3 ways technology investments help small businesses succeed

If your small business has a challenge, there's likely a technology solution to match it. In fact, there are probably dozens of solutions for you to consider. Choosing the right one for your company requires a thorough understanding of the obstacle you are facing as well as the expertise to know which solution has the functionality to optimize your investment.

Before you decide which technology solutions will benefit your small business, let's take a look at three ways technology investments can increase your chances of success:

1. Optimize productivity and collaboration

Strategic technology investments can empower teams and individuals to collaborate more effectively and become more productive. Various solutions can help teams communicate within the office as well as from remote locations. Furthermore, analytics and management technologies can help stakeholders identify new opportunities to improve productivity.

In the modern workplace, productivity and collaboration often go hand-in-hand. Few individuals work in complete isolation. When team members have the ability to communicate needs, share resources and work together, they will have more opportunities to succeed.

For example, cloud-based file-sharing systems can allow team members to access shared projects in real time, giving everyone the resources to meet deadlines and receive input when necessary. These solutions can scale as your organization grows. Plus, there are many available technologies that allow for version control and other mission-critical functionalities.

2. Improve financial transparency

As your organization grows, so will its financial needs. If growth outpaces your organization's ability to properly manage its financial health, it could lead to increased risk down the road. Today, many solutions exist that can meet your business's needs now and in the future. For instance, modular accounting software allows your stakeholders to choose the functionality they need now, and provides the option to add functionality later on.

"Investing in technology has made us far more efficient," says Jeff Rosen, Regional Vice President of Beacon Hill's Technologies Division. "For example, connecting our online timecard system to our billing and external payroll departments has drastically cut down on errors by simply making sure the initial data is entered correctly. This ultimately means that our contract employees always get paid correctly and that invoices are always correct and timely."

If your company is transitioning to an online model, e-commerce and digital payment solutions can open up a new stream of revenue. For instance, a retail company that wants to sell on a national scale could invest in automated bookkeeping software to track payments from online customers in real-time.

3. Maximize your marketing potential

These days, it takes a strategic approach to marketing and advertising to get your message in front of the right audience. The web is crowded with brands trying to engage with buyers. Whether your organization targets consumers or business buyers, it needs marketing technologies to succeed.

For example, retargeting solutions can increase the likelihood of users returning to your site after an initial visit. Using cookies and advertising networks, users who visit your site will see tailored ads for your products and services on other websites they visit. Likewise, retargeting networks identify "look-alike" audiences - users who have not visited your site, but who exhibit patterns of behavior similar to your desired audience - and engage them as well.

Meanwhile, analytics solutions and engagement platforms can help your marketing team determine which strategies offer the most benefit to your organization. This enables them to optimize marketing spend by focusing only on the channels that produce the best results. In the long term, this enables your company to better define its buyer personas and continually optimize the sales funnel.

Now that you have a better understanding of the many ways technology investments can improve your business, it’s time to find the perfect solutions. For tailored recommendations, reach out to the expert consultants at Beacon Hill Technologies today.