Tech

Adopting Technology: Challenges for a Small Business and How to Defeat It!

Adopting Technology

Year after year, we have witnessed significant technological advances. Still, digital adoption has not been as evident as in the last 20 months. With the Covid-19 pandemic, digital acceleration became essential in maintaining communication and performing everyday activities such as working, paying for services, or shopping.

For this reason, small businesses face a significant challenge, adopting technology with the same immediacy as consumers, unlike large corporations that leveraged digital tools to generate more revenue. According to figures from Investment Monitor, companies like Costco, Amazon, and Zoom developed record time solutions to serve their customers in this health crisis, which raised their revenues to millions of dollars.

Even if your business is not a large company, platforms and tools are within your reach to optimize your activity. Some are free, such as social media. Other specialized software or administrative managers represent an investment you will not always get ready. Technology is part of the solution if you do not have the budget for this assignment; online lenders can access small business loans according to current needs.

What are the most common digital adoption challenges?

The digital transformation of small businesses depends on their consumer and operational needs. Some of the challenges business owners face are deciding where to start with this adoption of digital tools are:

1-.Training

It’s not about buying technology. Each platform or app has been designed for different needs. One of the biggest challenges for entrepreneurs is training in their use. The first step is to identify where processes are slowed down and investigate the digital solutions that exist in this regard, according to the size of your business. Technology should make work easier, not the other way around.

2-. Adaptation processes

The implementation of technology has a learning curve. The process can exhaust or despair business owners and workers. It is crucial to get accessible tools for those who will use them. If you use social media, you can probably handle more technological resources for your business.

3-. Budget

Not all small businesses have the capital for these types of assignments. Accessing financing products such as small business loans will compete against larger companies.

How small businesses can use technology: here are some ideas

-Remote work

During the last year and a half, all companies have understood the importance of preparing for changes and acting immediately. Working remotely or in a hybrid model reduces expenses such as rent and utilities. There are many applications such as Zoom and Google Meet; you can communicate from a distance for free.

-Learning and training

Distance learning courses and certifications are beneficial to improving a company’s operation and management. Every day the e-learning offer is more extensive to study any subject. Undoubtedly, training and knowledge are the best investment for your business. Platforms like Udemy or Coursera are an excellent option to start.

-Listen to your customers

Market research and consumer surveys are excellent ways to learn the needs and opinions of your clients or potential consumers. Use platforms such as SurveyMonkey or tools such as Google Forms. This way, you can solve their concerns and improve your company’s value.

-Marketing strategies

By January 2021, almost 72% of the U.S. population will use social media. Through this channel, companies can approach their regular and potential customers. Conduct your market research and create your buyer persona to define the message you want to deliver and the way you will choose.

If you want to invest in paid advertising, you can use specialized tools such as Facebook for Business or Instagram for Business, which help you achieve greater reach and penetration with your audience.

-Diversity of payment methods

Not accepting credit or debit card payments, transfers, or other payment methods can be reason enough to lose a purchase. Using the services of companies such as Square or Due, you can get this allowance without problems and generate benefits for your customers such as interest-free months or other promotions.

-Ecommerce

Online sales have grown exponentially during the pandemic, and ultimately, nothing will stop this boom. Even esports betting is on a rise. Going online is the way to go in the future (and the present). Ecommerce allows you to save costs or expand your offering to a hybrid format. According to Statista figures, more than 2 billion people shopped in this format during 2020.

-Online lenders

Getting funding is a big challenge for small businesses. Online lenders are companies that offer small business loans, inventory loans, and merchant cash advances, to name a few. These financial products allow companies to achieve the desired growth and reach their financial goals quickly.

Implementing technological tools in a company may seem complicated due to a lack of knowledge. Most digital resources are generated from their origin to be intuitive and easy to use. Give technology a chance and know all the benefits it can bring to your business. Do not wait any longer and make your company move forward into the new digital era.

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