Small business owners could use technology to leverage limited capital in smarter and effective ways, bringing natural progression to their businesses.
Among the various buzzwords that exist in the current Indian business ecosystem, technology is successfully redefining and transforming almost every business segments being operated in today’s time. Over the past few years, technology has proven itself to be a boon for entrepreneurs that are willing to grow their small businesses into massive ones along by improving their operational structure.
So how exactly is technology beneficial for entrepreneurs? Small business owners could use technology to leverage limited capital in smarter and effective ways, bringing natural progression to their businesses. Technology makes it possible for businesses to operate efficiently and effectively with minimal manpower and helps to reduce the cost of doing business.
Therefore, if you are ready to ramp up the use of technology in your business, consider exploring the below-mentioned areas that could elevate your business into a big one.
Building Relationships with Customers
The first and foremost advantage of introducing technology in a firm is its ability to communicate with customers. As the business environment in India and globally is getting busier, it has become necessary for brands to interact with their customers, understanding their experience along with solving their queries.
For example, every time you return after shopping from a MAX outlet, you receive an instant message from the brand asking for your shopping experience. In this way, a firm stays informed about what to do in order to keep things sorted along with creating a sense of relationship with the customers. This is what technology is doing to businesses in today’s time.
Bringing in Efficiency
Many startup and franchises fail due to the lack of understanding about the right cash flow in their business. Emerging as a boon for such businesses, technology is now helping firms to understand their cash flow needs along with preserving precious resources, such as time and physical space.
For example, the penetration of technology inthe warehouse business has allowed owners to understand how best to manage the storage costs of holding a product without letting the sales get affected. Also, one could conduct important meetings and discussions over the internet, which eventually saves a lot of money and time, both necessary for a successful business firm.
Security should no more be a Concern
Security has always been a key issue for any growing business over the last few years. Whether it’s a small firm or big, both are subjected to security threats and vandalism in the current time. This is where technology comes into action in a big way.
Entrepreneurs are now protecting their financial data, confidential decisions and other proprietary information with technology for boosting their competitive advantage. In this way, small business owners could secure their ideas for the competition available in the market.
Therefore, security in businesses through technology could restrict other brands from copying their forthcoming projects and business ideas.
Some Affordable Technologies for Small Businesses
Chatbots, social media management programs, and consumer level gadgets are some affordable technologies that entrepreneurs could utilise for enhancing their business offerings. Through chatbots’ technology, companies are streamlining their customer service cost while firms are introducing social media management programs for establishing crucial relationships with their customers.
Chatbots might require a minimum investment of around INR 2-4 lakhs, which can increase depending upon the firm’s budget and the chatbot’s design.