Shockingly, only 40% of small businesses are profitable. Sadly, the other 60% either break even or worse, run at a loss.
In light of this, it’s more important than ever that entrepreneurs leverage tech to boost their revenue. Fortunately, technology can help organizations run more efficiently, reduce costs and provide a fantastic customer experience. Automation technologies can help streamline repetitive tasks. Big data may be able to illuminate ineffective costs centers or highlight areas to improve revenue. And AI, may lead the way in providing personalized and pro-active customer care. While there are several ways to leverage technology, we’ve covered three simple ways any business can drive more revenue through tech.
1. Tech To Improve Operations
If your business has many moving parts, it can be costly and time-consuming to track the location and movement of all people and packages. If you are not optimizing deliveries, for example, you could be wasting valuable resources. Fortunately, several new technologies are emerging to help businesses manager operations and improve revenue.
For example, businesses that manage individuals in the field, are constantly trying to optimize the order of homes they visit. Dispatch software can help manage a remote team and get them to where they need to be faster and with less back-and-forth. Using the right dispatch software, the team in the office can pinpoint the contractor’s exact whereabouts and when new appointments are requested, the team can dispatch them to the most convenient location.
When your head office has access to this kind of data, it becomes easier to book clients in methodically.
Not only is this a more efficient way of doing things, but you can also fit in more appointments, saving money on gas and vehicle maintenance and overall save on labor costs.
2. Track Employee Performance
Technology can be used in motivating and powerful ways to monitor employee performance and provide helpful feedback. If you’re not already aware of which members of your team are best suited to performing each of the services you provide, technology can help you uncover employees’ strengths.
Without the insights of technology, your team may be assigning random workers arbitrarily to assignments. This can result in you’re organization not providing customers with the best possible talent.
Using time-tracking technology and automatic performance evaluations, you can identify different strengths and skills of each individual. The right performance software can cross-references a variety of data points to ensure the right tasks are assigned to people who can successfully execute them. Having the right person on the job will create a better customer experience and could lead to additional sales or upsells, which will impact your bottom line. Additionally, you may be able to charge more for senior skills.
3. Learn More About Your Customers
Advances in technology also enable business owners to glean a deeper insight into their current customers, and more specifically, what your target demographic wants from your brand.
Using A/B testing services, you can uncover valuable insights about your customers including how to price your services to get customer interest, but still maximize profits. Testing can introduce new products or services to measure customer demand.
If you already have a strong customer base, technology can review your past data and help create more accurate sales forecasting. Additionally, social listening tools may be able to help you uncover customer trends and new interests.
We encourage you to use this data to fuel your marketing strategies and business operations. When you do, you’ll eventually increase sales and improve customer retention rates- which again, means more money for you and your business!
The Right Technology For Your Business
Finding the right technology for your business first starts with a complete evaluate of your business goals and hurdles. Look at your various teams across marketing, sales, HR, IT and operations and uncover which teams are operating well and which ones need additional support. Focusing on technology that have an immediate impact will help get momentum among team members and encourage further innovation.