As a small business owner, you are not always in priority to keep up with the next trend in business and technology. You have finances to manage, a business to build, customers to attract, and employees to retain. This means that you have no time to linger about the hottest technology trends and gizmos.
For them to think this way, it is always a way. However, it doesn’t mean that their thinking is a smart business move. The most conspicuous challenge experienced by the small business owners is that they lack the workforce and funds that giant business companies have. Not keeping updated with the latest trends in business and technology can put them further behind since this solution are capable of analyzing and organizing business operations so that you can lay your focus on business and trends.
Let’s look at the four technology trends that contribute to the growth and success of small businesses.
- Customer Relationship Management (CRM)
As we all know, communication breaks or makes relationships. For the small businesses, the key to helping them sell better and faster is to communicate effectively with the customers. When you factor in the priorities in the list, communication is the most effective way of the sale of a small business. Without the communication in the company, you can miss out all information regarding prominent business opportunities.
This is the reason why small businesses need to implement the Customer Relationship Management (CRM) necessity to gain better access to consumer data and keep track of their interactions. Many CRM systems are helpful and affordable in the sense that you can gain access to all relevant information about your clients in a single place. A recent study also stated that businesses have admitted that this software piece is essential in a small business. CRM software has the capability to maximize profits by allowing business managers access customer information, manage sales representatives and sales pipelines, and analyze business metrics and performance.
- Network Security
Technology has also revolutionized the way business is done. However, it has also made a small business vulnerable to cyber-crimes. Small businesses are at the forefront of this danger. According to the McAfee study, most cyber-crime is directed to small businesses essence. According to the survey, less than 12 percent of small businesses protect their information access to data through the internet. Over 80 percent of small businesses don’t have security systems installed on their devices. Cyber security is now a top priority for small businesses considering the numerous occurrences of data breaches. For small businesses, it’s imperative to contact an IT staffing company to get assistance in implementing the cybersecurity systems in your business premises.
- Business Intelligence Tools
The business intelligence tools are the answer if you want to get to the most prominent solution in business every day. This is because they offer the capability to access analysis and data in real time. This also leads to high-level decision-making skills coupled up with quicker intelligence. While simple spreadsheet tools offer the needed assistance, it has no capability to manipulate options to help you see the bigger picture as a business owner.
- Smart Inventory Management
One of the significant reasons why small businesses fail is because of poor inventory management. According to a recent statistics from the State Reports of Small Businesses, 46 percent of small businesses fail to track their inventory. If you don’t track inventory some of your product will sit there for years. Small businesses, with a limited budget, need to think about stock as money. You would never leave your money on the store without spending. Bad customer service always emanates from poor inventory management. In this case, you will have large write-offs in the financial system.
Since the great economic downtime, small establishments and startups have been responsible for the addition of over 10 million jobs in the country. This is the time for small businesses to grow exponentially if they focus on technology to enhance business success while they don’t have to be at the top in following the latest technology trends, be sure to see if these tech tools offer solutions to your small business.
by: Sia Hasan