Technology for Small Business: Many Myths Busted
As the world demands technology implemented in every task being performed, the evolution and advancement in technology are must to continue fulfilling the desires of all. However, technology has turned the tables for many businesses as offering the best services to customers has been made easy with the technology supporting their business requirements perfectly. Therefore, many small businesses and startups tend to integrate technology into their businesses to ensure the success of it.
Is It Really Necessary? : Know the Reasons
Technological advancements have impacted the majority of business fields. The development of many business-centric solutions have helped the businesses to serve their customers with better services and have also provided unique approaches with which the customer can be provided the best servic es. According to a survey, 37% of small businesses have already shifted their business to cloud and the number is expected to climb up to 78% by 2020. (source)
Also, the reports from Statista state that global mobile app revenues has reached 365 billion U.S. dollars till 2018 and is expected to reach the mark of more than 935 billion U.S. dollars with app purchases and paid marketing through it. Therefore, as technology has provided businesses with an excellent medium to offer their services to end-users, there are some important aspects to clearly understand and keep in mind when considering implementing technology in your business operations.
Myth 1: Technology Will Bring Customers to Me.
As small businesses are primarily focusing on increasing their reach and earn more customers, the expectations from the tech solution obtained are about earning more customers through it. Therefore, businesses look forward to relying on technology for helping them out in increasing the reach. But is technology able to fulfill their expectations?
Reality: You + Technology Brings Customers to You.
Technology can lead the path for you to reach your potential customers easily. However, you have to follow the steps and strategize everything accordingly to offer the best support to your customers and earn their trust and loyalty. Therefore, technology only helps in drawing a path to your potential customers and if steps are taken correctly, it can ultimately help you earn and increase your customer base and earn more profit and popularity in the market.
Also, it requires you to choose an appropriate solution that fulfills all your business demands and help in managing the customers efficiently, otherwise, it will only be a waste of money and effort and can also harm your market reputation.
Myth 2: The Solution Will Increase Efficiency and Save Time.
Being a business owner, you are required to plan out every business operation efficiently to ensure they are executed excellently. One of the major reasons behind adopting a tech solution like an application or software is to streamline business operations. However, if the solution is chosen or being developed is not following all the specified requirements and is not fit for your business, it can reverse the impacts.
Reality: Choose Solution Wisely or Better, Get It Developed!
The growth of the IT industry is increasing by leaps and jumps. According to reports by Statista, global tech spending is amounted to reach 3,360 Billion U.S. Dollars by 2019. Hence, the competition among the IT firms is becoming stiff and it has turned out to be beneficial for the businesses looking to get their personalized solution developed. As you can choose to hire node js developers who commit to completing your solution building and also gets your custom requirements implemented at affordable prices, the businesses can ensure their business operations are executed excellently with an excellent software solution working by their side.
Myth 3: It is Expensive to Own and Maintain a Custom-Developed Business Solution.
As small businesses have to think of their budget when they plan to get an application developed, they usually avoid owning one as it is estimated to be an expensive task to get done. As developing a solution from the experts requires you to invest in your time and money, the small businesses often think twice before opting to hand over the development tasks and rather choose to stick to their traditional approaches.
Reality: Affordable Packages Are Always Available for Excellent Development Services.
As the competition is increasing in the IT industry, the firms are availing their best of services at affordable prices. This helps the small businesses to obtain an excellent solution at great prices that are not too heavy on their pockets and also supports their business needs extensively as the developed solution is according to the specified requirements and helps the businesses obtain the best results with increasing the efficiency of business operations.
Myth 4: The Application Does Not Generate Enough Revenue to Get It Maintained.
Getting an application developed is not the end of the task here. As technology keeps on updating, frequent changes in your developed solution are required to ensure it stays up to date and follows the customer and business expectations well. Therefore, most of the business avoid opting for a solution that can cost them a pretty penny as the maintenance and frequent updates is sometimes much expensive than anticipated and also the bug fixes are always on the line.
Reality: Mobile App Advertising Pays Off Most of the Bills.
As technology has blessed us with digital marketing, one of the most popular approaches adapted for advertising a business or its services is through in-app advertising. The businesses are ready to pay the mobile app creators and owners to place their advertisement in their application and hence, mobile applications are generating their own audiences and earning from advertising. Therefore, if your developed application gets popular among the customers, you can add one more revenue stream from the app advertising as it can help you increase your profits.
Myth 5: Social Media Promotions are Not Necessary to Perform.
Most of the small businesses consider social media as a waste of time. They generally avoid using social media much or do not hold an online presence at all for the record. Therefore, they lack the exposure they can earn from the social media presence and also miss the chance to connect closely to their end-users and this can impact their customer relations and also it leads them far away from the set of potential customers they can reach through it.
Reality: Social Media Helps You Earn More Customers and Increases Popularity.
According to Statista, the reports suggest that the number of social media users will reach 3.1 Billion users worldwide by 2021 and this equates to 42% of the total population globally. And the numbers are only subject to increase. Therefore, it is necessary to own a social media presence of your business also to reach maximum potential customers from all around the world. Along with helping you reach potential audiences, social media can help you promote your products and services through different marketing strategies and earn a place over the internet.
Myth 6: Storing Business Data on Cloud Can Cause a Security Breach.
Previously, technology had not evolved much in the security sector. i.e., as the businesses start using online solutions and applications, the security of their confidential data has become a great concern for developers now. Therefore, many of the businesses avoid storing their data on the cloud and miss the opportunity of easier access just because of the myth that the security breach is easier to be performed and the confidential data gets stolen from it.
Reality: Cloud Storage Offers Excellent Security and Provides Easier Access.
As storing the data on cloud helps in accessing the details easily, businesses look forward to moving their entire business operations over it to ensure the best services are provided to customers any time they require. Also, as the data stored over the cloud can be accessed easily from anywhere and the businesses can also allocate limited access to many following the business hierarchy. Also, as technology has provided advanced concept implementation for enhanced security, the confidentiality and the authorization constraints are completely implemented over the solutions using Cloud. Therefore, businesses can now rely on Cloud storage as it answers all their security concerns and also provides better access.
Myth 7: Finances Over Internet Can Never Be Trusted.
Small businesses are always concerned about the payment facilities they provide to their customers. As the market trend is now focusing on facilitating customers with online payment facility, small businesses still think twice before integrating one as most of them consider it as an unnecessary expense which doesn't boar many fruits for them. Also, the security needs are stacked higher as the financial matters are not to be neglected at any cost.
Reality: Secure and Faster, Online Payment It Is!
Technology has initiated a major change in financial industries by introducing an online payment facility. As per Paypers Payment Methods Report, around 2.1 Billion Customers will start using eWallet or pay the charges through Credit or Debit card online. Therefore, the number of users preferring to use online payment services is increasing and so is the interest of businesses in it. As online payment helps you in receiving faster payment and also it furnishes your customers with a secure option which is reliable and faster also.
Hence, small businesses from around the globe have a lot of opportunities to shine brighter than before with the help of technology. As it not only helps in earning more but also, it helps in attracting more customers that can increase the customer base and help you earn popularity in the market. Opting for a business-centric or customer-centric solution is completely the choice of the business itself, but it should be done after considering the factors impacting the success of your business.