Business Valuation Blog | Understanding Buying / Selling a Company

How Technology Has Made Businesses More Efficient and Effective

Posted by Business Valuation Specialists LLC on Feb 26, 2024 7:30:00 AM

Small Business Owner Using Technology

It seems not that long ago (although it was!) when running a small business or even working in a larger corporate environment involved a ton of phone calls, writing, typing, and mailing hard copies of letters and documents, while advertising in local trade journals or yellow pages. Over the past couple of decades, advances in technology have allowed companies to operate faster and much more effectively, providing additional opportunities to develop and grow a small business successfully.

Of course, we all know how email, cell phones, and the internet have vastly improved our professional lives, however, you may not be aware of all the tools available that can create even higher efficiencies within your organization.

Have you created a paper-free environment in your business? Yes, hard copy files may still be required for certain companies, but many small businesses can create documents, obtain e-signatures, process payments, and deliver products without ever printing or writing a single word by hand.

Internal accounting functions can all be handled online with the best software products available. Saving and managing files in a cloud-based format can retain them forever with virtually unlimited storage capacities while making them instantly accessible.

An effective website with good search engine optimization (SEO) can virtually eliminate the need to make “cold calls” and have a constant flow of new business opportunities for your products and services. Think about adding an inquiry form for clients to fill out on your site and a centralized voice mail system that all feeds into your email as soon as they reach out to you.

Manufacturing companies have started to integrate artificial intelligence into their production process. This will continue to advance and result in even better-quality goods created at faster rates. Think about how AI can help your small business become smarter and more efficient.

It's no wonder that remote work, especially with service providers, has become the norm, even well after the pandemic. The days of sitting around an office in seemingly endless meetings or wasting valuable time chatting with co-workers around the water cooler are a thing of the past.

It’s all about who can deliver the best product in the least amount of time at the best price. To give your company an optimal chance of becoming one of those who compete in that type of environment, think about taking advantage of the numerous available technological advancements out there. The cost to implement most of these options is not very high, especially in comparison to the potential increase in output and revenue for your small business.

Topics: small business, technology