To Survive, Small Businesses Need to Invest in 5 Tech Tools

A business’s ability to leverage technology and get ahead is one of the keys to its success.
However, small businesses assume that their budgets have to be big to reap the benefits.
But that’s not true. There’s a sizable industry geared toward helping smaller businesses
reap the benefits of innovation at affordable prices.

Why You Should Invest in Tech

Time is money, and if you’re able to save more time while increasing your profits, that’s a
good reason to invest in that kind of leverage. Some types of easily accessible technology
that benefit  businesses include:

  • Business process automation. BPA is one of the most important ways for businesses to reap benefits. Repetitive tasks consume valuable time and automating them frees up the staff’s time to pursue more profitable directions. Because of that, 66% of organizations are moving towards automating at least one business process. 
  • Managing customer experience. If you want more satisfied customers and a fatter bottom line, then you need to improve your customer’s experience. Managing customer experience is a top priority for 45% of companies. Half of the top performers regularly invest in designing user journeys that are seamless and clear.
  • Tracking and monitoring. By getting a handle on strategic metrics, you can keep an eye on your business’s overall health. Knowing how your finances are doing or what customers want and don’t want makes your business more nimble.

Technology Small Businesses Need

Customer Relationship Management Software

When you’re able to monitor and understand customer behavior, you can tailor each buyer’s journey for profit and value. CRM software tools help businesses stay at the top of the minds of their customers.

Data Backup

When things go wrong, having a solid data backup reduces downtime and business loss. The good news is that 86% of businesses do regular backups, However, three out of five backups are incomplete. In addition to backing up your data, test your system regularly to ensure it’s complete.

Password Management 

Web security is more important now that cyberattacks are on the rise. Part of the way to protect your site and business is to automate the process of password management. This includes setting policies about the strength of the password and how often they need to be changed.

Accounting Software

Accounting software is like having an accountant or bookkeeper ready. Not only will it keep track of your cash flow and expenditures, but it can also remind you of when you need to file certain taxes. Features like this improve tax compliance which saves companies money. 

Email Marketing

Many businesses turn away from email marketing, thinking that it’s on the way out. On average, email marketing returns about $42 for every dollar spent. A well-curated customer email list is money in the bank. These are the people your business can rely on to build your brand as both buyers and advocates.

Tailor Your Own Technology Solution

There are many technology solutions available to help your business stay competitive and profitable. Focus on which ones suit your primary business goals and work your way from there. 

Get useful code snippets you can use for SQL, Azure, and more at IntheTechPit.

Image via Pexels

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