How Entrepreneurs should exploit the power of technology
Technology plays a fundamental role in our modern world, and in this article we look at How Entrepreneurs should exploit the power of technology. We have written an article before on Why Technology is important in the modern society, and so today we look at How Entrepreneurs should exploit the power of technology. We see technology as a toolbox with very powerful tools.
Technology can help us cut our costs in so many ways. Below are some of the points to consider, that can save you as an entrepreneur a few dollars. Some of which are just too simple, I Promise.
Social Media Marketing (S.M.M)
We have seen the opportunities presented by the advent of the Internet, such as Marketing, Research not to forget the social media platforms. Now entrepreneurs can leverage this piece of technology to do a lot of things. Entrepreneurs can now connect with their clients and in some cases find new clients on social media. As an entrepreneur it is necessary to use social media to market your content, considering the amount of people on various social media platforms these days. should one have a product they need to market, social media can provide a cheaper form of advertising. In most cases advertising is free, and that means marketing costs are cut.
Now internet has presented an opportunity to cut labor costs. Its is no longer necessary to hire permanent staff, paying them a lot of money. A smart entrepreneur now goes on sites like upwork, to find freelancers to get their job done. This method is very cheap and efficient because there is no need for a lot of resources required to get a job done. most of these jobs are executed mostly by freelancers from the comfort of their home. This means you can cut on office space costs, power and other essentials like water.
As we already mentioned the positive impact artificial intelligence has on the business world in This article, we realized there is still more. there are still more uses of this piece of technology in the business world. Robots and artificially intelligent machines have also been seen as cost cutting tools. Artificial intelligence is not limited to robots in the their physical state. We can also look at artificial intelligence as algorithms also that are designed to automate some routine tasks, that an ordinary human would find not so interesting. This increases efficiency, though at the same time cutting on labor costs.
Search Engine Optimization (S.E.O)
Should and entrepreneur own a website, it is important to have a good SEO plan. The website must be well optimized for the search engines like google. Search engine optimization is a near to cost-less form of getting your brand into the world. More information can be found Here. Basically we see this as the cheapest digital marketing tool, though you need some skill in order to get it right. It is of utmost importance to get it right, otherwise you will not be so different from someone shouting on top of an isolated mountain. You need to be known. You need to make your voice be heard. It’s wise to invest on SEO, your business will thank you later.
The technology around sales has also evolved. Now there are other options of selling your products. Here we are looking at options such as e-commerce. E-commerce has taken the traditional brick and mortar businesses into “sophisticated”, yet simple and cheaper businesses. Now It is easier to sell your products to any one in the world, thanks to the internet and the innovative technologies around it. Now there are e-commerce sites that sell products internationally, eg Tramstech, 4corners etc.
Trends are vital in the business world, and they can actually determine whether you make more money or you lose. Studying and following these trends is good practice and should be done. The good thing though is, information on trends can be found online. Once again we see how the Internet is playing another role in business. In this ever-changing world, it is important to move with the times, and the ability to adapt is one of the important skills an entrepreneur must have. This could actually make sure you minimize your losses.
No one is in business to be making losses. Therefore it is important to minimize these losses. Loses come in the form of pilfering, Loss control is a technique that seeks to control or ideally eliminate any losses in an organisation. Traditionally Loss control officers were employed to do this job, but now due to the advent of latest technologies, machines can now control our losses. This can be done for instance, by installing tracking devices in vehicles and some other forms of transportation medium. Consider a company in the business of transporting raw materials, and their vehicles are equipped with this technology. The risk of losing business or losing the conveyed materials is quite minimum considering the fact that, courier companies can keep track of their consignments and manage them accordingly.
It is not uncommon for businesses to set goals and targets. But we all know there has to be a way of measuring and tracking our goals. Gone are the days when we kept track on hard paper. Now Companies like google have developed some great tools that entrepreneurs must use to track their goals. Depending on the goals one hopes to achieve, google has some interesting tools entrepreneurs must leverage. An example is when you own a business and has an online presence, and you set goals that can be measured online. Google has Analytics to measure some goals regarding some metrics like website traffic, and also measuring you website conversions.
Planning is also a vital element in business management. Thanks to technology, Entrepreneurs can now use some great tools for management planning and resource allocation. There are programs like SAP that deal with this planning and management. Google also has chipped in with their products, for people on the go, who can download some great applications to use for planning and writing notes on their smart phones. Such applications include keep, and many more apps found for organizing your to-do list. Schedules also can be made and kept. Thanks to our smartphones that have calendar and reminder apps we installed.
Entrepreneurs must make it a point that they learn these technologies and leverage them to realize growth. Remember they say, one of the best investments one can ever do is investing in oneself. Invest in your education, because they say knowledge is power. Some say, leaders are readers. For more ideas and suggestions drop a comment in the comment box. Or get in touch with the author on Twitter or on Facebook. You can also check out some of our interesting articles such as How to easily make over $100 a month. Thank you for your time. We hope you found this helpful. Remember to share this article with others. Let us know your thoughts. Suggest other topics you want us to write on. We hope you found this interesting.