SMEs have started relying more and more on technology right now, from the use of laptops to social media marketing. The use of technology has greatly helped the growth and the maintenance of SMEs and it also helps them cut down on many overhead costs that would have been incurred otherwise. If you have an SME or would like to start up your own business, below are some of the ways in which technology could help you.
Social media
One of the biggest costs that any business will need to face is in their marketing efforts. Social media however, being the powerful tool that it has become today, has greatly lessened this for the entrepreneurs of small and medium scale startups. With the use of social media most new businesses have had the opportunity to widen their customer base, penetrate new markets, create exponentially better brand exposure and ultimately increase their profit margins. Setting up and using social media is also just so easy and is so incredibly accessible right now in Sri Lanka, that almost anybody can tap into the immense resource pool that is available here.
Setting up online stores and digital marketing
You don’t need to invest money in owning a physical store anymore, and worrying about paying a monthly rent or lease. Instead, you now have the capacity to run a business completely online and reap all the rewards of having a physical store, sometimes more. Sinking money into a physical store, especially right now with a pandemic and an unsteady economic climate might be not too prudent, however, owning an online store means that a wider audience can enjoy your products. You can also make use of resources of Instagram Explore and Shop or Facebook Business for this purpose. Tik Tok has also created a very unique space for branding in the Sri Lankan market right now.
Flexible work environments
Especially after the onset of the pandemic, people preferred to work from home as much as possible, and we, as a nation are slowly starting to realize that much of the work that we deemed was only possible to do from the office, could actually be done at home – or working remotely. For an SME, this is a fantastic opportunity to maintain a flexible work environment and save money on office space while still having a workforce who are working remotely. This also greatly reduces the liability of the employer to ensure the safety of the employee in terms of health and safety guidelines, because you are not asking them to come into office to begin with.
Instant customer feedback
One of the most vital ways in which any small and medium scale business can grow, is to pay attention to the feedback given by customers. Gone are the days where you would have to physically get the customers to fill in a survey, or ask them to write something down. You can now introduce polls and surveys on your social media pages, or you could design a quick and simple Google form for instance, that will help customers give you instant feedback, allowing you to nurture an environment of continuous improvement.
Technology continues to grow everyday and now, with the pandemic still at large, more and more inventions are being made in the technological and digital worlds that will facilitate the growth and continued survival of SMEs. If you are an entrepreneur, this would be the best opportunity for you to capitalize on this opportunity.
Want to know more? Watch this space for more tips about using technology to grow your business.
