Small Business Technology Growth Outlook for 2024
Small Business Technology Growth Outlook for 2024
For small businesses, technology and the business tools associated with it help drive innovation, evolution and growth. Many of the most important factors that keep a small business competitive, relevant and successful are directly influenced by technology. Follow along for some 2024 tech trends that will set your company up for success.
The Importance of Digital Progression – Future-Proof and Protect Your Business
Make Enhancements to your Cyber Security
Larger companies have the budget to invest in comprehensive cybersecurity programs, but small businesses may not have that luxury at their disposal. Regardless, cybersecurity must be an integral part of any small business’ operations. Even the most basic security measures can help prevent a large number of threats, so make sure you have all your bases covered. Start by determining your needs and budget first to determine what cybersecurity measures are sufficient to protect your business’ core assets. Here are some steps you can take.
How Small Businesses Can Improve Cyber Security
- Educate and train your employees on cyber security.
- Protect your computers and networks from cyber attacks with antivirus software.
- Install firewall software for your internet connection at your office and for remote workers.
- Make sure your Wi-Fi networks are secure and encrypted.
- Use complex passwords and multi-factor authentication. Change passwords at least once per quarter.
- Create offline backups for important documents and information.
Implement Cloud Computing for Better Collaboration
Cloud computing allows you to access documents over the internet, edit them, and collaborate with your colleagues in real time. This saves storage space on your internal hard drives and makes sharing and collaborating across teams or with remote employees much easier. The most popular cloud computing options include Dropbox, AWS, SharePoint, and Google Drive/ Google Docs.
Update Your Hardware and Computer Accessories
Give your staff the tools they need to do their job efficiently, effectively, and comfortably. In terms of technology, that means providing things like wireless keyboards, Bluetooth mouses, and modern monitors. Anyone that's switched from one monitor to two monitors will attest to how much more productive it makes them. Plus, the newer monitors are designed to not put as much strain on your eyes!
Outreach and Advertising Advancements – Greater Reach at Lower Costs
The rise of social media and influencer marketing present small businesses with new and effective avenues to reach the masses at a much more affordable cost. These strategies are also great tools for building brand awareness, identity, and loyalty.
Advertising on Social Media
Promoting your brand on social media is a great way to generate brand awareness, leads, and conversions. For small businesses, it's never been easier to reach such a high volume of people for a relatively low cost thanks to social media marketing. Many social media platforms also have great built-in targeting features that make it easy to reach, engage, and retarget your desired audience.
Social Media Platforms Small Businesses Should Leverage
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Influencer Marketing
Incorporating influencer marketing into your 2024 marketing plan is a great and affordable way to reach new and larger audiences, build trust for your products, increase your social media followers, drive web traffic, and increase conversions and sales. In 2024, look to leverage micro-influencers, influencers with a smaller but more engaged and loyal audience. The ROI for influencer marketing is generally very high as well, about 18 to 1 on average.
Technologies for Remote and Hybrid Teams – Improve Team Productivity
As more teams have shifted to remote work or hybrid setups, technology has evolved to fit their changing needs. The most obvious examples of this of this are the rise of video conferencing software, like Zoom and Teams, and communication tools like Slack and Google Chat. Small businesses have also leaned more on business management tools to improve collaboration and organization.
Business Management Tools
Work management tools can help your company run more smoothly in every aspect of the business. The primary areas in which business management tools can elevate how you run your business include communication, collaboration, organization, scheduling, marketing, talent management, and inventory management.
Business Management Tools for Small Businesses
- Productivity & Organization: ClickUp, monday.com, Wrike, ProofHub, NetSuite.
- Communication: Slack, Zoom, Microsoft Teams, Bitrix24.
- Collaboration: Google Docs, SharePoint, Trello, Bit.ai, Favro.
- File Management: Dropbox, Google Drive, ProofHub, AWS, SharePoint.
- Sales & Marketing: Hubspot CRM, Flodesk, Salesforce, Zoho, monday.com.
- Talent Management: Bamboo HR, JazzHR, Greenhouse, Rippling.
- Scheduling: Calendly, ZoomShift, Bookafy, Resource Guru.
- Finance & Accounting: QuickBooks, Fyle, Odoo, HoneyBook, FreshBooks, Kashoo.
- Inventory Management: Zoho Inventory, NetSuite, Fishbowl.
Comprehensive HR Software
More and more small businesses are adopting comprehensive HR systems to help them improve productivity and make hiring and talent management easier. Many businesses that used to rely on spreadsheets are now enjoying a much more streamlined experience that all-in-one HR tools can provide. It's not uncommon for one HR tool to include solutions for hiring, payroll, applicant tracking (ATS), and more.
Automation and Artificial Intelligence – Maximize Efficiency
Artificial Intelligence is defined as the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. That might sound complicated, but you don't need to be NASA to incorporate AI and machine learning into your business. Here are a few ways in which small businesses can leverage AI and ML to grow their business.
Data Analysis
Most small businesses and startups do not have the budget for to hire one data analyst or data scientist, let alone an entire team of them. Artificial intelligence and machine learning can be used as a cheaper alternative to hiring a new employee. And while most small business initiatives start out with a well laid out plan, you won't have the time to effectively perform the level of data analysis required to succeed while also running your business. That's where AI can help!
Eliminate Repetitive and Monotonous Tasks
Every business has certain activities that are just boring, repetitive, and time consuming. Some examples might include data entry, inventory management, and other similar tasks. Thankfully, technology has developed to the point that some of these menial tasks can be eliminated by implementing automation, artificial intelligence, and machine learning. Small business owners should look for AI tech that helps automate these sort of mundane and repetitive tasks to free up time for your actual employees to focus on more important work. This will also improve productivity and reduce employee burnout.
Lead Scoring, Routing, and Prioritizing
When it comes to marketing your small business, AI and machine learning can help to better identify leads and provide actionable insights into them. AI can be used to score leads based on their conversion action, source, website activity, and more. It can also provide data on the most likely time to close. These insights allow small business owners to create better lead dashboards and prioritize them effectively based on projected time to close, project order value, and more.
Communicate with Customers with AI Chatbots
AI chatbots and virtual assistants have become increasingly popular in recent years and they are now commonly used by businesses large and small to assist with customer communication, scheduling, and even troubleshooting customer problems. Chatbots make it possible for small businesses to provide quality customer service without increasing headcount beyond what they can afford.
Contact Us
Now that you're armed with the information you need to leverage emerging technology to drive your small business forward, speak with our of our experts to learn how we can help! One of our Merchologists will personally walk you through the process of ordering and customizing corporate apparel and promotional products with your logo. Call us today, and take your small business to the next level with custom merch from Merchology.