The power of technology for small businesses shouldn’t be underestimated, and even though it’s seen as a threat by some employees, it can help them do their jobs better.
This is especially true if they want to succeed in the rapidly evolving digital economy.
For many small businesses, one of the obstacles to implementing new technologies is a mindset that resists change, but significant potential for small business growth lies in using online financial tools and platforms, such as e-commerce for profit, said Alan Shannon, executive to service small businesses and private clients at Nedbank.
“The exciting fact is that there are millions of potential customers on e-commerce sites, who take products and services beyond the current brick-and-mortar structure.”
Nedbank’s Avo app is a complete digital marketplace full of possibilities and Shannon says it gives registered businesses access to more than 1.6 million users, including access to payment technology used by large companies, such as bank-grade security, payment reservation and finalization. -to-end logistics support.
“This is a technology that small business owners can’t afford to ignore.”
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Many free options are available
Shannon says there are also many free and cost-effective options available to every small business embarking on its digital transformation journey, including sales, marketing and operational tools from companies such as Xero, which offer affordable accounting and bookkeeping services.
This easy-to-use tool also takes advantage of another major technology advantage, namely data.
“Now, more than ever, big data and being able to analyze it is essential for business growth. The ability to assess competitors, customers and buying behavior quickly and accurately is changing the game. Knowledge is power and creates more possibilities.
Online accounting tools, especially those that can be connected to the bank automatically, also have advantages. Small businesses are often unable to provide banks with the type of information they need to assess their funding and support requests, but with these accounting tools, you can give banks access to the information they need, in the format they need.
Web-based tools, such as Nedbank’s Market Edge, can also draw rich data from card transactions to help business owners make more informed business decisions for the present and the future. Shannon says that ultimately, all these digital tools are available for business owners to discover and use in an empowering way.
“Every part of your business, from sales to finance, can be revolutionized through technology. The sooner small businesses start this journey, the sooner they will benefit from using innovation to their advantage.