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The critical role of technology in the modern era of business is no secret. Without access to the web, digital files, and smartphones, most companies would be unable to move forward. Moreover, consumers are living comfortably in the digital environment.
For small business owners, some technological advances are more valuable and relevant than others, especially given typical budget levels for small businesses ranging from accountants to web developers.
With rapid advancement in everything from online shopping to automated marketing tools, it's easier than ever to use tech to help your company grow. Here are four of the most meaningful tech developments for industrious business owners.
Mobile Payments
Paying in cash, writing a check, and swiping a debit or credit card at the register have long been transactional mainstays. But the evolution of technology has transformed payments into a whole new world, whether you’re paying or collecting payment.
Mobile payments have made a spectacular splash. It’s common now for customers to pay by simply tapping their phone by the register. Apple Pay® leads the way, with more than 36% of U.S. retailers making use of Apple's iOS-based option, while about 12% of stores use Android™ Pay. Virtual wallets are becoming increasingly popular as well, with sites like PayPal and Square providing payments anywhere, anytime, both online and in brick-and-mortar stores. Often cheaper than a standard point-of-sale payment system, these digital wallet alternatives can allow businesses with tight budgets to smooth out the payment experience and boost customer satisfaction.
Accounting Applications
While spreadsheets and handwritten ledgers had their place in days gone by, software suites now offer big benefits to small businesses. Fast, affordable and intuitive to use, even without a professional background in bookkeeping. Solutions like QuickBooks, Xero, Quicken, and FreshBooks can keep finances streamlined and business owners up to date on everything from invoicing to cash flow. Cloud-based platforms offer even more options, providing access to records on any device.
An accurate and efficient financial system can deliver many advantages. It can help you put your thumb on the pulse of your business as it moves. Offering increased organization, easy access to financial reports and increased opportunities for analysis, a small business accounting software system can better prepare you to run your business and even better withstand a financial storm.
Social Media Marketing
Social media has changed the landscape of the marketing world. It gives you a quick, convenient way for businesses of any budget to take advantage of digital opportunities.
While television ads can take a ton of cash, social media typically costs less in your budget, although it calls for your time and ingenuity. It offers ways to touch your small business’s key demographic audiences without investing in a costly advertising spot.
With minimal spend, social media creates a way for you to connect with customers, keep communication channels open, offer promotions and giveaways, and keep consumers engaged and interested. And it works – 71% of consumers who had a positive interaction with brands via social media are likely to recommend these brands to others. For a small business, this kind of reach is invaluable.
eCommerce Platforms
Small businesses typically need to foot the costs of maintaining a physical location. With ecommerce innovations, though, many companies can get started without needing to set up physical operations.
Selling online can be an appealing way to expand business, both locally and nationally. Using options like Shopify, Magento, Squarespace and Drupal Commerce, that can help anyone afford an online storefront, even new brands and startups can get off the ground without a significant investment. With 51% of Americans preferring to shop online and with ecommerce posting an average annual growth rate of 23%, an online presence can redefine the buyer experience for small businesses.
Technology plays an enormous role in the success of small companies. With assets like mobile payments, accounting software, social media ecommerce platforms, you can attract more customers and drive more sales while adding efficiency.
For small business owners, some technological advances are more valuable and relevant than others, especially given typical budget levels for small businesses ranging from accountants to web developers.
With rapid advancement in everything from online shopping to automated marketing tools, it's easier than ever to use tech to help your company grow. Here are four of the most meaningful tech developments for industrious business owners.
Mobile Payments
Paying in cash, writing a check, and swiping a debit or credit card at the register have long been transactional mainstays. But the evolution of technology has transformed payments into a whole new world, whether you’re paying or collecting payment.
Mobile payments have made a spectacular splash. It’s common now for customers to pay by simply tapping their phone by the register. Apple Pay® leads the way, with more than 36% of U.S. retailers making use of Apple's iOS-based option, while about 12% of stores use Android™ Pay. Virtual wallets are becoming increasingly popular as well, with sites like PayPal and Square providing payments anywhere, anytime, both online and in brick-and-mortar stores. Often cheaper than a standard point-of-sale payment system, these digital wallet alternatives can allow businesses with tight budgets to smooth out the payment experience and boost customer satisfaction.
Accounting Applications
While spreadsheets and handwritten ledgers had their place in days gone by, software suites now offer big benefits to small businesses. Fast, affordable and intuitive to use, even without a professional background in bookkeeping. Solutions like QuickBooks, Xero, Quicken, and FreshBooks can keep finances streamlined and business owners up to date on everything from invoicing to cash flow. Cloud-based platforms offer even more options, providing access to records on any device.
An accurate and efficient financial system can deliver many advantages. It can help you put your thumb on the pulse of your business as it moves. Offering increased organization, easy access to financial reports and increased opportunities for analysis, a small business accounting software system can better prepare you to run your business and even better withstand a financial storm.
Social Media Marketing
Social media has changed the landscape of the marketing world. It gives you a quick, convenient way for businesses of any budget to take advantage of digital opportunities.
While television ads can take a ton of cash, social media typically costs less in your budget, although it calls for your time and ingenuity. It offers ways to touch your small business’s key demographic audiences without investing in a costly advertising spot.
With minimal spend, social media creates a way for you to connect with customers, keep communication channels open, offer promotions and giveaways, and keep consumers engaged and interested. And it works – 71% of consumers who had a positive interaction with brands via social media are likely to recommend these brands to others. For a small business, this kind of reach is invaluable.
eCommerce Platforms
Small businesses typically need to foot the costs of maintaining a physical location. With ecommerce innovations, though, many companies can get started without needing to set up physical operations.
Selling online can be an appealing way to expand business, both locally and nationally. Using options like Shopify, Magento, Squarespace and Drupal Commerce, that can help anyone afford an online storefront, even new brands and startups can get off the ground without a significant investment. With 51% of Americans preferring to shop online and with ecommerce posting an average annual growth rate of 23%, an online presence can redefine the buyer experience for small businesses.
Technology plays an enormous role in the success of small companies. With assets like mobile payments, accounting software, social media ecommerce platforms, you can attract more customers and drive more sales while adding efficiency.
