How technology can empower startups to sustain, compete and grow?

Technology has deeply impacted the various layers of human society, as well as, greatly impacted all aspects of business development. The tech revolution that we are witnessing today will continue to evolve in the foreseeable future and entrepreneurs able to innovate and integrate technology in their business operations will continue to see growth and competitive advantage.

The integration of technology is especially helpful for small businesses and startups who are looking to compete with established market players with limited resources and budgets. Exploiting the full potential of technology, as it stands today, can greatly help startups and small businesses to cut out their operational cost, as well as, fully exploit the business potential by reaching out to the target market with better exposure and higher visibility.

Here in this blog, let's look at various technology benefits for small businesses.

- Better brand exposure

Today’s business world is driven by marketing and brand exposure. The digital marketing landscape opens endless opportunities and a level playing field for small businesses and startups to reach out to the global target audience with limited resources. Digital marketing techniques like search engine optimization, data analytics tools, email marketing, and others offer small businesses a smarter and cost-effective approach to establishing their business without going bankrupt.

- Customer Engagement

The advent of social media has simply transformed the way consumers interact and communicate with businesses. Today, social media platforms are the primary focus of consumers where they like to interact, engage, and made deliberations about their purchases. According to statistics, an overwhelming majority of today’s consumers like to conduct an online social survey about a business before committing to any purchase.

Did I forget that it’s essentially free/ highly affordable for startups or small businesses to maintain an effective social media presence? A few key pointers in this respect include keeping consistent activity on social media platforms, as well as, effective engagement of customers with a quick response time.

Remember, it doesn’t take much time, resources, or energy to maintain an effective social media presence, however, the perks of the same are simply endless.

- Streamlined accounting

It won’t be an exaggeration to claim that the world of accountancy has turned upside down in the past few years, thanks to the massive integration of technology in the industry. Powerful technological tools like word processing enable accountants to minimize the margin of error, thereby, greatly improving the efficiency and value to customers. Today, accountants aren’t just required to keep munching the numbers over and over again. Rather, they are entrusted to take more strategic roles of analytics and forecasting, leaving the tedious/redundant work for technology.

- Lower operational costs

Another great impact of technology on small businesses and startups is reducing the threshold costs required to operate various business functions. And no, we aren’t just talking about spreadsheets, rather there are various other powerful technological tools like AI and machine learning that can take over as the main analytical tool, scrutinizing the financial history and identifying the hidden leakages or opportunities in between.

Summing Up:

Honestly, all of the above-mentioned benefits are just like scratching the surface of the benefits of technology for startups and small businesses. Perhaps, technology is the best thing that has happened for young, passionate entrepreneurs with limited resources, who by aptly exploiting the prowess of futuristic technology are able to significantly nullify the exposure, marketing, and operational gaps against large businesses.