How To Leverage Emerging Technologies For Small Business

How To Leverage Emerging Technologies For Small Business
7 min read
16 December 2022

Without utilizing modern and emerging technology in businesses of 2023, it's almost impossible to compete and flourish in the marketplace. We are evolving in an era of digital transformation where home cottage businesses are using social media channels to promote their services. Business and technology are going to have far better relationships in this Era. As per reports, in the UK one-third of businesses have failed terribly by not incorporating the latest technology in their business operation and execution. It is predicted that by 2025 all industries and businesses will be transformed to complete digitalization. This throws light on how information technology and other new technology have helped industries in terms of differentiation, innovation, and competition.

Let us talk shortly about how emerging technologies for small businesses can be influenced. In terms of increasing their capital and making their operations run smoothly. On one side, new and emerging technologies can help small businesses in simplifying the natural progression of their operations and processes by offering greater efficiency and versatility. On the other side, one can brainstorm and dig into the benefits of tech-friendly alternatives.
Here are a few of the major business sectors that can be ramped up by installing within a large list of emerging technology. 

  • Starting with the Essential and Prior to One- Productivity

Productivity is measured via operational management and execution. The effective way of handling business tasks is to appoint any project management software. With this task management software, a manager can assign a day-to-day task to individuals and teams collectively. The company also should motivate their employees by giving bonuses, rewards, and gift items, like companies giving some AI-based gift items to their IT team that are available on any of the unique gifts online websites like ThingsFromMars. This can help track the progress of each operation. Cut down the use of paperwork, and switch to digital filing and documentation. Files and other business data can be easily saved, sorted, and shared on cloud and drive systems. A working email management system can help the business in communicating between its employees and clients. Likewise, a business on WhatsApp should be actively running among all the different members to make communication as instant as possible. Business WhatsApp is a new and efficient professional practice. Openoffice.org is a user-friendly software with services like graphics, presentation, database management, word processing, spreadsheet, and anything that helps a business in managing its operations. 

  • Small Business Finance and its Management

Paper invoices have always been a menace to keeping and recording. Turn to online invoice generator software and services as it is handy to keep records. It can be instantly sent to the customers, through which they can measure online payment. The same record can be used as a raw data business revenue analysis. Organize sales and expenses data into Excel files as a comprehensive accounting tool to back up and streamline accounts functions. It makes sharing the files with the bookkeeper and other team members feasible. This can help in online budget tracking without the need of hiring a team of accountants. Manage and update taxation payments online to avoid sending an employee to tax departments on a monthly basis. There are many Technology service providers available in the market who can design an invoice-generating app for a small-scale business on a low-cost budget Google Pay or customized apps.

leverage emerging technology for business

  • A New Era of Marketing with Technology

Billboards are still a significant marketing tool alongside paper advertisements on the streets. This digitalization era has completely evolved marketing strategies. All small and large businesses have responsive social media handles to practice customer service and to receive brand exposure. Facebook, Twitter, and Pinterest are free or inexpensive sources of product, service, and brand promotion. Email marketing also comes under the same tagline as receiving subscribers on the newsletter; you can pitch them with regular business updates. A website for a small-scale business can be a costly investment, but it will surely result in certain achievements such as brand authenticity, visibility on the search ranking, and better conversion leads.

  • Handy Customer Service in Business

It is easier to connect and interact with customers instantly on social media channels. The website itself can be used as a live chat portal. Customers can get prompt responses to their queries and orders. Online questionnaires and surveys can be carried out by uploading poles on Facebook and emails. This helps in narrowing the gap of communication between the brand and the client. Instead of calling a client for a business meeting or demo of a product or service, the business manager can use an online appointment program for virtual meetings. This will allow him to manage clients in one place with one strategy and flexibility. The client doesn't have to suffer from traveling as well.

  • Virtual Collaboration 

Numerous small-scale businesses are running on online platforms such as Facebook or Instagram. They have no physical offices or collaboration. By virtual and online means, a small-scale business can save the cost of running a physical office search a no rental charges. Employing teleconferencing and video calling, team members can collaborate by sharing their activities and progress. The individual tasks can be assigned to the project management tool. Online businesses allow businesses to hire employees from different demographic areas. A well-settled small-scale business can set up its own intranet as a company portal to access, save, and share files. The COVID-19 pandemic had already taught us the significance of employees' training for online working protocols.

How to leverage Emerging technologies for small business

Note: When running an online business, a business owner finds countless moments where he has to screenshot by screen to save the capture or data in the records. For this, screenshot casting software can be used, which allows recording all the specific activities on your system with voice-over narration. This can allow the owner and team members to use the saved screencasts for future lessons and demonstrations. 

Final Words

We can say now Technology can play the role for business success. A small-scale business owner is always in search of knowledge and experience to expand his venture in terms of profits and customer pool, he should be familiar with small business technology trends in 2023. Tech solutions are far better for small businesses. With a limited business budget and bounded time, it is challenging to incorporate technology into business operations and management, but using emerging technologies for small businesses is necessary. If you are one of those who are interested in inculcating modern business technology in their startup, then it's best to start looking for online free business training programs for you and your team. 

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Mia Wilson 83
Joined: 2 years ago
Comments (3)
  1. sala fox

    To leverage technology, you could update internal systems, replace outdated tools and train team members on best practices for using new technology. You can also leverage technology by implementing digital marketing tools or improving product tech.

    1 year ago ·
    0
  2. glyoker nabis

    you tired of having to pay for a physical office space for your business? Well, I have some exciting news for you! You can now use a virtual office as company’s registered office https://www.hoxtonmix.com/blog/virtual-office-as-registered-address/ . Yes, you heard that right, a virtual office can serve as your official business location. This means you can save money on rent and utilities, and also have the flexibility to work from anywhere in the world. And the best part? You can leverage emerging technologies for business and take advantage of all the benefits that come with it. From cloud computing to video conferencing, a virtual office can help you streamline your operations and increase productivity.

    1 year ago ·
    0
  3. Arthur Harris

    Thank you for this outstanding post! It emphasizes a crucial point. In today's ever-changing small business environment, discovering the perfect niche can be the linchpin of success with the help of professional business mentors like Excell Industries. Excell Industries stands out as a company that has played a pivotal role in offering marketing services for small business endeavors. Boasting a legacy that spans several decades, Excell Industries has consistently showcased an aptitude for pinpointing emerging markets and crafting products that align with the evolving demands of entrepreneurs.

    8 months ago ·
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