For small businesses, keeping their costs to a minimum is essential for maximizing profits. By using technology strategically, you can reduce your costs and increase the efficiency of your business, as well as increase your value as an entrepreneur. Here are three ways that tech can turbocharge your business.
The cloud is more than just a buzzword; there are real benefits to migrating some or all of your existing infrastructure into the cloud.
- Remote access: Enabling your workers to access your systems remotely makes working from home possible for many roles. Something that is being starkly illustrated by the coronavirus outbreak is how much more susceptible some businesses are than others. Businesses that enable remote working have much greater flexibility and an ability to withstand a variety of economic shocks.
If instead of a viral pandemic, a business with remote working was facing a different kind of economic challenge – a general recession, for example – remote working could still provide them with some protection. Businesses that require the physical presence of staff, such as a coffee shop or café and a physical retail outlet can only operate as many physical stores as they can afford to. A recession could well mean closing outlets, and therefore losing staff, talent, and income.
However, with remote working, at least some staff could keep their jobs and continue to work. This lessens job losses, which in turn lessen the negative economic impacts of a recession. Of course, general economic health is good for businesses, and reducing job losses is better for workers.
- Outsource services: By embracing cloud infrastructure, you can outsource some or all of your tech service needs to software as a service solution provider. This enables you to access software, hardware, and talent that you can’t afford to bring in-house on your own. There are few IT services that cannot be provided on a SaaS basis today, so accessing services in this way can save you money and enable your business to take advantage of the professional talent that manages those services.
- Scale resources as you need them: With cloud-based services, you can buy as much as you need and scale things up as your business grows. It is easy for SaaS providers to alter your resource allocation – the more you are willing to pay, the more resources you can utilize on their network. Because of this, you can stick with the same service providers as your business grows. Establishing long-term relationships is always beneficial.
- Take advantage of professionally-secured infrastructure: Cloud-based services are maintained and run by professionals. When you outsource some of your service needs to the cloud, you can take advantage of professionally secured hardware and networks, saving you a significant amount of money. Cybersecurity is incredibly important but can also be an expensive undertaking for small businesses. Having some of your cybersecurity handled for you can, therefore, be a real benefit.
The internet is a fantastic learning tool. Anyone who wants to expand their skillset and increase their value to prospective employers can now undertake new training and learning opportunities as they see fit. Not only can you learn new skills, but you can even earn formal qualifications and degrees online. Most universities now offer online versions of some of their most popular degree courses, meaning that you can study just about any subject you want entirely online.
Needless to say, there are plenty of degrees out there that are of interest to an entrepreneur. For example, you could formalize your leadership abilities by studying for a BBA degree. The Bachelor of Business Administration degree will equip you with the vital skills that you need to handle the most important leadership and management roles that small business owners have to fill, such as accounting and human resources.
Cloud technology isn’t the only technology that can help your business to save money.
- Automation: Introducing automation into your business can reduce the amount of time that is spent on the menial back of office or end of day tasks. Not all automation involves robots and manufacturing.
- Targeted marketing: Targeted marketing is marketing that has been finely crafted for your specific audience. Because it is tailored to your audience, this type of marketing has a much better success rate than normal. Social media platforms make targeted marketing easy, but you need to know your target demographic.
These are just some of the ways that technology can meaningfully save your business money. While technology might sometimes seem like it’s magic, it isn’t. If you want your business to benefit from technology, then you need to introduce the right technology in the right way.