Small Businesses Need to Invest More in Tech Upgrades— Here’s Why
As the world continues to rely on digital solutions, small businesses must align themselves with this transformation by upgrading their technology. Most business owners are unwilling to adopt new technologies, however, clinging to old systems and ways of working due to the effort it takes to make this giant leap. On top of training and infrastructure costs, the resistance is rooted in the failure to realise the value new tech adds to business operations, revenue, and overall customer satisfaction. This article will guide you through investing in essential technological upgrades for your small business.
Backing up business data
Data is one of your most valuable assets in the age of digital transformation. With the risk of data error and loss in manual/paper-based processes, upgrading your cloud computing services can streamline and redefine the way you do business. Having your data uploaded to the cloud allows you and the rest of your staff to access, edit, and use organisational files whenever and wherever you need them.
Most cloud-based platforms already offer sizable storage space for free, so your upgrades can include increased functionalities like device diversity, access management, and data recovery. Integrating the cloud into your business can further inform your business strategy, as you can review past performance and analytics.
Preventing cyber attacks and threats
Some owners overlook cybersecurity due to the misbelief that it only affects large-scale corporations and organisations. But a report on cybersecurity threats faced by businesses reveals that about 43% of cyber-attacks target small businesses, with only 14% of these businesses equipped to address their vulnerabilities. Additionally, the Federation of Small Businesses says those in the North West, South East, and West Midlands areas report the highest incidences of cybercrime.
The scale of cyber dangers can range from phishing attempts to steal login credentials and sensitive data, to malware that compromises access to the entire data framework. To prevent the devastating effects on your software, hardware, and brand reputation, invest in automated monitoring systems that track successful and thwarted attacks while generating real-time alerts to all parties involved.
Maximising payment security and success
Upgrading your payment solutions simplifies your transaction process, thus retaining existing customers and attracting new ones. A UK shopper survey found that 57% of consumers are frustrated with long checkout lines. In addition to a countertop machine, you can invest in a portable card reader so your customers can pay anywhere on the premises without having to queue up. These machines accept debit, credit, and contactless payments, providing consumers with a wide range of payment options while ensuring safety and security.
The benefits also extend to the business side, as this is a user-friendly setup requiring no additional installation costs. Since cash flow management can also be tedious, you can leverage the built-in processing of sales, refunds, cashbacks, and tips as one of the card reader’s key features.
Enhancing customer service and experience
Any business owner looks forward to growing and scaling their business, and upgrading existing software can help in this endeavour. Customer relationship management (CRM) platforms were first targeted at large enterprises. But small companies can also make better use of their limited human and financial resources through these services’ ability to streamline workflows for negotiating deals, marketing on various platforms, contacting customers, and interpreting consumer data.
If all of these sound daunting, the good news is that you can get practical specialised government assistance when choosing the right digital technologies. The Help to Grow: Digital scheme was launched in 2022, helping small businesses boost their sales and productivity through software and tech support. Eligible enterprises can expand their digital literacy and skills and get financial discounts on new software, all towards fully harnessing the power of the digital revolution.