More than 50% of small businesses fail in their first year, and more than 95% fail within their first five years. Yet, small businesses still account for 99.9% of companies in the US despite the high failure rate.
So, what’s the secret that small enterprises follow to stay afloat and eventually turn a profit? It’s the use of small business technology!
Without this technology, businesses lose their competitive edge and suffer financially. To learn more about five of the best technologies for small businesses, keep reading.
Any business today needs to have a website. It’s the most accessible technology to provide customers with critical information such as:
- Products and services
- Opening hours
- Contact information
When businesses optimize their website for search engines (SEO), they can generate new leads. The website is a digital storefront. If companies don’t use this small business technology, they will miss out on connecting with customers.
2. Customer Relationship Management (CRM)
Regardless of what kind of business you own, its success relies on the customers. That means businesses continuously need to generate new leads and convert them into paying clients.
CRM is a cloud-based software that helps manage a business’s relationships with potential and existing clients. As a result, the software helps to improve growth and lead conversion. It also helps to lower marketing costs.
3. Managed IT
Having an in-house IT team is costly for a small business. Luckily, there are many small business IT service providers to help. Instead of building your own IT infrastructure, your business can outsource it to a third party.
A managed IT service provider will handle everything an in-house team would handle for a fraction of the price. In addition, they will create an IT checklist to ensure the business receives all the services it needs to be successful.
These are just a few of the many benefits of managed IT services. Have a look here to see more benefits.
4. Payment Processing System
Businesses need to accept payment from a wide range of payment options. This helps to draw in more customers but also improves customer satisfaction. If customers cannot pay with their preferred choice, they may go elsewhere.
Payment systems create customer convenience. A fintech company can help make the perfect payment processing system.
Businesses in the banking or finance sections need to consider small business lending technology as well.
New digital and cloud-based tools open up endless possibilities for small businesses. But they also come with new threats. Cybersecurity isn’t only a worry for large companies. More than 40% of cyberattacks target small businesses.
Businesses must ensure they secure their employee and customer data using extensive Cyber Security training. They should have a cybersecurity solution for computers, USB drives, servers, networks, and mobile devices.
Get the Small Business Technology You Need
These five examples of small business technology will help any business be more successful. But, there are always new technologies coming out and pushing companies further than ever. So, staying up-to-date on current trends is also crucial.
Check out the Business section for more business technology ideas and tips.