Modern technology enables small businesses to function in a way that could not be achieved a generation ago.  Technology enables staff members to communicate better, business owners to manage costs more efficiently and to sell products and services in new and diverse ways.  Small businesses benefit from simplified and cost-effective manufacturing processes so that their customers can grow without compromising the quality of service.  Technology has opened new and attractive doors to success, regardless of the size or nature of the small business.

Financial Management

 It took several hours for business owners to write down account information, count journal entries, and manually create business records.  Today, accounting systems automate many processes, reducing the time it takes to keep accounts up to date.  While it is important to simplify the accounting process, the real power of a computerized accounting system lies in its ability to instantly retrieve temporary data.  Business owners can instantly see how they are doing compared to a year ago, discover who their most profitable customers are and identify before problems are sorted.

Effective marketing

Decades ago owners spend huge amount of money of improving their marketing strategies. Now a days the modern technology has completely changed this trend. Digital marketing has made it so much easier for owners to promote their business effectively. They can also save money and time by this marketing strategy. Almost everyone, people of different age groups use internet and social media. Using social media and internet to do marketing can be a great way to pass the message to the target customers. It’s not an easy task it has to be done in an appropriate way, for this you can hire digital marketing consultant.

Production

Product design for products requires a team of professionals to create custom manufacturing equipment that can be used to create a factory assembly line.  In order to achieve economy on the cost scale of ordering, it was necessary to produce a large quantity of each item.  Today’s advanced manufacturing equipment enables engineers to control equipment using computers.  The cost of manufacturing a product is significantly reduced, and even small quantities can be manufactured at an affordable price.  The result is that even a small company can produce their products efficiently and economically.

Customer relations

The way companies grow is the way they treat their customers.  Historically, large companies have struggled to provide the personal services you would expect from a small company.  The Customer Relationship Management (CRM) system changes that dynamic.  The CRM system monitors each customer’s interaction and creates an information database that the company can use to provide better services.  When a customer calls with a problem, the CRM system already knows what product they have and when they make a purchase, so the customer service agent can immediately provide better service and ask fewer questions.

These are few ways in which the technology has affected small businesses. It’s true that technology also has bad effects on small businesses but the majority of them are positive ones.

 

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