The average business owner is able to pull a salary of $34,000 to $75,000 out of their company each year during their first few years of operation. If you live in the western world and fall on the low end of that range, you’re probably barely getting by.
The best way to boost the amount of money that you’re able to make as an entrepreneur is by generating more revenue. The best way to generate more revenue is to run your business efficiently.
How can you unilaterally improve your business’ efficiency? A lot of ways… Our favorite way though is to start adopting technology.
There are a ton of benefits of technology in business that you could start cashing in on this year. Here are 7 of the lowest hanging perks that technology could put within your reach.
1. Better Organization
Running a company in today’s world is hard. You’ve got to talk to customers, pitch clients, attend meetings, go to professional development workshops and more.
All of that chaos leads to a ton of things falling through the cracks.
Fortunately, one of the key benefits of technology is business is organization.
Adopting applications like Google Calendars or syncing your business life with Outlook can make it so you’re always kept in the know as you move through your day.
2. Streamlining Processes
A typical day in an office is filled with a number of menial tasks. For example, when the due date for something gets pushed, you may have somebody that manually updates a cell in Excel.
While menial tasks like that by themselves don’t seem like much, when you add them all up, they’re pulling hours out of your day directly and indirectly.
Technology offers a variety of slick solutions that automate a number of menial tasks.
Imagine if when a due date got pushed in an application that Excel saw that and updated itself…
That’s entirely possible using the tools that are out there today.
3. Improved Money Management
Businesses live and die by their cash flow. The most important step to managing your cash flow is understanding your financial situation.
Pouring over handwritten receipts or deciphering Excel sheets is not the most efficient way to achieve that end.
Using commercial-focused automated tools like QuickBooks or FreshBooks is.
4. Employee Scheduling Made Easy
Employee scheduling used to require a bunch of phone calls, paper schedules being posted, people forgetting their shifts and resulting pandemonium. Today, thanks to the benefits of technology in business, employee scheduling means a manager putting in a schedule online, all employees getting notified and any changes being managed in the cloud instantly.
Think that all of that functionality is a pipe-dream? Think again!
Just check out this shift organizer or any number of other tools that are on the market today and you’ll wonder how the heck you ever planned schedules without the help of tech.
5. New Ways to Sell
One of the most obvious benefits of technology in business is increased sales channels. After all, the internet is a by-product of tech and companies are selling more merchandise online than ever.
If you’re not leveraging the internet to make sales right now, you’re missing out on a ton of money.
Open up an eCommerce store on your website, sell your products at a mark-up on Amazon and eBay and start maximizing the ways that customers can do business with you.
6. New Ways to Market
Your inventory may be filled with the best products in the world. Despite that, if nobody knows anything about what you’re selling, you’re not going to make a penny.
Hence the importance of marketing.
Technology has made it so getting out in front of customers is easier than ever!
You can publish free marketing materials via social media. You can buy PPC ads on Google to capture search engine traffic. You can start a blog and roll out an SEO strategy to find organic customers.
Bottom line: There are a virtually unlimited amount of ways to market your business online and those ways are getting easier to use everyday thanks to technology.
7. Happier Customers
At the end of the day, everything that we do in our business is targeted at two things. Making money and keeping customers happy… Which then inspires them to do business with you again which means more money.
Thanks to technology, customers are happier than ever.
You can literally have a robot answer your customer’s questions during off-hours thanks to advances in chatbots and during business hours, you can connect your customers to live service agents in seconds via phone, email or a number of other communication mediums.
Big companies like Nike even handle massive portions of their customer service via Twitter.
With how easy offering help is on the back of technology and how easy purchasing has become, customers are winning. Because of that, they’re spending more money on products and services than ever.
Closing Out Our Top Benefits of Technology in Business
The benefits of technology in business are virtually unquantifiable. We’ve done our best to capture a handful of the best perks that tech can bring to your operation and we hope that they’ve inspired you to explore your company’s tech integration plan more thoroughly.
Our team loves schooling teams like yours on tech so if you’d like more information on how to make your business efficient, do yourself a favor and explore more of the content on our website now!