To take a company from a level of start up to a small business requires a mammoth effort which is always made easier only with the help of technology. Small business stands to gain the most out of technology. Technology enables automaton of management processes and activities which otherwise consume enormous time as well as effort to complete. Technology has become to be a natural way of achieving progress for small and medium enterprises. Although small and short-term adjustments may be required, in the long-run all these changes will prove to out-weigh the risk and efforts that have to borne initially. For instance, use of time-tracking software in manufacturing concerns makes it easy to manage labor productivity and incentive systems in a far better way than with manual systems.
Automated invoice generation and online payment options will further improve the management of trade receivables and help tracking the turnover and expenses of the enterprise in a better way. Moreover, filing of taxes and vendor payments become prompt as in-built systems can monitor the due dates and create monthly, quarterly and yearly forecasts. Likewise, marketing plans, schemas and strategies can also be created using software and edited promptly. Social media integration with Facebook, twitter, LinkedIn, Pinterest, etc. also generates a steady stream of income without need for significant investment. Creating a mobile office taking advantage of portable devices and internet connectivity will also make a small business more productive.
Some of the popular technologies that have been helping small businesses are:
- Websites – to make them have a presence in Internet
- CRM Software – For managing customer relationship
- Social Media – to promote their businesses through Videos in Youtube, Facebook etc
- Payment gateways – providing online merchandizing services to enable small businesses to buy and sell their products through websites
- Bulk Emails/SMS tools and software – to send promotional information about the business to its target audience