These past two years have been catalysts for business transformation: 76% of businesses plan on long-term IT changes. No matter what industry your business is in, your competitors are probably already implementing new technology to enhance their business growth. Are you going to let your business fall behind?
Here are some technological advances you should start implementing now to get ready for 2022:
1. Mobile Payments: The global Mobile Payment Market is estimated to be at $8,724.2 Billion by 2027. We’re quickly leaving behind cash and credit card transactions. Consider investing in hardware and software to process mobile payments like Apple Pay, Google Pay, or Samsung Pay into your business.
2. Cybersecurity: According to the US National Cyber Security Alliance, cybercrime costs small and medium-sized businesses more than $2.2 million a year. More than half of all small businesses that have suffered a cyber-attack go out of business within half a year. Hire IT services to make sure your programs and computers are as secure as possible.
3. Optimizing your business webpage: Did you know that 81% of retail shoppers conduct online research before buying? Businesses have increased their digital ads to drive more high-quality calls and personalized the caller experience to increase conversions. Don’t let the competition take away potential customers.
4. Customer Relationship Management (CRM): CRM helps you remain organized and create relationships with your customers, which is invaluable for the expansion of your business. We recommend Salesforce or Hubspot.
5. Software and Workflow Tools: Efficiency keeps your team progressing forward, and the right tech tools can work wonders for your team’s ability to collaborate and communicate effectively. Invest in software to provide your team with the tools to create documents, manage spreadsheets, and make presentations. We suggest Microsoft Office and Process Street.
Innovate or your competition will win the race.
Can a business go bankrupt because it was too scared to invest in technology or new market trends? Yes- or haven’t you ever heard of a store called RadioShack?
RadioShack was a leader in the electronics industry. So, how did it go from generating about $1 billion in revenue in the second quarter of 2010 to filing for bankruptcy five years later?
Instead of investing in e-commerce like its competition, it kept focusing on physical stores. And if that wasn’t enough, it also ignored a second crucial market trend. As a result, RadioShack fell behind on stocking the right parts for DIYers interested in creating robots and other electronic components. RadioShack lost industry leadership by ignoring innovation opportunities and market trends. Don’t do the same to your business.
Invest in technology with additional funding:
Adjusting to new operations can cause your business to lag in the process. Additional training can cause downtime and money. To invest in meaningful technologies, a large deposit may be required.
So, what's the secret to maintaining optimal cash flow at all times while upgrading your business with technology? Working capital. Additional funds can help you avoid any financial setbacks on your way to business growth.
We pride ourselves on having helped hundreds of thousands of small business owners through the process of acquiring capital for their business. We are not a bank, and we are proud of it. We are entrepreneurs just like you.
We are experts in connecting you with the capital you need to grow your business, and we intend to make that process easy and simple. It takes less than TWO MINUTES to get pre-qualified, so why wait?
Disclaimer: The content of this article is based on the author’s opinions and recommendations alone. This material has been prepared for informational purposes only. It is not intended to provide and should not be relied on for tax, legal, or accounting advice. We suggest consulting with your tax, legal, and accounting advisor before engaging in any transaction.