Does technology drive growth for small businesses?
Investing in technology doesn’t need to be time-consuming or expensive for small business owners. It is a belief that makes a lot of companies wary and skeptical of taking the next step.
It is rightly believed that the businesses that focus on technology, innovation and exporting are significantly more likely to be growing and creating jobs than those that are not, which means that many companies miss out on a golden opportunity to facilitate their growth.
Let’s take a look at how technology is quickly becoming our friend.
The adoption of digital payment technologies is on the rise.
It has never been easier to shop. With many businesses having adopted e-commerce approach to selling their services and products, customers can easily purchase what they are looking for. This doesn’t even require a website – it can be done through social media, which brings the costs even lower.
Faster payment for small business
Digital payment technology is also being widely adopted across Ireland.
Digital payment options such as Apple Pay and PayPal are very popular in Ireland, helping improve cash flow for businesses and making it easier to make a move to e-commerce.
Small businesses leap into social media
According to Wolfgang Marketing, more than 70% of Irish businesses use social media, using it to drive business growth.
It provides smaller businesses with cheap avenue to engage with their customers and find out more about their own services through feedback and interaction. There really isn’t any excuse not to be active on it.
Will IT investment pay off?
Question that most businesses ask before investing in it but fail to understand that IT investments don’t need to be expensive.
Businesses don’t need expensive servers, scanners or special video-conference rooms. With technology such as iCloud and specialized cameras for Skype, and so on, companies can conduct business with little expense and maximum effect.
Small business IT security
It’s a norm that business owners evaluate technologies on the basis of price and effectiveness but it’s time to also consider cybersecurity.
It is understandable that price remains critical for small businesses considering technology investment but there are government incentives available and companies need to stay informed of the options. The latest introduction of GDPR has made it not just the option, but a requirement, further encouraging businesses to make their online presence more secure.