Technology makes it easier for small businesses to thrive. It allows them to be more flexible and cost-effective even before they profit from their sales.
Small businesses can take advantage of the ways technology impacts their operations. Below, explore ten ways technology impacts small businesses.
1. Virtual workspaces and remote collaboration
Virtual workspaces make it possible to collaborate from different parts of the world. Video calls, audio calls, email threads, and chat messages are just some of the ways this is possible. Because of this, employees can opt to work from home and still develop ideas with their colleagues.
With the development of apps and software today, it is also possible to do work while on the move. Desktops and laptops used to be the main devices doing all the work, but with portable tablets and smartphones, collaboration can be done from your home, the office, a coffee shop–and even while traveling.
2. Instant, real-time communication and feedback
Real-time communication is possible as long as you are connected to the Internet.
Gathering customer feedback through surveys can be done in-app or through email chains. It is more convenient than filling out a paper form at a store or gathering it through the mail. Today, most surveys only include one to three questions, which a respondent can answer in minutes.
Employees benefit from real-time communication since they can immediately receive additional tasks they need to do within the day. They can ask questions from their leaders and get immediate answers.
3. Flexible work hours and spaces
While many offices are still mulling over implementing flexible hours, many start-ups and small businesses have already chosen this option.
With technology making it possible to communicate in real-time, any hour can be a potential work hour.
Employees can choose when to start and end their work time. Colleagues who work in different time zones can collaborate and finish a project without worrying about the time.
Some companies employ meeting a quota, such as working for certain goals a day or finishing assigned tasks instead of clocking in from 9 AM to 5 PM.
4. Increased productivity
Automation is one of the best things that technology offers its users. Small businesses that usually lack the workforce and specialization to process and store large amounts of information can now thrive using specialized software.
Basic knowledge of spreadsheets can allow business owners to collate customer information. They can generate tables, charts, and graphs for further analysis within minutes.
Productivity apps to help enhance employee performance include alarms and timers, creative to-do lists, and work-progress trackers.
5. Improved project management and presentation
Technology is used not only for efficient data collection but also for flexible data presentation.
If you plan to present a business proposal to potential business partners, some applications allow you to use pre-made artistic templates to promote your products. These provide visually engaging material to hook clients or partners onto your ideas.
If you work with a team, you can also use a synchronized calendar to keep track of tasks and task delegation. This strategy can instill a sense of responsibility in employees because all tasks and corresponding deadlines are posted for all to refer to.
6. Reduced costs
With working from home becoming the new norm, offices no longer need physical spaces. Even in the case of some companies still renting small working hubs for employees who prefer to work outside their homes, there is still a significant reduction in operating costs.
Many beginning small businesses can work with a small team under a fully remote setup. They can use open source software or accounts before switching to platforms requiring business usage subscriptions.
7. Easier training programs and implementation
Since workers are becoming increasingly computer literate, small businesses can create virtual training sessions and on-site programs for their employees. Technology has also made it possible to view these training programs asynchronously.
Quizzes, comprehension checks, and diagnostic tests can accompany these programs, speeding up their administration and completion. Faster completion of programs leads to learning skills faster to benefit the business immediately.
8. Expanded brand reach and customer base
Technology allows small businesses to thrive across borders and reach different customers. Even marketing research on new customer profiles can be done online or with a team member from a local region.
Advertising, marketing, and connecting through social media resonates today with more and more audiences.
Increasing your brand's visibility in social media can lead to tremendous growth in sales and customer bases. A single post can reach various customers with likes and shares. You can also create pages for people to follow your content.
9. Outsourcing
Small businesses often lack human resources in handling specialized tasks or using specific products.
Outsourcing is a great way to gather people who can do specific tasks for you. The Internet is filled with people who look for clients for different projects.
Normally, the more specific a project or task is, the fewer people there are to complete it for you. You can take advantage of this if you only need a person for a specific kind of task once.
For example, you only need accounting services once a year for tax breaks. Outsourcing lets you hire an accountant for only a specific period instead of a whole year. You can also hire different consultants for different specific projects.
10. New threats
Although technology is advantageous, security threats come with technology's perks. Cybercrimes can cost small businesses millions if not addressed properly. Many businesses do not employ any strategy to improve their security until it is too late.
Any data is appealing for hackers regardless of how unimportant you think it is. It is important to have backups of your data in the event of data theft or loss. Never share sensitive information online, and make sure you are always connected to a secured WiFi network.
Conclusion
Technology has changed the way small businesses thrive and operate. It has brought various advantages for employees and business owners through flexible work hours, real-time communication, and increased productivity.
The increasing use of technology has also opened the doors to serious security threats. Still, the pros outweigh the cons.
Stay constantly informed about developments in technology. You may yet find that, for small businesses, technology is indeed an amazing tool. Knowing its impact on small businesses helps you decide how much of it you would use for your enterprise.
