Small business is the foundation of any modern economic ecosystem and in most markets, the majority of businesses are classified as small. The Small Business Administration indicates that 99.9% of all businesses in the US are small businesses, most of them owned and operated by a single individual. The challenges of owning a small business come from the many moving parts of any successful operation. With only 1 or a few individuals responsible for day to day operations as well long term business planning, small business owners play many, if not all roles and wear many ‘hats’ to run their organizations. Managing the many facets of a business is an uphill battle in most cases and owners can only spread themselves so thin. Small business owners and managers are always looking for ways to ‘lighten the load’ and the technological revolution has delivered many important innovations that help small businesses run and grow.
Cutting Edge Boring Technology
Small businesses need an efficient way to account for money going in and out of the business. Cash registers were king for many decades and would record transactions on a paper roll for reconciliation later on. In the digital era, small business accounting technology has evolved into all in one solutions that can handle all transactional items such as:
- Sales record and cash register functionality
- Payment card acceptance
- Refunds and brand credit management
- Business and vendor payments and outlays
- Real time ledger functions
Keeping track of business related financial transactions are crucial for efficient operations as issues and inaccuracies can have farther reaching impacts for small businesses. Current innovations can even provide AI based services for next level data analysis and financial control.
Mobile Devices Lead the Way
The online presence of a small business is an essential marketing tool as consumers shift shopping habits to online research and engagement. The increasing adoption of mobile devices and smartphones suggests a strong preference for these devices and having an optimized mobile web presence is crucial for small business branding and marketing. Deploying and maintaining a mobile app may be too costly for most small businesses but having an efficient and user friendly website that works seamlessly on mobile devices will allow customers to engage with the business across all types of technology. Mobile optimized websites can provide additional avenues of engagement for current customers while potentially capturing new business through searches and social media platform connectivity. Using other marketing vehicles to promote the brand’s mobile presence can drive additional traffic and usage.
Rising Attacks Against SMBs
Cyberattacks and online security threats are ever increasing and a disturbing statistic from StrongDM indicates that 46% of cyber breaches were aimed at small businesses. Perceived vulnerabilities and lack of resources makes SMBs an easy target for bad actors. Highlighting the need for data and system security, small businesses are seeking practical solutions that can provide layered security against such external attacks. External hardware, such as Cisco Meraki’s MX67 lineup, can provide cost effective firewalls and security protocols to protect internal systems and data. Scalability offers affordable cloud computing solutions which incorporate complex security measures to protect data. For many small businesses, moving infrastructure to the cloud can provide peace of mind when it comes to online security. To complement technological security solutions, small businesses with employees must establish set policies regarding data security and information handling and highlight the importance of such measures.
The Bottom Line
Running a successful and busy small business is rewarding but having to manage all facets of the operation can spread owners too thin and affect quality of output. Time management and organization are key challenges that small business owners have to contend with but by using technology in certain areas, owners can focus their efforts wholly on critical areas such as customer service and sales generation. Automating accounting and security tasks will save time and enable owners to focus attention on operational and marketing parts of the business. Driving business by optimizing online presence can take full advantage of the high rate of mobile device adoption. The current landscape represents the golden age of small business technology that is scalable, affordable and easy to access, but most of all, can deliver business conveniences and benefits that help owners manage time more effectively.
