SMEs Can Leverage on Technology, This Is How

Technology is obviously a universal phenomenon by now that cuts across all businesses in both developed and developing economies of the world.  Its significance in enhancing the growth of small businesses which are key drivers of economic growth cannot be ignored.

Starting a business is often seen as a tough task, that however is just the initial thought until you begin to think of how to expand it. The greatest challenge after inception is the expansion and it is at this stage where most small businesses either make it or stagnate in profits.

This then begs the question, where are you placing the most emphasis and directing most of your efforts towards?  Many businesses fail to find a way to organize and restructure the operations to a seamless one, while others view upgrading as a risky activity venture.

The arrival of technological advancements has in it a vast number of products that can enable SMEs to go to the next step. These tools have enabled many functions to be systematized into seamless operations and with them, the idea of profitability and growth for SMEs will become much more realistic and possible.

Technology can help out in areas such as:

Marketing

Internet solutions such as e-commerce have balanced out the playing field for many SMEs. The past way of doing SMEs was limiting in terms of physical reach. E-commerce has helped SMEs to spread its wings globally. SMEs can now sell goods and services on the internet to any person in the world, thus expanding their presence and impact.

Technological tools such as video and graphic software have helped SMEs make quality marketing outlets and media that can reach a wide viewership through the internet. Other internet tools such as Google AdWords have provided much cheaper internet solutions that can spread selected marketing information to a chosen market niche.

Accounting

There are accounting software packages that help to ease the accounting needs of a growing firm. They help in setting up accounts and layout daily financial transactions affecting the SME accounts. These accounting software products such as Microsoft Money and QuickBooks can effectively replace accountants and therefore save up on labor costs. They also regularly create comprehensive financial reports.

Customer Relations

This division cannot be ignored, with growing an SME comes to the need to growing your client reach and consequently improving your customer relations is essential. Cloud-based solutions can help keep records in orders and remain in close contact with the customers together with their purchase history database, track trends and improve your rapport with your clients. One can also build profiles for their customer with this kind of information and as a result, customize marketing strategies or even products that best suit your clients.

Communication

Packages such as audio and video conferencing tools enable members of SMEs to stay connected remotely and be able to engage with the growing number of customers. This will free up a lot of time that would have been used for face to face meetings.

With the growth of SMEs, it becomes a mandatory necessity to enhance a wide-scale customer experience to complement the conventional hands-on way. The above technologies will enable SMEs to better customer satisfaction while improving productivity.

Technology is a great equalizer and start-ups need to invest in technology so that they can achieve more in their competitive markets. Start-ups must also think of ideas that can be replicated not only locally but globally.

As you spend money on technology, look at it as an investment and not as a cost. Do not think of where your business is now, but rather of where your business will be in 5 to 10 years then invest in technology accordingly.