Maximizing efficiency while minimizing cost is the goal of every company looking for positive cash flow. As technology continues to adapt to the needs of the modern economy, small business owners are finding that with tech support and products, they can leverage the company’s limited capital in more effective ways.
New businesses are finding it easier to incorporate technology into a variety of their departments and services, while older companies have to make adjustments to fully understand the benefits of a digitized world. While there are challenges with integrating technology and transitioning between old processes and new streamlined ones, the benefits that will accompany a new system or device will quickly squash any bad memories.
If you aren’t sure what your company could use by way of a digital upgrade, consider the following areas of operations and how tech can help.
Productivity Tech Tools to Use in Your Small Business
Productivity is an important part of your business success. It has a direct positive correlation with your profitability. If you spend less time producing more and better results, you will increase your productivity.
Here are some tech tools that will help you improve your business productivity:
1. Time Tracking Software
Time tracking software can be used to help you establish accountability measures for employee productivity. This tool reports what time is spent on what projects and by whom. It helps promote productivity and process improvement.
2. Digital Dictation Tools
Digital dictation can help streamline the work processes that are tedious and improve your productivity. Also, digital recorders can take notes during meetings and corresponding software can transcribe the information.
Most people know that digital dictation is a great tool for taking notes during meetings or seminars. In such a way you don’t need to take notes when listening to a speaker because you can record it. You will not miss anything because you’ll be able to listen again later when you have time. You can use a digital recorder and an editing program to take notes. All these devices can help you write down all the details of a meeting without worrying about taking notes or writing things down. You don’t have to worry about forgetting anything because you can access your notes any time you want. If you forget anything, you can just reread it later and be reminded of what was said.
Related: Best Meeting Minutes Software Solutions for Your Company
3. Project Management Tools
Project management tools will keep you from forgetting deadlines, material purchases, completion timelines, and your daily list of things that must be done. This software can also be shared among managers, keeping everyone in the loop about progress, changes, or areas where additional resources might be needed.
4. Digital Filing Systems
Digital filing systems can minimize isolated data and mountains of paperwork. With critical information stored online, it is easier to share documents between departments, save important updates or memos, or search for necessary documents in a moment.
5. Email Management Process
Encourage an email management process to help sift through inbox distractions. Maximize your time by using email rules to sift through priority clients or employees, and eliminate unnecessary interruptions by turning off your notifications.
Financials
Managing your finances can be a very daunting task. You need to automate as much as possible when it comes to your small business finances. Here are some places where tech tools will help you:
1. Online Invoicing Tech Tools
Collect payments from customers through online invoicing services. This can improve your collections numbers, develop more consistent cash flow numbers, and eliminate time-consuming billing tasks in the accounting department. Additionally, utilizing a free online invoice generator can streamline the invoicing process even further, offering customizable templates that suit your business needs while ensuring that invoices are sent out promptly and accurately.
2. Internet-Based Funding Opportunities
Use Internet-based funding opportunities, such as public investment through Crowdfunding or private investment with Matthew Ocko, to give your cash flow a boost. Completing online applications cuts down on paperwork and improves the efficiency of approval.
3. Online Budget Tracking
Online budget tracking can give you the most up-to-date reporting on your company’s finances. Smartphone connections allow you to track purchases and determine where your expenses are getting out of control.
4. eCommerce Solution
Develop a website that allows you to sell your products online. Using eCommerce solutions today is a must for every small business. This improves your income stream and creates more brand loyalty and awareness.
To start an eCommerce store, you will need to choose a platform that you want to use for your business. You have to know your product, as well as the platform that you want to use. You can also hire a professional website designer to help you with these tech details. However, if you are a computer user, you can always create a website on your own.
5. Comprehensive Accounting Software System
Purchase a comprehensive accounting software system that is hosted through the cloud to streamline your business finances. Train your bookkeeping or accounting department in report running and sending digital files to keep the stream of financial information up-to-date and easily accessible by department heads.
Marketing
You already know that without marketing you can not attract customers to your small business. Also, without customers, there is no appropriate income level and profitability. So, using different tech tools you will want to improve and automate your marketing activities as much as possible. Here are some places where technology can help you:
1. Marketing Plan Through a Software System
Create a marketing plan through a software system that allows for team collaboration and quality reporting. Choose a program that will employ data analytics to show you the most effective areas of your strategy or areas that need to be revisited.
2. Social Media Sites
Social media sites like Twitter, Facebook, Instagram, Youtube, and Pinterest are digital sources of some of the most affordable marketing opportunities your company can find. You don’t need a lot of expensive training, as these platforms are user-friendly and will go a long way in developing your identity with your target market. Use these sites to develop an online advertising plan with a narrow demographic.
3. Website
Develop a website that is designed to convert visitors into leads. Include an opt-in form on the site where you can collect email addresses and use the power of email marketing. Add a blog to your website where guests and customers can stay informed on what is happening in your industry and at your company. Keep the content fresh and engaging with video blogs, linked articles, and guest posts.
Collaboration and Training
The COVID pandemic shows many businesses that there are more possibilities when it comes to collaboration and training. Current tech trends are these tools:
1. Teleconferencing Tech Tools
Use teleconferencing to help connect team members in different locations during important meetings. Using virtual office set-ups with video chatting provides visual inclusion for strategic planning or evaluations.
2. Use Webinars and Web Conferences Instead of Traditional Ways
Conduct webinars or web conferences to keep everyone aware of changes or trends in the company. This limits travel expenses and still encourages face-to-face virtual participation.
3. Online Training Platforms
Use online business training platforms to keep certifications or licensing requirements valid. These platforms can also be used to make the onboarding process more efficient and thorough.
Have a conference call or webinar in order to get the employees together to talk about any problems that the company may be having. Having a web conference or a webinar can be a very good idea to talk about any changes or trends in the company. It’s a way to talk about anything that you need to. This will help you to improve the quality of your work.
4. Cloud-Based Services and Storages
Take advantage of cloud-based services and storage. Using cloud-based hosting agencies further strengthens your data security but makes collaboration more timely and affordable.
Technology has done a lot for the business sector, and you don’t need to be a Fortune 500 to enjoy its benefits. With some small changes here and there, you can create a more efficient operating system that saves money, reduces the potential for error, and creates more time for focusing on the customer or new product development.
