Steve Beaman: Embracing Virtual Technology Key to the Future of Small Business
The economy is continually evolving as consumer habits change, but there’s one particular change that small business owners need to be aware of: the rapid adoption of virtual technology.
Virtual technology is a very broad term and can have even broader applications, but still highlights what small businesses should emphasize as part of their business model. As consumers embrace virtual technology, small businesses should strive to embrace and adopt virtual technology with two key outcomes in mind: (1) better meet customer needs and wants and (2 ) improve internal management.
Meeting customer needs and wants can be difficult to specify due to its variability, but small businesses can identify them by looking at customer data, even internal data. This data will indicate what the consumer deems important enough to buy, when they buy it, how often they buy it, etc. Reworded, simply looking at the customer journey will tell the small business what it needs to know. If the small business is a startup with no data to evaluate, studying the public records and business models of competitors will make it clear what the small business owner should prioritize.
When it comes to internal management, the small business owner must consider the immediate impacts of virtual technology, such as transparent meeting spaces and real-time tracking of KPIs, as well as the needs and wants of employees and potential employees. Adopting virtual technology can help small business owners improve management quality by providing much-needed data and streamlining management practices to reduce unnecessary manual work, which not only improves data quality but also the quality of decisions. In addition, adopting virtual technology to meet the needs of employees and potential employees is a great way to improve a company’s HR capital, as it can provide a competitive advantage and improve work-life balance. of the employee, which, in turn, leads to attracting the best talent. and high retention.
In summary, virtual technology is here to stay and small businesses should embrace it. This can produce positive short-term results while helping to position the business for long-term sustainability. Adopting new technologies can be uncomfortable at first, but, as with all major technological advancements, it quite often leads to a sustainable business.
Steve Beaman is a radio financial analyst and president of the Elevare club.