The early stages of entrepreneurship are filled with dreams of the future and the decades of success still to come. But businesses that last 10, 20, and even 50 years don’t stick around due to sheer luck. Instead, these long-lasting companies share a dedication to learning and an openness to change.
While industry veterans are bright and innovative, they are also the first to seek help through mentorship, delegation, and—yes—technology. Business tech has grown rapidly and will continue to evolve, providing entrepreneurs with robust, streamlined solutions for everything from bookkeeping to inventory management.
If you want to build a business that is here for the long haul, cultivate an internal culture that appreciates tech and uses it to its full potential. Here are four ways technology will transform how you do business.
Get more done in less time
Every minute counts, especially when you run a business. Time spent on menial tasks (even when delegated) is better allocated to profit-driving activities, like networking, marketing, and sales. By using technology to your advantage, you can save time and guarantee your team members are contributing to the highest good.
Beyond efficiency, automating procedures like onboarding, invoicing, and payment processing also ensures a consistent brand experience. While you and your team focus on creative work, an optimized tech stack can support the customer journey and ensure clients have everything they need without waiting on your team’s availability.
Plus, people are quicker to respond to emails, sign contracts, and pay invoices when they can do so online. So instead of chasing down customers, make the most of your systems and let technology handle it for you. Finally, with the right software and automation, you can ensure a significant reduction in errors within your work.
Save money and resources
Time is money. With streamlined tech in place, you’ll save a significant amount of both by dedicating your working hours to higher-level, sales-driven tasks. But that’s not all! Technology can also help you save on overhead expenses, like office supplies, contractors, and even office space. Many digital business tools are cost-effective, with free or low-cost plans available to suit your needs.
Think about it: If you had the choice to spend $1,000 on software or $5,000 on a virtual assistant to perform the same duties for a year, what would you pick? Of course, software is the sensible decision—and that doesn’t even factor in your time spent on training and oversight. So, when comparing business solutions, consider the financial and non-financial costs to make the right call.
Make better decisions
A successful business is the result of many wise decisions. From identifying your ideal client to refining your brand message, entrepreneurs face make-or-break choices every day—and those that find lasting success know that a gut feeling isn’t based on facts. Instead, sustainable business owners rely on cold, hard data to support their decision-making processes. They review website analytics, check social media insights, parse through customer feedback, and run profit-and-loss reports.
If you want to build a business that’s here to stay, you need to know your numbers. Fortunately, modern technology makes it easier than ever to track data that clues you into your business’s performance. Is your sales approach working? Check your CRM! Are your blog posts attracting new leads? Check your website analytics! You can answer any business question with the help of technology, so there’s no reason to guess.
Adapt to change swiftly
When the world shut down in early 2020, it became clear that some businesses were agile and could quickly transition to remote work. Others were not so fortunate. Instead, they struggled to implement new software and manage teams from a distance when the focus should have been on communicating with clients.
While we can’t predict the future, staying current with technology enables businesses to be more flexible and adapt to market shifts without much trouble. For example, automation eliminates “busy work” so you can respond to changes promptly without letting smaller tasks fall through the cracks. Embracing software that supports remote work allows you and your team to collaborate, even when you cannot meet in person. When you integrate tech into all aspects of your business, it makes it much easier to roll with the punches and come out on top.
Implementing technology throughout your company will involve a learning curve as you and your team transition to a more integrated digital environment. However, as you update your processes and reap the benefits of tech, it’ll become second nature to trust your systems to keep the gears turning while you focus on sustainability and growth!
Nora Sheils is the founder of award-winning planning firm Bridal Bliss and co-founder of Rock Paper Coin, a client management platform that offers a streamlined approach to contract, invoicing, and payment processing for the wedding and event industry. Nora is a well-known and sought-after speaker on national stages, including Wedding MBA, Catersource, NACE Experience, and Coterie Retreat.