How Technology Can Help Small Businesses

There are nearly 30 million small businesses in the U.S. These small businesses play an important role in the U.S. economy. In fact, it’s estimated that small businesses employ about 48% of the U.S. workforce. The success of the economy depends on these small businesses, which is why it’s so important for small business owners to learn how to take their company to the next level with technology. Here are some of the many ways that technology can help small businesses in every industry:

Flexible Working Environments

In the past, small business owners had to cover the costs of renting or purchasing a physical office for their employees. But, that’s no longer necessary. Today, many small businesses are staffed by remote employees who work from home.

Small business owners can stay in contact with their remote workers using instant messaging or email. Files can be shared with the team using a cloud service, such as Google Drive. Team members can collaborate on projects using project management software, and managers can make sure they’re staying on task with employee productivity tracker software.

Allowing employees to work remotely saves small businesses thousands of dollars in rent and overhead costs, and it wouldn’t be possible without technology.

E-Commerce vs. Brick and Mortar

Technology has also made it possible for small business owners to sell their products without ever investing in a brick and mortar retail store. By opening an online store, small business owners can cut operating costs and reach a wider audience of potential customers. Plus, small business owners with successful e-commerce stores can offer a wider range of inventory without worrying about the space limitations of a brick and mortar store.

Online Customer Service

Technology has made it easier than ever before to provide outstanding customer service. In the past, small businesses may have never heard from customers who were unhappy with their products or services. But now, these customers often reach out to small businesses on social media or online review sites such as Yelp. This gives small business owners the opportunity to quickly address the customer’s concern and win their loyalty back.

It also makes it easier for small business owners to understand how customers see their company. If there is a lot of negative feedback, for example, small business owners can use this information to make changes that will improve the customer experience.

Simplify Invoicing and Accounting

Technology has simplified the process of invoicing clients and managing a small business’s finances. Today, small business owners can use technology to invoice their clients electronically, track payments, and follow up on late payments.

Accounting tools such as QuickBooks and Wave also make it easier for small business owners to track expenses, revenue, store receipts, and file taxes. Thanks to these tools, small business owners can finally go paper-free and organize their finances.

There’s no doubt that technology can help every small business—that is, if you are willing to use it. Don’t shy away from technology—embrace it so you can grow your business and your profits!