Business Technology: Is Not Utilizing Technology Hurting Your Business Growth?

In today’s fast-paced world, business technology is a critical component of growth, especially for small to medium-sized businesses and startups. As a business consultant, I often see businesses struggling to keep up with technological advancements, which can hinder their growth and competitiveness. This blog post will explore how not utilizing technology can hurt your business growth and provide insights into how embracing technology can drive your business forward.

If you have ever been out in public and just took a moment to stop and look around, regardless of the place, chances are you have witnessed at least one person on their smart phone, if not every single person.

Whether it is the grocery store where people store their shopping list or use an app to check out, people at the park running or walking with those white things hanging out of their ears listening to music, in line at a fast food restaurant or sitting at a table where people are staring at their phone waiting to order (avoiding conversation with each other), or even at the airport or a venue where they scan their ticket digitally.

We as humans spend just about every waking minute on our phones. If we leave the house without our phone or we can’t find it we panic. It is the new part of our life. Technology is everywhere you look these days. This is the new environment we all live in. 

Business Consultant

Hello, I’m Whitney, President and Founder of WG Business Enterprises. I’m a business operations consultant with over 12 years experience helping businesses grow and thrive by delivering insights, leadership training, optimizing operations + managing projects of all sizes.

I have spent time in well rounded organizations and I have spent time in poorly run organizations, all of which gave me the inspiration and encouragement to go out and start WG Business Enterprises. I have built my business with the small to medium size business owner or exec in mind, to help you optimize your operations and raise your bottom line.

Click here to learn more about the services WGBE provides.

In a world that’s becoming more impatient by the minute, technology makes Businesses more efficient, tends to reduce errors and mistakes, is a substitute when you can’t get enough or the correct employees, and caters to the next generation. Business’ can thrive in an Technology friendly environment as long as you implement the right systems and are willing to adapt and change with the times. Technology is more than just smart phones, it’s laptops, tablets, wireless headphones, and software technology that you use or could utilize.

Why Embrace Business Technology?

While most people hate change, as a business owner, you have to embrace change to avoid becoming outdated and extinct. In a world that’s becoming more impatient by the minute, technology makes businesses more efficient, tends to reduce errors and mistakes, substitutes when you can’t get enough or the correct employees, and caters to the next generation.

Benefits of Technology in Business

• Increased Efficiency: Technology streamlines operations, making businesses more efficient and reducing errors.
• Cost Savings: Automation and technology solutions can reduce labor costs and improve bottom-line growth.
• Customer Satisfaction: Enhanced customer experiences through technology lead to increased customer satisfaction and loyalty.
• Competitive Edge: Businesses that leverage technology can outperform competitors who lag behind in tech adoption.

Examples of Business Technology in Action

Restaurants

Restaurants are utilizing robots in place of food runners or servers, thus reducing expenses and eliminating the frustrations of call-offs or lack of willing staff. Bottom line growth increases by not having to pay for labor, employer taxes and insurance, advertising for help, or even staying open longer as the staff works to clean up post-closure.

Sports and Entertainment

The sports and entertainment industries have implemented mobile tickets to help reduce fraud, eliminate the expensive cost of ticket stock, and save on time and labor that it takes to print, sort, and store tickets. These businesses grow by allowing teams or venues to hire fewer people, saving on labor and expenses, and focusing on other revenue-generating activities.

Software Solutions

Most businesses have implemented some type of software or online-cloud system to improve their work experience, speed up tasks, and avoid costly mistakes. These areas help businesses grow by allowing them to trust their systems and processes, get more work done, and increase customer/client response time.

How Technology Drives Business Growth

Technology allows you to continue to operate and generate revenue long after the last employee has left the building or you have closed your laptop to spend the night with your kids. It has brought us the internet and given people the ability to search online 24/7. It allows us to create custom courses that individuals purchase to generate a whole separate avenue of revenue even when we aren’t working. Technology has even given us the ability to receive free publicity or advertising without spending a penny through social media, blogs, and free websites.

Conducting a Technology Deep Dive

By doing a deep dive within your own company walls, you can take a look at what technology you do or don’t offer, which will help determine where you stand in this competitive environment. It will also give you an eye-opening view of where you rank among those in your industry and what others are doing or offering that you might never have thought of. If you spend the time and money to do a deep dive, you should also invest in adapting to ever-changing technologies. If something isn’t working well, evaluate your software or system options and make a change or investment; you won’t be disappointed.

Conclusion

If you don’t improve your current technologies or add them if you aren’t currently using them, you will be left behind by your competition. Even by implementing small software systems, you will see significant business growth. If you want to learn more or don’t know where to start, reach out so we can get you on the right path forward.

For more insights, check out our related posts on Mistakes New Businesses Make in the First 5 Years and Outsource Project Management.