The Investments Small Businesses Have To Tech A Chance On

The Investments Small Businesses Have To Tech A Chance On

Investment Growth

The industry has changed that much in a short space of time that it is almost unrecognisable. Did you know, for instance, that content is no longer the king of online content? Yep, says that 43% of customers want to see more of it in marketing, and 52% of experts think it has the best return on investment. The point is that the industry has changed, and it is continuing to do so at a rapid rate.

What does this mean for your firm? Well, certain death if you believe the following:

–    543,000 new businesses have started each month in the last 6 years

–    8 out of 10 startups fail within a year and a half

–    96% of all companies fail within 10 years

Thankfully, it isn’t all doom and gloom thanks to technology. Over the last decade, the right tech has levelled the playing field and made small businesses easier to handle. So, which pieces of software are the savvy investments? Let’s take a look.

–   A Business App

The days of sitting at a desktop and shopping are not long gone, but they are by no means as lucrative. A study from comScore shows that customers only spend 15% of their time buying compared to 85% browsing. Regarding mobile, those numbers flip to 59% and 41% respectively. The link to an app is obvious as not only are they quick and easy to navigate, but the upload speeds are rapid. Plus, iOS and Android are application mad at the moment, so there is a huge marketing opportunity.

–    CMS

No, not a content management system, but contract management software. If is to be believed, this is the next software advancement to storm the industry. And, it is worth noting that there aren’t many arguments to debunk the theory. Firstly, the potential for streamlining data is huge as management software allows a business to store and manage files remotely. Regarding efficiency, any firm could see a significant rise in productivity and output. Also, there is the cost factor. Not only is there a reduction in costs from streamlining, but tech reduces overheads too.

–    Data Tracking

Sabermetrics are all the rage thanks to people such as Bill James. However, it isn’t a fad that has only taken baseball by storm. Businesses are taking note too, and there are obvious reasons why. For starters, tools such as Google Analytics allow companies to track their marketing efficiency. With these numbers, a good boss can tell which areas need revitalising and which ones are flunking. But, it isn’t only job processes that are in the spotlight as the company as a whole gets some air time. Thanks to Basecamp, a firm can track the time it uses as well as the costs to figure out if the plans are practical. Of course, statistics is a language people need to understand, but it is possible to decipher the code.

As far as tech investments go, these are the three big ones in 2017.

Just a regular computer user. I write for regular users like me. When we grow up we are taught basic security tips like how to cross the street. But we are not taught how to take care of ourselves online.