4 Useful Tips for New Business Owners to Succeed in a Tech-Centric Generation

Not many people know that small businesses have large impact on the economy and job market. According to the U.S. Small Business Administration (SBA), there are 28 million small businesses in America, accounting for 54 percent of all U.S. sales. While we may not initially think of small businesses as large employers, they actually make up 55 percent of all U.S. jobs.

Thankfully, with advances in technology, small businesses today have access to tools that can help streamline operations and enhance productivity, without spending a lot. With new and more efficient capabilities in technology, even the smallest of businesses can compete with large enterprises.

Technology can project a larger image

If a small business is just starting out and operating out of a basement or a small rented space, portraying the business as legitimate and larger than it really is, can be vital to its success. Your online presence is important so invest in a website, social media outlets, and other online profiles like Yelp, Google and industry-specific sites where customers may find you, intentionally or unintentionally. Make sure your business message is clearly defined, your branding and logo is consistent, and most importantly, your information is up-to-date and accurate. Make sure customers can find you everywhere they search and that contacting you is easy.

Technology enables collaboration with everyone

Many small business owners struggle with communicating with both employees in the field and customers as well. Regardless of the type of business, there are cloud-based communications and collaboration tools, customer relationship management software and project management tools available that will not only allow you to work and manage your staff remotely, but enable your employees to work from anywhere, from any device efficiently. This flexibility will enable more workers to be effective without requiring the high price tag of rent, and allow you to expand your business, without the overhead costs.

Technology will advertise the business

Small businesses can take advantage of all the free ways to advertise. This is the beauty of technology today with the Internet such as having an online presence. The business website and social media are obviously great free ways to advertise and promote specials, discounts, and upcoming events. But it’s not limited to just these because when you collaborate with customers on, say Twitter, you can actually advertise the business. You can also try texting and e-mail advertising if you have leads from your customers.

Technology for operations and finance

Now, you can use technology to help manage your money instead of just using paper and calculator.

§  Project cash flow

Using software ensures that you’ll have the money on hand to pay your workers and other expenses when bills come due. That means you can stay on top of the cash flow.

§  Keep financial books and records

Being in business requires you to keep track of income, expenses, and other items so you can analyze how your business is doing. It’s also mandatory for tax purposes; you need these records to prepare your returns and back up positions you take on these returns.

§  Invoice customers

Unless your customers pay on the spot with cash, checks, credit/debit cards, or electronic payments, you must send bills for the money they owe. Viewing outstanding invoices can help you monitor collections to ensure that all your customers pay and do not become delinquent.