How Technology Can Transform Your Small Businesses. Entrepreneur MBA Podcast 3.31
Summary: In today’s episode Chris Moschovitis from Technology Management Group and Stephen Halasnik from Financing Solutions discuss how technology can transform small businesses. These solutions can help small businesses get the most value from technology integration.
Know Your Strategy
A lot of small businesses fail by throwing money away on technology that doesn’t aid their business. It is important for businesses to first implement a strategy that helps the business solve a problem or create something new and innovative. The technology that a business invests in should aid the business strategy and should be tailored to the needs of the business. Integrating technology into a small business can be expensive. Businesses should develop a plan of action to finance any technology needed and periodically check to make sure expenses are within your businesses’ budget. Am important aspect of a businesses’ strategy involves its customers, therefore it is important to consider how new technology will impact the customer and better their experience with your business.
Partnerships Aid Success
Technology integration into a business can involve many domains. It is important for small business owners to find agents and consultants that can offer services that are tailored to your business’s specific needs and can execute your business strategy. Software and cybersecurity can be intimidating for many small business owners without a background in technology, therefore it is important to have open communication and transparency with outside technology consultants. Business owners should establish expectations for the quality of technology needed as well as establishing trust when hiring technology consultants outside of your business.
Know Your Competition
Before a small business begins to implement new technology, they should first figure out what technology is already being used by others that the business doesn’t currently use, and how that technology could possibly help the business. These topics should be discussed annually in order to keep up with the competition and adapt to changing business environments. A large part of success for executives and business owners comes from being adaptable and always learning.
Technology on the Rise
Many businesses have adopted cloud technology that can process tons of data within a short amount of time. This type of technology is scalable, affordable, and gives businesses an advantage when maintaining in-house operations. Some businesses may also benefit from adopting machine learning and big data technology. Executives and small business owners can have access to key metrics that can advance their business through software systems for relatively inexpensive prices. Application systems give business owners access to customer data that can be used to monitor customer behavior, quality of service, and other key metrics used for decision-making.
About Chris Moschovitis from Technology Management Group
Chris is an active speaker and writer and delivers workshops on a variety of topics, including Cyber Security, Privacy, Information Technology Strategy, Governance and Execution, and Digital and Business Transformation. Chris is particularly sought after by private industry, academic institutions, and nonprofits for his ability to explain complex IT and cybersecurity topics in a plain, easily understood, and actionable language.
About Financing Solutions Small Business Line of Credit
Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees.
Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.
Note: Financing Solutions donates 10% of its profits to various nonprofit charities