The past few years have brought many technological advancements, especially in the field of business. In a day and age when corporations are everywhere you look, more and more small business owners are turning to technology to help them compete with these instantly recognizable brands.
Here are a few ways that technology changed the way small businesses run and allowed them to stay profitable, even when up against their multi-million dollar competitors.
Reduce Business Costs by Going Paperless with the Cloud
Various tech software developments, especially the Cloud, have allowed most small businesses to go paperless, which in turn can lower a small business’s operating costs. In the past, small businesses had to have enough capital to buy a space big enough to not only sell their product, but also store all the required paperwork that comes with running a business.
This would result in several filing cabinets, disorganized folders, and a work space big enough to hold the necessary information like customer, billing, and marketing information; receipts, records, and other important documents. Cloud technology has given small businesses a cyberspace to securely store all this information in a much more organized and user-friendly method for less than tangible business space would have cost.
Tap into a Global Audience Through Social Media
Some of the most profitable small businesses today are those that take advantage of the various social media platforms being used daily by hundreds of millions of potential customers. The constant development of new social media platforms, like Instagram, Pinterest, and Facebook, give small business owners a free platform to advertise their product or service to millions of users.
Those businesses that adapt and learn how to effectively advertise to users on these platforms through things like contests, features, and social media influencers are able to tap into a global audience that was never possible before.
In the past, to reach the same amount of people you would need an immense amount of capital for major newspaper and magazine ads or TV commercials during prime time.
Faster Approval for Small Business Loans Through Online Loan Vendors
Previously, applying and waiting for approval of a business loan was a lengthy process that mostly centered around the business owner’s current credit score. Now, there are many ways for small business owners to secure an investment or loan.
With everything from wildly successful investment reality shows like Shark Tank to online loan vendors like Avant and Lending Club, there has never been such a wealth of methods to secure capital. Lending Club provides an innovative approach to business loans by offering peer-to-peer lending. Online loan vendors also take into account a vast array of data, not just your credit score, as well as offering the ability to have your requested funds delivered in just one business day — a timeframe that never would’ve been possible 10 or 20 years ago.
Technology is helping to even out the playing field for small businesses trying to compete with million dollar brands and conglomerates. Investigate the technologies listed above to save money and jumpstart your small business if you haven’t already done so.