If companies don’t invest in technology, they’re basically doomed to fail. Technology is the driving force behind how businesses succeed. Successful entrepreneurs rely on tech and gadgets to run their businesses.
All of that technology comes at a price that may seem excessive and out of an entrepreneur’s reach. If that describes your situation, consider using a small business loan to have extra cash to make investments.
How Investing in Tech Grows Your Business
Having a digital presence is essential to expand your business’s outreach. Consumers use tech to shop, catch up with friends and family, and acquire information. In a 2016 Pew Research study, 8 in 10 Americans buy online, equating to 79% of US consumers.
According to a survey conducted by Brother International Corporation, there’s been an 18% increase in small business technology spending since 2010. Businesses are investing in cloud-based services, mobile payment systems, and other technology solutions.
The report also indicated that 66% of small businesses indicated they would fail without wireless technology. Even so, only 53% of companies have a website, and 80% still use a manual integration tool.
What’s equally impressive in the survey is that the usage of mobile apps by employees saves 725 million work hours per year.
What Type of Tech Can You Implement?
For example, cloud applications require less management, and customer relationship management (CRM) software boosts sales by targeting specific customers who use their products or services.
Additionally, mobile technology allows employees to work remotely. By doing so, employers save on overhead costs, and employee performance usually improves. When employees work on the go, they can complete many tasks without needing to access a desktop at a business office.
Technology Can Help Your Business Grow
Obviously, tech is on the rise. However, not only does tech require an investment of time but money.
Small business loans help scale up a business to the next level. Funds are available to spend on research and development to launch a new product or service, buy new equipment, or purchase property. Repaying a loan can improve your business’s credit profile and improve its credit score when making timely payments.
Moreover, you’ll have funds to manage your cash flow better and fill in financial gaps when emergencies arise. When business owners use loan proceeds wisely, they don’t use funds for ongoing expenses but for business growth.
Get On Board with Technology using a Small Business Loan
Let us know what type of tech would help your business thrive?