Technology Brings Growth Opportunities to Small Businesses

by Gloria Martinez [Womenled.org]

It’s no secret we live in a data-driven world. However, many small businesses are surprised that technology can not only enhance what they do in a variety of ways, it opens a world of opportunities for boosting growth and income. Read on to find out how your company can create growth opportunities and benefit from today’s technology.

Broaden your business’s scope

Would you like to offer more products without adding to your overhead or storage needs? Consider adding drop shipping to your small business’s repertoire.

Think in terms of offering products that supplement what you’re already doing. For example, custom coffee roasters can dropship mugs and books, travel agents can offer swimwear and sunglasses, security companies can sell drones and other electronics.

Explore some of the hot products available which could broaden your business’s scope and bring growth opportunities.

Simplify sales

Do you partner e-commerce with a brick-and-mortar store? Total Retail explains there are ample benefits for businesses that do, since an e-commerce site means customers can engage 24/7, and the in-person experience allows them to touch, try on, and test drive what you offer.

Of course, the last thing you want is to have your inventory off-kilter because of poor integration, but there are technological tools which mesh in-store and online sales seamlessly. Not only that, well-designed systems can generate data for cost analysis, helping you compare sales and labor with the click of a mouse.

Prevent lost data

After winning customers to your store, the last thing you want is to damage your reputation by losing their data. What’s more, Inc. points out lost data can actually lead to your company shutting down, which happens to 60 percent of small businesses following a breach.

This is where a data loss prevention plan comes in. Digital Guardian explains that these plans can help you out in the event you experience an accidental data loss, whether due to hacking or just hitting the wrong key. Not only that, it helps your company remain compliant, so you don’t need to worry about violating regulations and getting heavy fines, or worse, shutting down.

Promote positive vibes

While a damaged reputation can be trouble, the opportunity to connect more fully with your customers can be a boon. Thanks to social media, Forbes points out https://www.forbes.com/sites/allbusiness/2018/03/27/10-expert-social-media-tips-to-help-your-small-business-succeed/“>you can enhance your outreach to customers, engaging with them and fostering a more personal relationship. It’s a great way to generate positive feelings and faithfulness. What’s more, by offering things like giveaways, questions, and contests, your responses keep your company in customers’ minds and keep your posts showing up in their feed.

Beyond social media, there are other important ways technology can benefit your customer relations. You can keep shoppers in the loop about new products, awards your company wins, or other key achievements through newsletters and emails.

There are plugins and apps to boost communication as well. For example, you can send customers price alerts and back-in-stock alerts for products that interest them. Some apps will even analyze your customers’ shopping habits, then send them emails tailored to their preferences. And of course, there are interactive chat box widgets available, allowing your customers to learn more about products and ask questions, day or night.

Talk with your team: online collaboration

Are you seeking ways to promote better communication and improve productivity within your team? Business News Daily suggests dipping into tech tools that enhance collaboration. You can raise the bar with things like video conferencing, file sharing, webinars, and scheduling tools. Whether you want better instant messaging, screen sharing, or to connect with team members from both near and far, there are numerous options to keep everyone on the go and in touch.

Technology is reshaping our world, and it makes sense for small business owners to take advantage and create growth opportunities. Look for tools that not only broaden your opportunities, but that also increase your options for growth and income. Your small business can be bigger than ever with a few smart investments.