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 their businesses’ budget. An important aspect of a business’s 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 their business’s specific needs and can execute their 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 establish trust when hiring technology consultants outside of their business.
Know Your Competition
Before a small business begins to implement new technology, it 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, and 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 plain, easily understood, and actionable language.
About Financing Solutions Small Business Line of Credit
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
Get a free, no-obligation business line of credit quote by filling out our simple 2- minute business line of credit application here.
Remember: The time to set up a credit line is when you don’t need it.
Note: Financing Solutions donates 10% of its profits to various nonprofit charities