Partnership: Apple does it again with the iPhone4
June 17, 2010What sort of customer relationship are you trying to create?
June 21, 2010This is a guest post from Stefan Topfer. He is Chairman & CEO of Winweb, a small business Software as a Service (SaaS) and also writes about small business issues on his popular blog, SME-Blog. His ambition is to drastically decrease the mortality rate of small business, which is almost a horrendous 60 %, by giving small businesses the tools and support they need. You can follow him on Twitter @stefantopfer. Or why not follow his RSS feed?
It is a well-known fact that technology can help drive small business forward, opening doors and possibilities that before would have been near impossible. Because of this many businesses feel they must be at the forefront of technology, but there are important considerations that businesses need to make before investing time, and money, on new technology.
Firstly, consider if the technology is relevant to your small business. Having a super new gadget may look good, but it could be a lot of expense for something that is wholly irrelevant to your business; a builder you wouldn’t fork out on a convertible Mercedes to carry their tools, so consider your use of technology in the same way.
When considering how to market your business, social media and online marketing are all current buzzwords. I absolutely think that businesses should use cost-effective, if not free, online methods to market their business. However, for some businesses this time investment is not profitable. If your target market are not online, don’t use social media or are not tech-savvy, then launching a fully-fledged online marketing campaign could do very little to bring in more business.
This leads on to the need to consider the return on investment (ROI) of any technology that your small business invests in. When speaking about this I don’t mean there has to be an immediate ROI evident through an increase in profit, moreover the judgment that the technology is a long-term investment in making changes to your business for the better.
My final point would be to consider the financial implications of purchasing the technological equipment. I believe in bootstrapping your business so expenses are minimal, with businesses only using money that has been brought in to the company to grow the business. Obviously there are certain businesses for which certain technology is a fundamental investment, but if this is not the case then is it really worth taking on credit just to have the latest gadgets?
I truly believe that all businesses should have an online presence, and that having even a simple one page website it vital for small businesses going forward, but this doesn’t mean that every small business needs to spend a fortune on web design and services. Find the solution that is right for your business.
Technological advances have made it easier than even for people to go in to business; but businesses need to consider their options carefully before investing in equipment or software that may not be necessary, and may even be detrimental to their business.
This is a guest post from Stefan Topfer.
This is a guest post from Stefan Topfer. He is Chairman & CEO of Winweb, a small business Software as a Service (SaaS) and also writes about small business issues on his popular blog, SME-Blog. His ambition is to drastically decrease the mortality rate of small business, which is almost a horrendous 60 %, by giving small businesses the tools and support they need. You can follow him on Twitter @stefantopfer. Or why not follow his RSS feed?
Thanks to pzado for the image.
5 Comments
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True, not all small businesses need to take advantage of all the tech that is out there, but repeat business is easier that a new one. New technology can be great for providing old fashioned business values (such as customer service) and so helping to get that valuable repeat business. Whether it’s a text messages or an email update, keeping your customers informed should help.
Hi Joe,
Thanks for dropping by and leaving a comment. It’s true it’s all about the appropriate use of technology to keep in touch with customers.
See you around here again soon,
Adrian