The world of business is highly competitive, and that’s probably why you love it so much. After all, no one ever went into business for an easy life.
In 2018 alone, the UK saw massive growth in small businesses, accounting for 99.3% of all private sector businesses at the start of 2018. Overall, there were 5.6 million small businesses in the UK.
If you’re one of those businesses, you no doubt want to move on and grow to a medium and then large sized business. While there are many ways you could do this, technology is the key for small business owners to really scale their company, and here’s how.
While larger companies have more money to throw at technology, they also have to go through more channels and more red tape to either get it implemented, or in front of the person needed to sign it off.
However, smaller companies have to go through fewer steps, meaning you can test and learn with new technologies, whether that be cloud computing an MSC test or a new content marketing or accounting system. The fact is, the quicker you get to test, the quicker you know what works, and you could already be out in front before the big companies get sign-off for the one you’re using.
Technology doesn’t need to be expensive, which is what you may think when you hear cloud-based computing.
In fact, you can get amazing cloud computing software at a lesser cost, and as we said, you can always shop around and see what works for your business. But, the bottom line is, cloud computing offers scalability, agility and a lower cost of ownership, meaning you can scale things up without huge IT overheads.
This means you can manage growth, increase it and save on money, which you can then be invested in other areas.
A great example is Charlotte Tilbury, whose beauty brand exploded in 2015. The brand found that managing everything from financial consolidation to CRM and tax compliance in multiple languages and countries was much easier when done through a cloud-based business management system.
The key thing with technology, however, is data. The more you plough into online, whether it’s marketing or customer experience and even user experience, the more data you’ll gain and the more you’ll learn about customers and potential customers.
This is invaluable as you’ll be able to mine this for your own benefit, as you’ll be able to cater to people perfectly. This will ultimately lead to more brand awareness, loyalty, sales and overall growth.
While these are only a few things to consider, if you are a small business, focusing your attention on technology, and the world online, should be your top priority if you want to grow and grow.