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How To Harness Technology Trends for Small Business Growth

How To Harness Technology Trends for Small Business Growth

How To Harness Technology Trends for Small Business Growth

Technological advancements have made it possible for organizations to move fast, disrupt industries, and get noticed. But what if you’re running a bootstrapped startup or working under the constraints of a tight budget? You can still harness the power of emerging tech solutions to grow your company. You just need to follow some pragmatic steps.

The first of those steps is staying on top of the latest advancements. It’s tough to bring any tech in-house if you don’t know what’s happening within the tech world. Being aware of the tech that’s taking off provides you with several advantages. For one, you’ll be able to start planning for the future. After all, you’ll know what’s coming down the pike, allowing you to prepare for tomorrow.

Remember that once available only to enterprise-level firms, most technologies have trickled down to mainstream players. Take AI, for instance. AI technologies were initially out of reach for small businesses. Now, they’ve become so economical that 39% of small business owners plan to add AI into their tech mix.

Another benefit to having a working knowledge of tech trends is seeing many paths forward. Though you may have a series of North Star goals, your understanding of tech will help you see many potential avenues to reach those goals. As a result, you’ll be more agile and able to respond to market, competitor, consumer, and other changes.

Want another reason to improve your tech acumen? After familiarizing yourself with the most significant tech trends, you’ll be more comfortable making tech-related decisions for your company. You’ll also be better positioned to employ the following strategies to give your small business an extra “leg up” right away.

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1. Focus on updating your profit center tech tools

As you begin to learn more about trending tech, you may find it tough to decide which type of tech to bring into your small business. A good rule of thumb is to lean into technologies that will increase your profit margins. That way, your tech will pay for itself, and you’ll get more value from your investment.

For example, consider putting your money behind proven tech that increases your sales efficiency and returns. Many products exist that can increase your revenue by moving customers and clients through your sales funnel faster — and keeping them happier. For instance, Thryv, a do-it-all small business software, can improve your average number of customers by an estimated 25%. That means you’ll likely be able to realize a corresponding jump in both sales and revenue.

After attracting new customers, you might want to set up a branded community mobile app space for them. Of course, hiring web app developers can be pricey. Your workaround? Choose a DIY mobile app solution like Appy Pie. You can get a feature-packed app prototype up and running in just three steps — no coding knowledge is needed. In other words, you could positively affect your organization’s profit margins and scalability with just two new tech implementations.

2. Run small-batch internal tech trials

Adding a new technology can be risky, mainly if it affects all your operations and employees. To lower your risk, run small-batch testing before proceeding with any tech adoption. Starting small allows you to see in a closed-cycle environment whether tech is worth launching throughout your organization. It also allows you to avoid spending too much upfront. Many technologies offer the chance to try for free and subscribe monthly after a predefined period.

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How can you be sure a piece of new tech meets (or exceeds) your expectations? During your team’s tech trial periods, identify metrics to determine if the technology is producing the desired effects. Measuring metrics at regular intervals will help your team objectively determine if the tech is suitable for wider use.

When you find a tech that produces good results, you can deploy it confidently because you have the data to prove its merit. Just be sure to monitor its performance in each department post-launch.

3. Keep an eye on tech that’s booming in other industries

Tech often starts in one industry and spreads to others. This happened with wearable tech. Wearables have become very strong in the consumer-based fitness market. Before long, the healthcare industry started thinking of ways to diagnose and treat patients in person and remotely via wearables.

Today, about four out of 10 people in the U.S. depend on wearable tech. Healthcare providers are consistently exploring more ways to promote the use of wearables to provide better care. Interestingly, fashion brands are as well. Products like the Gucci Oura ring illustrate how tech can be relevant and interesting across seemingly dissimilar industries.

Though it’s not always obvious how you could use a particular tech within your field, stay open-minded to possible future use cases. You’ll be more able to strike quickly if you actively look for opportunities on the horizon. Who knows? You may be able to start a new tech trend in your sector, which could significantly differentiate your company. At the very least, you’ll think ahead and stay alert, which is always good for business.

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Just because your business is small and your funds are limited doesn’t mean you can’t gain momentum through the adoption of up-and-coming technology. You can. You just need to stay attuned to what’s happening in the tech space — and not be afraid to try something new once in a while.

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