Biz Tips: 5 Ways Advanced Technology Can Help In Business Growth

Biz Tips: 5 Ways Advanced Technology Can Help In Business Growth

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5 Ways Advanced Technology Can Help In Business Growth

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When it comes to generating more growth, marketing strategies are essential and highly effective. But small businesses should also use another important tool to help boost growth: technology. What technology strategies are the most effective?

According to a Boston Consulting Group report on technology and growth, technology leaders in business far outperform the rest in the market. In fact, these businesses were able to create new jobs twice as fast and their annual revenue improved 15% faster than the revenue of companies with lower technology adaptation. It’s clear tech-based strategies work.

Adopting technology is not always cheap, especially if you are a small business. It’s also important to know that the wrong tech strategy can end up costing your business — you have to be careful and know the strategies that lead to the most growth. In terms of growth, companies should be using these five tech-based strategies.

Exploring funding opportunities

The first and strongest tech-based growth strategies to consider relates to funding. Small businesses and start-ups can struggle to find the right funding but luckily, technology can help.

Crowdfunding platforms, like Kickstarter and Fundly, have been a big step in terms of boosting business growth. Anyone with an idea can go there and look for people who believe in it just as much as they do. But technologies like social media and different communication tools can even improve how small businesses find, talk and deal with investors and financial institutions.

Furthermore, technology helps with finances in more ways than just finding new funding. It can make understanding financial complexities easier and by adopting different financial software solutions, a business can even manage their finances better.

Finding new customers

Tech-based strategies can help find and reach out to new customers. A killer marketing strategy always includes technology in the modern world. The modern approach to marketing often includes things like:

• Social media campaigns
• Online content from videos to blog posts
• Use of website analytics

All of this is using technology and taking advantage of its ability to reach more people, capture more data and even analyse this data quicker. In fact, technology’s ability to manage data has the biggest power in growing your business. You’re able to use this information to do many things from improving your product to bettering your marketing strategy.

Improving employee management

Growing your business is not always about generating more growth by attracting more customers. It’s just as vital to ensure your team is productive and talented. For example, even the best available marketing tools won’t help you if your marketing team is not able to run a good and attractive campaign. Therefore, getting your HR sorted is important.

The good news is that a tech-based strategy that uses the best small business HR software can help improve your employee management. This will lead to better job satisfaction and therefore, boost your productivity and innovation.

The right small business HR software tools can improve your management by saving time and money. The software solutions that are worth looking into use automation and the cloud to boost access and analysis — a small HR team can direct their focus from mundane everyday tasks to the core HR problems.

Generating more collaboration

Technology is effective and important in terms of connectivity and information. Software can help everyone connect more, gain more information and to stay more productive. It doesn’t matter whether it is finances, marketing or HR management, you can share ideas much wider within an organisation with technology.

For a small business, the use of technology can help gain competitive advantage or at least level the playing field in terms of bigger competitors. You don’t need to hire a full marketing team, as technology allows you to outsource. You don’t have to be left behind in terms of innovation, as tech allows you to learn about things and gain access to the same information that others have in the field. Technology with its productivity and collaborative software tools can boost a company’s access to information and innovation.

Saving money on IT infrastructure

Finally, with technology, your business can save money and time. Whether your adopting technology to improve your marketing, your finances, your collaboration or your HR, you will be streamlining processes, gaining and managing more data, and boosting productivity as a result.

Technology can grow business because it saves money. With cloud-based and automated software solutions, you won’t need to throw money at a costly infrastructure. You won’t need to worry about costly backups and expensive security — you will be able to enjoy the benefits of technology without the cost.

As the above shows, many tech-based strategies can boost business growth. It’s important to stay at the forefront of tech innovation. It will provide plenty of benefits to businesses across industries.

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5 Ways Advanced Technology Can Help In Business Growth was originally published in Marketing And Growth Hacking on Medium, where people are continuing the conversation by highlighting and responding to this story.

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