Technology is becoming a major factor in every startup business. The last two decades have marked an enormous increase in technology use in business. Through advancement in technology in computers and the internet, small businesses are contributing more to the economy than in the past. Technology has made it easy in processing daily business activities and routine tasks. Technology has tangible and intangible benefits in a small business that affect the culture, relationships and efficiency of an enterprise. New technology has boosted the security of small business by offering secure confidential information and trade advantage. Below are the benefits of new technology to small businesses.
Effective customer communication
Technology is critical to a firm’s ability to communicate with client effectively. Small business growth capability is determined if its employees can effectively interact and sell its agenda to clients. Web sites allow customers to find a company’s information quickly. Technology has enhanced faster shipment of products allowing the business to cover larger geographic areas.
Good customer –business communication translate to faster growth. With social sites, the company can market their services to a large population more quickly and conveniently. Good communication creates good public image hence attracting more customers.
Efficient communication improves customer trust to a company. They can get feedback on their services or products from the customers directly without involving expensive paid surveys. The business can, therefore, improve its products to compete favorably in the market.
A successful business needs to have a keen following of its financial transactions. New technology has made it easier for business to track their expenditure and income faster and accurate. Inventory technologies play a critical in helping warehouse companies to manage costs of products storage.
Advanced technology saves small business precious resources as time and physical space. It’s now possible to meet clients and hold meeting with investors on the internet than personal meetings. Businesses can keep track of their employees and saving wastage of resources and duplication of roles.
Technology is a great equalizer for large and small business. Irrespective of large pockets for larger companies, small firms also have the opportunity to utilize technology to reach the same target market. Large companies are struggling to pay good customer service; small business has the advantage to provide similar services to their customers at a lower cost using technology.
New technology provides an excellent platform to combine core marketing, sales and customers service function. These functions are the core determinant of a company’s operation efficiency. It enables businesses manage operations efficiently and update them regularly whenever the need arises.
Technology helps to keep errors in check. Some mistakes can be expensive for a company. They can cost both money and customers. New technology ensures a smooth operation by checking for financial errors, defective products, and data errors.
Several businesses are subject to threats and vandalism currently. The new technology offers small business the ability to protect its resources, financial data and confidential information that makes the company competitive. It allows business to keep their ideas away from their competitors. Computer passwords and data encryption ensures that small business forthcoming projects are safe from assessment by competitors.
In general, the growth of small business in the market is expanding the economy of the country. New companies are creating more jobs for the unemployed. The technology advance like the internet has created a platform for starting many businesses. The economy is getting more diverse from the traditional investment companies to online firms that offer the same service but require fewer resources.
The main challenge in starting any business is capital. With many startup business lacking securities and guarantees to access business loans, it becomes even harder for a company to grow. Advance funds network provide available credit for small business to invest in technology. Unlike other financial institutions AFN fund small business with less stellar credits and have collateral security.
Advanced funds network offers up to $10 million business loans for capital with no requirements in upfront fees or obligations. They take a short time to process business loans, and their funding is not determined by the financial ability of the enterprise. They fund original ideas meant for business expansion.