Small businesses are the backbone of a country’s economy and helping them reach their potential is extremely vital. Technology enables a small business to work more efficiently in many ways; whether it is by collaborating with teams via video conferences or managing finance through various softwares and applications. Technology helps businesses in achieving their goals systematically and effectively. Here, we will talk about the ways in which technology helps small businesses:

 

Team collaboration

Team collaborations through software and applications help businesses operate efficiently. Your business no longer needs to keep hundreds of documents or spreadsheets and email them in order to get feedback from colleagues. With online tools such as Google Docs and Spreadsheet, businesses can enable multiple team members to work on and review documents simultaneously and save time. Also, business owners can expand their knowledge as well as their workers knowledge through online training platforms, instead of conducting rigorous training classes.

Other technological modifications such as Slack allows businesses to conduct separate conversations into a single channel for easy access and efficient team management.

Meeting customer needs

Customer satisfaction is a vital part of a businesses’ success. Web chat software and applications can help small businesses reach out to potential customers in an automated but personal way. Your business can help a customer and address their queries through video calls, messages or emails. Such online platforms help solve issues thoroughly and quickly, ensuring customer satisfaction. Moreover, online surveys about the businesses’ products help entrepreneurs know specifically what types of products their customers like and dislike. Such type of customer feedback is paramount to a small businesses’ success.

 

Targeting your audience

A business can benefit greatly from social media channels and online search engines to target various segments of their audience. Apps like Facebook and Instagram reach out to thousands of people and by targeting your specific area, you can easily reach out to your customers without having to do numerous advertisement campaigns. Also, Google helps businesses in targeting their audience by an algorithm that uses demographics and keywords to target people of specific areas. This allows businesses to offer valuable information to their audience segments. Unlike, television and print media advertisements that target a large audience with a general message, online display and social media platforms lets businesses cater to what their audience is looking for.

Financials 

Technology makes financial planning more efficient. Online invoicing services reduce the costs of collective payment from customers. Also, online budget tracking keeps your expenses in check ensuring that your business does not overspend. Moreover, comprehensive accounting software and applications reduce the costs spent on manual bookkeeping and helps in keeping track of a customers’ credit payment schedule. Online bookkeeping also prevents from customers committing fraud and ensures that payments are made in full, on time. 

 

Conducting business online

While many businesses serve their customers in person, some businesses have established online services. It is quite interesting to note that many start up businesses begin from an online store, and gradually open physical outlets in various areas. Conducting businesses online, especially for a small business, is beneficial because it saves a lot of costs such as rent and electrical bills etc; such cost-effectiveness ensures steady profits. E-commerce stores also allow a business to reach a larger and more diverse market outside of their demographic, which can be helpful particularly for a niche business.
Running your business online isn’t limited to only making sales. Technology enables a business to book consultations and service appointments through calendar tools integrated within their websites. Therefore, technology can help small business owners to control limited capital in smarter, more effective ways.