array of apps and tools that help organize and reduce redundant work has led to a higher workforce synergy. Hence, job hunters ask questions regarding the candidate’s work ethics, personality, and whether they’re team players or leaders. So if you’re opting to work on a remote or a hybrid business model, you should consider adapting to new recruitment methodologies to have complimenting personalities in your workforce.
Final Thoughts
Small businesses are often faced with the challenge of balancing their expenses between technological investments or adapting cost-cutting practices. Unfortunately, you can’t have your cake and eat it too, and the same can be said for investing in tech for business efficiency without breaking the bank.
Some small entrepreneurs may be hesitant about paying for cloud computing services or accounting software because they’ve already invested in equipment for their office operations. However, these tools can save money and organize processes in the long run.
