Technology can be utilized by small business owners to leverage limited capital in smarter and more effective ways. While not every new venture will survive, technology greatly increases the chance that a new business will thrive and there are some simple tips that can help you make the most of your money, resources, and most importantly, time. On the whole, technology provides greater efficiency in a business and that is why we put together some tech tips below so that you can use technology to bring your big idea to life.
The Cloud
Something to consider when you’re starting a small business venture is how to keep costs low. Storing data in the cloud rather than a physical server is a great way to save money on IT costs and is a storage solution that is particularly well suited to small businesses.
Another great characteristic of the cloud is that it allows you to keep track of your spending since you only pay for the space that you use. However, keep in mind that as your business begins to expand, it may be beneficial to switch to a dedicated server.
Inventory Management Software
Inventory management software is useful for companies of all sizes that need to keep track of what’s in the warehouse or storeroom. 43% of small businesses don’t track their inventory or use a manual process; however, software like this can be extremely beneficial for small businesses to keep on top of shipping, purchasing, and fulfilment processes.
Another benefit of inventory management software is that it integrates with other back-end office systems, like an enterprise resource planning software (ERP) or accounting software. Using data from integrated systems, this software provides small businesses with a full picture of what they have in stock and the overall value of their inventory. It can help small business owners understand when they need to replace items or replenish their stock.
Online Presence
Marketing a new business venture is one of the most important steps in setting up a small business, especially having a presence on social media. Marketing your business on Facebook, Instagram, and Twitter, allows you to spread the word about your new business for free. You can also promote these posts for a small fee to reach a larger audience.
However, less can be more when it comes to social media. Instead of creating several accounts, it is more beneficial to maintain one or two well. For small businesses starting out, scheduling tools like Hootsuite can optimize your time, before you look to hire a professional to manage your communications in the future.
As well as a presence on social media, make the most of online marketing with a mobile-friendly website. In 2015, Google updated their algorithms to prioritize mobile-friendly websites in the rankings. By adopting a simple design, fast loading speeds, and mobile-optimized features such as “click-to-call” buttons, you can increase the chance of your website being on the first few search engine pages and being seen by a larger audience.