Technology has changed the business marketplace forever in almost every imaginable way. In 2022, more than 32 million small businesses in the United States accounted for nearly 45% of the total economic activity. Half of these businesses were home-based!
The past few years have likely accelerated the plans you had in place for modernizing your small-business. Without notice, business and world events required managers and staff to switch to virtual operations (almost overnight) to keep employees healthy while staying solvent and afloat.
Because of the limitations and restrictions caused by the pandemic, it became quite apparent that all companies – even small, low-tech companies could benefit from using one of the many affordable digital technology tools and options (data collection, software, analytics). The result is a digital tool that can be customized to help predict and optimize your online consumer or user’s behavior.
As a business, if you want to stay current in an evolving and competitive marketplace, it is essential to utilize the technological tools of the modern business world that focus on –
- Increasing profits or lowering expenses to improve the bottom line.
- Finding innovative ways to speed up/consolidate work and production.
- Increasing one’s ROI – Return On Investment.
Modern Small Business Trends
Online Visibility is Required, Not Optional
The reality is that optimizing your business software and hardware – and becoming visible online is a necessity for businesses and companies of all sizes, not just those that are digitally-based tech giants. In fact, in many respects, modernizing your small business is a critical component if you have a business objective to expand a local company.
Employees Want Flexible Work Options
Without a doubt, more and more employees now want a say in where they work and in what manner. At the end of 2021, Gallup’s update on employment trends showed that nine of ten workers currently working remotely want to maintain that type of work to some degree.
Digital Collaboration is the Basis of the Modern Work Environment
Advanced digital technologies now offer sophisticated group work options, making it easier for employees and teams to create, connect and communicate – from anywhere, on any platform, at any time.
Tech Companies Recognize the Untapped Potential of the Small Business Modernization Market
Several years ago, Google saw the opportunity and took advantage of an untapped market by partnering with banks and credit unions by – offering Google Pay through existing checking accounts.
Although this would once seem like an unlikely business duo, this thinking is at the heart of the modern business entrepreneur’s innovative instincts.
