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10 Ways Technology Helps Small Business Owners Improve Profits

Gina WellsJuly 27, 2021
10 Ways Technology Helps Small Business Owners Improve Profits

Technological advancements have taken the fast track and like many other sectors, the business industry has seen a boom with new opportunities presenting themselves. Modern tech can cause a significant improvement in business processes, logistics, management, and marketing. 

Since this is an excellent opportunity to capture a market for your business and give yourself a boost with advanced technology opportunities, we talked to the experts to find out just how you can do that.

  1. Cloud

“The most important technology a business can use is cloud, critical to enabling entrepreneurs to build required business IT solutions with speed, build business systems and work on the core competencies of the business. The plentiful SaaS product landscape will likely cover most startups' software needs. 

Major Cloud Service Providers offer SaaS, PaaS, and IaaS, allowing for the development of creative solutions for both back-end systems and revenue-generating IT solutions. My startup uses Microsoft 365 Business & Azure hosting. The cool part about Azure and most large CMP's is that they provide Fortune 100 scale Office products, Video collaboration, PaaS, SaaS, IaaS, and are available for a family-run, veteran-owned startup small business. Azure allows the startup to have access to enterprise-level tools for a relatively small fee. 

“A great feature of cloud computing is that you can scale at our business's speed and infinitely. You can start small and cheap, then grow as large as your imagination and industry takes you. No need to know if your IT infrastructure can handle your next growth climb with the cloud. It can take yours and Netflix. 

“The services in the cloud can provide small businesses with access to AI/ML, IoT, HPC, IAM (Azure AD), and hundreds of other benefits. These types of services were used only by giant corporations that could handle the fixed IT infrastructure costs. If your business has a browser and some knowledge, you can leverage these tools; you can compete with giants and on a global scale.

“IT Security is also a serious concern for all businesses, small or large. The cloud providers offer many security tools, monitoring, in-depth defense strategies, best practices via AI/ML tools built-in, and policy enforcement solutions. The best part is that a small business can leverage these Enterprise-grade security solutions on day one and scale as needed.

Cloud is a business enabler; I would say mandatory for startups that want to get a jumpstart on their competition. Today is the best day to start your next business, and cloud computing is here to make it easier than it has ever been.”

Brian Barde, Owner & CEO Kindlewood Camping, LLC

  1. Eliminate Tedious Manual Work 

“How well you use your time as a small business owner has a massive impact on your profitability. One of the primary reasons for digitizing your business and integrating tech-like customer relationships and social media management software is that it automates many of the more tedious customer experience tasks. These take time and distract from big picture ones like product launches, attending trade shows, and raising capital.

“The ROI for many of these tools, especially when you invest in ones that are tailored to specific industries or particular industry applications, can be well worth the money.”

Bryce Welker, CEO CPA Exam Guy

  1. Automation of Processes

“Technology is a very powerful tool when used correctly. Small and Medium businesses can automate processes to scale the business activity without adding extra cost. From my own experience, and from other business owner friends, technology can be very effective in reducing expenses like hiring additional team members to perform certain tasks. Automating many repeated admin processes can help to reduce the workload of team members and help them focus on the tasks that add the most value. 

“For example, if a company needs to hire more marketing executives to monitor and respond to certain events in the markets using technology solutions like creating or buying tools to do it and setting an automated alert could avoid the need for hiring a person to do the same job. This will reduce the cost of the business and increase the overall margin and profitability.”

Rahul Mohanachandran, Co-Founder, Head of Marketing Kasera

  1. Adopting AI Automation Business Model (AABM)

“No wonder that one of the biggest breakthroughs in the last decade or so is the complete opening of the AI pandora box. And one of the specific ways where AI technology greatly optimizes a business operation is automation. Business owners, specifically SME's, will find it easier to implement AI perfectly for automating administrative, financial, and asset management tasks. 

The benefits will be: Optimized and improved business operations with little to no chance of errors Reducing the costs of excessive employments Better business operations provide better  customer service Optimized automated business administrative tasks reduce the excessive workload on the staff and help them focus more on business growth Proper documentation, submissions, and optimized paperwork will save the business from getting authoritative penalties.”

Will Cannon, CEO of Signaturely

Dominique Kemps says, “With technology, it's safe to say that it's more profitable now than ever for small businesses. As technology keeps developing, businesses become more fruitful, making it possible to capture more opportunities, boost customers base and even ship their products faster. There are several ways small businesses can improve their profits through technology. Some of which are:

  1. Social Media

“This is the one thing every small business owner should be thankful for. As a small business owner, you don't have to stress yourself by promoting your brand. By just having data, you can promote your business. You get to spread your business as far as you wish, making more profits with less stress.” (Dominique Kemps)

  1. Email Marketing

“If you've got prospective clients, as a small business owner, you don't have to stress marketing your brand to them manually. With email marketing, you can easily sell your goods and services to your prospective clients without stress. This way, you get more people to see and buy into your idea.”

Dominique Kemps, CEO and Founder GlassExpertsFL

  1. Conversion Tracking 

“Conversion tracking is one of the most important analytical tools a small business has at its disposal. Not only is it vital for increasing profits by perfecting advertising and marketing, but it can help level the playing field with larger competitors that don't track their conversions. 

“It is a free Google Analytics tool that helps a small business make data-driven changes to marketing campaigns, identify effective and ineffective keywords, highlights and helps improve weak ad copy, suggests on-page SEO improvements, and generally helps optimize a website.

“If a small business with an online presence wants to convert visitors and clicks into profit, conversion tracking is one of the most beneficial tech tools it has available to it. Learning to use Google analytics and particularly how to interpret conversion tracking data is a must.”

Trevor Larson, CEO Nectar

  1. Improves Communication

“Technology makes it easier to link people with one another. Emails and instant messaging are quick ways to communicate from which you can keep documentation for future reference. You can keep in touch with buyers through technology very easily.” (Lynda Le)

  1. Warehousing, Search, and Data Storage

“Invest in network software and hardware to monitor the whereabouts of your data as it will be very helpful for your business and reduce time spent by employees in looking for particular reports.” (Lynda Le)

  1. Customer Relationship Management

“Having this software helps you manage your clients’ and prospects’ databases. Technology lets small businesses increase their productivity and compete with bigger ones on a smaller budget, thus profitability is increased. Make sure to identify the specific needs of your business before you invest in any new technology.”

Lynda Le, Nail Technician and Founder of Polish Perfect

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