In this technology era, small business that would grow would need to make good use of technology, here are ways small business start ups can make use of technology
Instil a culture that nurtures a tech-savvy workforce
The best way to remain adaptable is by bringing in new thinking — and a positive, modern work environment begins with recruitment. New software and/or new equipment need to be quickly integrated into the company approach. Businesses must attract young, talented employees by cultivating collaborative, tech-forward work environments.
The percentage of crowdfunded SMEs is likely to grow, yet one in three SMEs say they know very little or nothing about it, despite knowing it may prove to be a key source of future investment money. Savvy SMEs are turning towards crowdfunding’s promise of open, accessible finance. Proper funding early in the life of an SME is important for achieving profitable long-term growth and can be particularly successful for businesses with an established reputation, making crowdfunding a phenomenon worth looking into for any SME.
Form strategic technology partnerships
Technology providers are attractive third-party partners, according to the SMEs polled by Vodafone. Businesses with up-to-date technology implementation enjoy a greatly improved operational efficiency, and 69% feel they are able to compete with larger, otherwise comparable enterprises. Tech partnerships can strengthen any SME’s capabilities and support scalable growth. When it comes to time to adapt to a new or trending technology, a tech partnership can keep transition and training issues from overshadowing your business plan.
Nail your digital marketing
A mobile-optimised website is becoming non-negotiable for any ambitious SME, but to older, less eager-to-adopt companies, some of the related digital marketing might not be obvious. Online search engines are the second most common contact point (82%) for new customers according to the survey, and 66% of SMEs credit their social media campaigns with successfully reaching customers.
Physical location is less of a factor as networks become ubiquitous, allowing previously unavailable internet and cellphone access in even the most remote locations. For example,audio or video conferencing can allow a team to remain effective from distant locales, across multiple international borders. Cloud-based services allow collaboration and better security that can make satellite offices secure and reliable. SMEs clinging to outdated communication habits could be left behind as their competitors adapt. Timely interpretation of information is increasing the relevance of big data market analysis, which can allow SMEs to navigate foreign markets and understand the consumer behaviour of their target audiences.
Vodafone found that fewer than half of even the most ambitious SMEs in the UK are trading internationally despite already possessing the potential to step into the global arena. These technologies are already widely available. Thriving businesses in the UK most likely already have the capability to become a global entity. SMEs that embrace new tech won’t just remain competitive in the UK, they’ll compete in markets big and small across the planet.