Despite the wide-spread of computing devices and the internet, many businesses still shy away from using technological tools and web-based services in their operation. One reason for this is the false perception that modernizing business processes is costly and difficult to adapt to. The truth is that the efficient use of technology can increase your business productivity, reduce your operational costs, and give your business leverage and competitive edge. Here are more reasons why your business should implement the use of technology as soon as possible:
Technology Automates Business Processes
A lot of software and technological tools are now able to perform tasks that used to require a human workforce to accomplish. The benefit of software is that it saves costs and reduces manual errors in business. For example, by using a software application such as Office 365, businesses no longer have to hire a bookkeeper to keep track of their profits and expenses. With other packages associated with this software, automating business processes does not cost much either.
Technology increases Speed and saves Time
Small businesses compete with large businesses by being more swift and agile. Additionally, a small business can respond to change faster than a large business. A hundred years ago, electronic mail did not exist, and the only way to communicate with someone else in another geographical location was by postal service–the farther away your client or supplier, the longer the communication took. Today, with the advent of information technology, information is shared at an astounding rate. This saves time, offering the ability to make decisions faster.
Technology Reduces Business Cost
Many businesses are wary of modernizing their business operations for fear that utilizing technological tools can cost them a lot of money. In fact, using technology will do the exact opposite. Does your company spend a lot on communication? You can use email to send messages to your business contacts. Sending emails is free and they arrive much faster than when you send your business correspondence via courier.
Your phone bills can add up if you frequently place long distance calls to customers and business partners. Businesses can actually make and receive ‘free’ long distance calls using services such as Skype. If your business still uses traditional phone and mail systems, you will end up spending more on communication in the short and long-term.
Technology Optimizes Marketing Campaigns
Many businesses spend a whole lot of money to get their brand featured on TV and in print. Companies with bigger advertising budgets such as the multinationals therefore have an edge over competitors (SMEs) that can’t afford the cost of media-based marketing. With a bit of help from the internet, Small and Medium scale businesses (SMEs) can make good use of the power of search engines and social media marketing to give their business a boost. Instead of paying for costly print ad and TV time slots, your business can set up a website that you can optimize for search engines. By employing best practices for search engine optimization, potential customers can easily find your website when they search online for the products or services that you offer. You improve your chances of selling if you have a well-designed website that is also SEO- optimized.
More businesses are also using social networking sites for marketing purposes. Unlike traditional advertising, the cost of marketing campaigns on Google and Facebook is often dependent on your budget. Because of this, you can take advantage of social networking to expand your market reach without compromising your company’s financial situation.
Let’s pen it down here and take that bold step towards modernizing our business. Remember, if you must succeed in business as an SME, you must take STRATEGIC steps that will minimize your cost of operation and the number 1 of them is GOING DIGITAL!
Till we meet in the next edition – Keep modernizing your business.