How Technology is Helping Small Businesses Survive During COVID-19
The birth of 2020 was marked by the global outbreak of a pandemic. In addition to the global health crisis, the pandemic has unleashed extensive impacts on the world economy. The economic crisis was accompanied by businesses being forced out. Above all, the small businesses were hit hard. Though there are for sure various pitfalls, everything about the pandemic can’t be blamed. People started understanding the true power of technology. This period became a platform for digital transformation. The world was put into various tests and people started adapting to the changing times with the help of technology. Likewise, the small businesses that were struggling at the start of the pandemic have turned themselves to the digital media and are giving a tough fight. Business survival became possible only by the support of technology, but how? To know, read on.
How Did Technology Become the Answer to Business Continuity?
With the emergence of the covid-19 pandemic, technology is not indulgence instead it has become a necessity. The main problem that businesses faced was not to interact with them directly. If you are still selling the products in a brick and mortar shop you will eventually get out of the game. Getting online has saved a lot of small businesses from the verge of dissolving. For instance, Amazon has seen an increase of 44 percent in the stock price since a low at the end of March. They came up with contact with fewer distances and safety practices in their process of dispatching the deliveries. The digital transformation is not just about having a presence online. But, it is the incorporation of digital technology into all the aspects of the business. The way businesses operate and give value to the customer should be driven by technology. Technology for small businesses turned out to be a boon.
Better Brand Exposure
The use of modern technology has given great exposure to small businesses. The small business that was known only to the locals got the chance to establish its presence among a wider audience. The digital platform has become a great platform to gain a new audience. Around 35 percent of small business owners tell that going digital has taken them ahead and fight covid-19 by creating a better brand identity. You can maximize your brand exposure to a great extent with technology compared to the traditional and classic marketing methods. You can try some cost-effective methods such as organic marketing to see some serious results.
Implementation of Digital Applications
Most of the small businesses have remained to be open during the pandemic by adopting new physical distancing rules and technology to keep the business on track and employees safe. The small businesses have come with new digital processes such as digital signature and digital ids. They started providing the service online thus ensuring business continuity. For instance, a startup gym didn’t want to take a break from meeting the customers therefore they started providing online classes to people compiling the best exercises that they can perform at home without the need of any equipment and trainer.
Paved for Innovation
Right from the moment when the small business owners started to see that their main sources are drying, they started the search for new ways to reach people and engage them. For instance, when the schools and classes closed, students struggled a lot. Various budding educational platforms used such new business opportunities and started gaining popularity. Would you have thought in the past that you would get a tour of a property online?
Effective Monitor of Remote Working
The world has shifted to the work-from-home strategy due to the pandemic. With the use of the right tools, the owners can monitor the work process of the employees. Most of the tools provide the employer’s insights about the process of production and the tasks completed. Time tracking became critical to check how productively the employees are working. Also by using the right technology both the employers and employees can get access to entire data. With the right technology, small businesses were able to maximize productivity while working remotely.
Effective Communication With the Customers
Technology has transformed the means of communication. Virtual communication has improved during this period. The small business impact of communication is beyond measurement. Even the smallest business has started selling its products through a video call. Properties are sold online. People select dresses and jewelry through a video call. Classes have gone online from physical. It has opened the gates for great business opportunities by erasing the geographical lines of the business. It also offers great flexibility to people working remotely. The small businesses can connect with the customers through social media platforms and her to their feedbacks directly. It allows them to bring changes in the service according to the need of the customers. It also helps to understand your audience better.
The use of digital technology helps companies to reduce overhead expenses. By working remotely you can also cut the costs spent on rent and utilities. With the adoption of digital technology companies can spend a lot on improving the service or the product instead of other aspects. It will be just like a one-time investment. After that, the effort to manage the business can be minimized and it can be shifted to improving the service. Digital technology will give you useful insights about your market using which you can make well-informed decisions and prevent huge mistakes. It will maintain the finances from the top-to bottom and avoids any pitfalls.
Consistent Online Presence Will Take You in Front
The customers of today’s world expect businesses to be online. This doesn’t mean that you have to completely shift your operations online. A consistent online presence will take you in front of more customers and help you stay in the game. 87 percent of customers are searching for a product online. If your small business wants to remain afloat during these tough times, technology should be your resort. A robust business strategy planning that combines effective online presence and the right tools is the need of the hour.