It’s a great time to be a small business. Digital communications technology platforms including the Internet, mobile devices and apps are helping smaller players to compete with bigger organisations like never before. Today many businesses are discovering that digital technology is helping them to level the playing field with accessible, portable and relatively inexpensive technology that can help your business to become more efficient and reach new markets.
As the technology is easy to use and set up, smaller players can get the functionality they need to grow.
Much of this functionality used to be expensive and difficult to deploy, so it was usually only the big guys that could gain the efficiency benefits.
In the past small businesses had to align with larger companies and pay for software licences and upgrades, hardware (purchasing and maintenance), power costs, plus consultants’ fees. These expenses meant that only larger market participants could afford to invest in their efficiencies via IT while small players generally waited until they could afford market-standard technology. And this had a dampening effect on the competitiveness of smaller businesses.
Today, an exciting range of digital communication technology is helping SMBs overcome some of the traditional obstacles to growth.
Technologies like cloud computing, mobile apps, social media, online payment options (e-commerce), financial management software, collaboration solutions, websites, data analytics, Customer Relationship Management (CRM)—they’re all helping small business to address everyday challenges. And by improving your efficiencies you can take on the big boys.
Just think about all the efficiencies digital technology allows. There’s online banking, invoicing and purchasing, let alone online market research about your competitors and new developments in your industry.
Here are some of the other benefits digital communication technology can bring to your business.