How Technology Is Revolutionizing Small Businesses
It was never easy running a small business. Today, when small companies do not only have to worry about their local competitors but the big corporations as well due to the internet, it has become only more difficult. That being said, the internet and the new technologies have also made life easier for small businesses and their owners. Today, we will be looking at all the ways in which technology is revolutionizing small business.
1. They Can Compete
Just as the big business is creeping on what used to be their territory, small businesses are fighting back. Thanks to the internet and different avenues of selling their services or products remotely, small companies can nowadays do business with customers from half way across the world. For example, if a small software development company from Singapore is the right solution for a company from Sweden, no one is stopping them from doing the same kind of work a Swedish software development firm would do. Everyone is a customer in the modern tech world.
2. Marketing Is Cheaper
There used to be a time when small businesses could never hope to compete with the large players when it came to marketing. Buying advertising in papers and on TV and radio was just too expensive for most small companies, except on a very local level. These days, thanks to digital marketing, they can spread the word about their little company to every last person who spends their time online. Online marketing can be done successfully with very little money being spent, especially with content and social media marketing.
3. It Reduces Paperwork
One of the worst things about running a small business was always paperwork. So much legal stuff to worry about and then the taxes and then the internal paperwork. Not long after starting their companies, small business owners used to turn into paperwork machines, little more than accountants.
Nowadays, most of it is automated and done online. For instance, you can nowadays register a company without leaving your home, you can get surety bonds online, you can pay your taxes online, you can use a piece of free accounting software to do your books without spending days with innumerable folders. And so on.
This frees up a huge amount of time for small business owners who can finally concentrate on the more important things like introducing new practices and taking their companies to the next level.
4. Tech Makes Management Easier
Managing the people is one of the most important jobs in any company and small business owners used to do wing it, for the most part. They simply had no time to keep track of exactly what everyone was doing and this lead to wasted hours, expertise and money. With new management software solutions, even the tiniest companies can be run as efficiently as those that employ thousands of people. Business owners can now create schedules easy and make sure that everyone is fulfilling their tasks. Moreover, they have improved communication with their employees which leads to further benefits for the bottom line.
5. Everyone Can Work Remotely
In the past, it was unimaginable for a small company with people who are working from all over the world, from their homes. It was simply not possible. Nowadays, thanks to the internet and various tools that enable remote work, a company can have 10 employees, all from different parts of the world and working from their own home offices. This means that small business is no longer limited by what the local talent has to offer. For instance, if there are no other good coders in your small town, you can go online and find coders who need work from other parts of your country or even abroad. It makes for better companies and better business.
6. Better Efficiency
Above everything else, new technologies allow small businesses to be more efficient and to stop wasting resources. For instance, in the past, most small business owners made important business decisions based on their hunch and their experience. They would attempt to take a stock of the situation and then decide where their company should go from there. Nowadays, thanks to new tech and tools, they can use business analytics tools and discover a number of facts that can guide their decisions better.
With advanced employee and asset management tools, small businesses can also allocate their time and their resources better, ensuring that every penny spent is going towards making more money. Certain practices that are showing no results can be cut earlier and further waste of money can be stopped before it is too late.
It is all about being efficient and making sure that the small business can make as much money as possible.
Tech has definitely led to a small business revolution.