Surviving the Digital Revolution: 5 Ways Technology Changed Small Business

We should be used to technological innovation by now, the only constant is change. As time ticks on new advancements are made to make the lives of everyone globally easier, but did you know that these impacts have changed how you do business? Here are five ways that technology could make running your small business easier. 

1. Increased Efficiency and Productive 

Automation is something that has been seen in practice for quite some time, just look for the self-service checkout areas the next time you go to a supermarket. Take note of how many people use them, how quickly they are able to be seen, and the general user experience. While automation will never truly replace the human element, it has made some tasks much easier. It has allowed business owners to truly focus on running their businesses efficiently while allowing them to use their staff in the most productive manner for the business. 

The innovation of technology has also allowed entrepreneurs to manage their finances with ease while freeing them up by allowing them to take this power on the go with them through online services and apps. Some finance and payment apps will even allow you to set up an auto-payment on a preferred date so that you don’t ever have to wonder if you paid that bill or scramble to make a payment on time.

2. Improved Communication and Collaboration

It has never been easier to get ahold of someone than it has been today, technology has revolutionized the world of communication to the point where 31% of Americans say that they are constantly online. But how has this impacted your business?

Simply put, your business can now be run from almost anywhere in the world without any need to travel to meet your clients. Customers can easily reach out to you through email or phone, or even through a “contact us” section on your business’ website. Giving potential customers the power to reach out to you is only going to be good for growth and having open and visible avenues of communication for your business will never do you wrong.

Collaborative communication has also never been easier than it is in today's world. Tools like Slack have made communication in the workplace so much easier and one of the innovations that came with the COVID-19 epidemic was the increased popularity and access to video conferencing. The use of video conferencing has helped reduce the need for an employee to travel by around 30% as well as decrease total business travel overall by 47% which could help US businesses save a rough total of $11.1 billion. Money saved from travel expenses is money that can be left in your profits margin or redirected towards another aspect of your business to help it develop. 

3. Greater Flexibility and Mobility

With the COVID-19 pandemic and the increased popularity of video conferencing also came to the ability to work from home. Desk mates were traded out for furry best friends and the commute to work was replaced with extra time in bed or perfecting the art of making an omelet. 

In 2022 it was reported that 26% of U.S. employees now work remotely with 16% of companies stating that they are fully remote. It’s easy to cut costs for stocking an office when a majority of your workforce is using their own resources at home to perform their job. With fast internet speeds available from home, internal messaging services being easy to access and the overall popularity of working from home, anywhere can be the office. However, it is essential to note that in terms of business financing for your small business, most working capital and business line of credit options will require you to have a brick-and-mortar address for your business. 

With the ability to set your staff up from anywhere also comes the flexibility to meet the needs of your customer at a moment's notice. Technology is making it easier and easier to support your customers from any distance and support them when they need it most. Business deals can be done over the phone with paperwork being signed and sent digitally in as little as 24 hours. 

4. Enhanced Marketing and Advertising

Marketing has never been easier, and more competitive than it is today. With 31% of Americans being online constantly, utilizing digital marketing has become a must-have skill for any business. Technology has changed how we interact with brands, from email marketing to social media engagement. 

Email marketing provides you with direct access to your target audience and current customers through newsletters and blog posts. This process has become even easier as technology has advanced and companies like Mailchimp have arisen to help automate your marketing email process. For every $1 spent on email marketing, marketers make $42, equating to a 4,200% return on investment. This works further to enhance the communication with your existing client base while continuing to grow your partnerships. 

Having and maintaining a social media presence is core to enhancing your marketing efforts, it is one of the clearest ways to foster a sense of community among your client base while also providing you with the opportunity to engage with a mix of both current and potential clients. Although, there is a caveat with this in that social media trends are constantly changing. Hence, it is always of paramount importance to ensure that you are up to date with the latest trends to successfully utilize this technological advancement.

5. Access to Global Markets

As technology has advanced our world has become even more interconnected. It has never been easier to sell and ship products across the world than it is today. An interconnected world brings with it the chance to branch out and further develop your business in new regions while expanding your customer base. 

As previously mentioned, advancements in video conferencing have cut down the need for international travel resulting in less money being spent to create relationships outside of your current area of operation. Long gone are the days of planning international travel for a meeting that can now be scheduled in a few hours from the comfort of each party's office.

Innovate further with Backd

At Backd we have embraced recent technological advancements in order to provide an online application process that is fast and easy with all steps performed within minutes. Find out more about how we are harnessing the power of technology to fund your dreams faster or take 3 minutes out of your day to apply for the funding that you need. We can’t wait to work with you!