10 Low-Cost Technology Solutions for SMEs

Technology can assist small business owners in making better use of their limited capital. In certain circumstances, adopting technology improves efficiency and versatility, making it a natural development for operations that you may already have in place in your organisation. In some cases, you may need to make some changes to gain the benefits of tech-friendly choices.

From software to appliances, technology can be a small business owner’s best friend. It can help you work more efficiently, find more customers, and save money while doing so. See the chart below for more information on the top ten most commonly listed technologies that SMBs already utilise.

Source: https://blog.capterra.com/tech-for-small-businesses-what-peers-are-using/

Here we also compiled a high-level look at technology solutions that may help your small business become more successful and productive.

1. Online Business Training & Online Education Platforms

As a small business owner, education and a willingness to learn more are vital assets. You could travel the world to participate in live training and educational events if you had infinite time and money. Of fact, most of us are constrained by limited funds and time, so that is rarely a practical option.

Self-paced training and free online business training courses are great ways to broaden your knowledge when it is most convenient for you, directly from the comfort of your own home or office.

Platforms like Sentinel9 provide numerous excellent online business training tools that cover almost any business topic you could wish to learn about. While not all of these platforms offer certified degrees or certificates, they will provide you with the information and training you need to do activities that are vital to your firm. For example, suppose you want to take your small business online. In that case, you can enrol in web design, e-commerce, and logistics courses to master the fundamentals and create a successful online marketing strategy. The possibilities are limitless if you understand how to choose an online business training program.

2. Open-Source Software

Open-source software gives small business owners an alternative to using mainstream commercial apps in their day-to-day operations. Many business owners find open-source software appealing since it usually requires no financial commitment and frequently has the flexibility to align perfectly with the business owner’s needs.

OpenOffice.org, an office software suite featuring word processing, spreadsheets, presentations, graphics, databases, and more, is one of the most popular open-source tools available. Also, platforms like GnuCash offer the simplest methods to keep track of your costs and revenue; it’s an accounting program with various beneficial features for small businesses. There’s even an Android app so you can work on your books while you’re on the go.

3. Comprehensive PM Tool

Maintaining productivity and production can be tricky now that employees work remotely and do not share the same physical office space. If you don’t have the correct project management solution, you may expect productivity to plummet, while collaboration and communication will fast become limited to small teams.

Having a project management platform is critical for guaranteeing seamless cross-team cooperation, which is especially important when working remotely. Ideally, you’d want your project management software to provide a variety of capabilities, such as:

• Project and task time tracking
• Visual boards and task delegation
• File management and distribution
• An in-built communication tool
• Reports and analytics on performance
• Timelines and predictions for projects.

You will be able to complete projects more quickly and boost staff collaboration. These online tools, among other things, allow you to upload documents, send notifications, and use a shared calendar.

Trello and Slack are two of the best platforms for tracking project progress, while Asana is one of the best project management applications with a shared calendar. Tameday is a fantastic software that allows you to arrange to-do lists and allocate jobs and projects to your team members.

4. Landline Alternatives & Wireless Network Upgrade

Small business owners are no longer confined to an office or a computer to complete their tasks and keep informed. One approach for business owners to take their company with them is to use an alternative to a regular landline as their phone service. Cell phones, VoIP, and virtual phone lines are just a few of the other options.

We rarely consider the significance of a fast and stable Wi-Fi connection, even though businesses rely heavily on scalable bandwidth. Since many companies have gone online and moved to remote work, the Coronavirus outbreak has underlined the importance of having a good internet connection. Because of the surge in remote working, fast fibre internet is more important than ever. This can help you speed up crucial everyday tasks and improve your business processes.

5G wireless technology, the next generation of wireless technology, promises a significant boost in speed and responsiveness. It is continually evolving as carriers continue to spread 5G coverage into new places throughout the world. The fifth generation of cellular technology significantly increases speed, up to 10-100 times faster than a typical cellular connection.

5. Time Tracking Solutions

Whether you bill your clients hourly or not, small business owners can benefit significantly from keeping track of where their time is spent. This offers various advantages, including improving the accuracy of your project estimates and increasing your productivity.

There is numerous time tracking solutions available, including desktop apps, web tools, and services integrated into more extensive project management or bookkeeping software.

6. Business Planning Solutions

Professionals in various industries might benefit from using business planning software such as Planium Pro. It gives business advisers, accountants, and consultants the tools they need to generate new revenue streams for their clients by utilising the software’s built-in analysis tools – all without dedicating unnecessary resources or additional staff members. The significant advantage is that you can employ cloud-based technologies to provide high-quality customer services from anywhere. Furthermore, consultants might profit from annual memberships because their profession requires them to interact with a broad customer base from various industries and construct business strategies for multiple goals.

7. AI Solutions

While AI may appear to be a future technology, it is already being employed by a range of businesses. You may already be doing so. AI technology is used in navigation apps, streaming services, and ride-sharing apps. AI will become increasingly involved in practically every industry as it develops more innovative, creating new employment and providing more data for small firms to reach clients.

Many small firms will utilise AI to track client behaviour and generate trend information. This is already built into specific e-commerce systems, but more detailed data can give organisations advertising and marketing insights.

These days, AI bots work as virtual assistants that can easily update and improve consumer interactions and experience. They get to interact with clients 24 hours a day, responding quickly and considerably increasing customer satisfaction. After-hours automated responses eliminate the need for your consumers to wait for assistance, which often leads to irritation. Instead, your prospective consumers will get an immediate response on demand. Chatbots can boost your profits by converting website visitors into potential customers. They also improve lead nurturing by offering discount coupons or making targeted recommendations. You can automate your appointments and order bookings while saving money on live chat support personnel.

8. Online Invoicing Applications

Bookkeeping software comes in a variety of styles and sizes. However, you may not require a comprehensive accounting package to maintain your books, depending on your specific requirements. In reality, a simplified online invoicing service may be a suitable option for your company, allowing you to manage your billing process more efficiently and quickly.

Technology also gives a plethora of online payment options.

9. Utilise Reporting Tools

Use all analytics tools at your disposal, and incorporate an intelligent reporting tool into your operation to efficiently collect and arrange critical information. This will enable you to develop detailed reports for each department, which will then assist you in making the best decisions to increase productivity, customer experience, sales, marketing, your brand, and other areas.

10. Remote Desktop Applications

Once again, technology cements the link between small business owners and mobility. When it comes to managing your business, having access to your primary computer and all of the data on it when you are away from the office – and being able to see or alter it from your iPad or smartphone – can give you an advantage.

Remote desktop access software like GoToMyPC and LogMeIn can keep you connected even when you’re not at your workstation.

Final Thoughts

The modern corporate sector is rapidly changing as a result of technological advancements. Companies of all sizes are increasingly investing in digital transformation to secure growth in the new normal to meet their objectives. Make sure to invest in these solutions yourself if you want to grow your small business.