Seven ways SMEs can compete through Internet technology
by Julie Cirlincuina
Internet technology provides instant response, faster purchasing and fulfillment, faster payment and happier customers. Isn't that what a successful business is all about?
Everywhere you look, technology is making headlines. Many small businesses have seen significant growth thanks to the Internet. If you're a business owner, you'll want to leverage every benefit available to you. Here are 7 ways technology can help you compete with big business.
- Administrative Tasks Let's get the obvious out of the way. Everybody knows that computers and Internet connections have provided faster, more productive methods of completing administrative tasks from record keeping to automated forms and applications, easing the burden of paying bills and filing taxes, to com-municating worldwide. The growing office I work in employs over 300, yet does not possess a typewriter. If your of-fice still uses a typewriter, you may want to evaluate just how far behind you've fallen.
- Limiting Risk Every time a small business takes on a new customer, it takes on risk. Will the new customer pay? If you ask for security, will you lose the sale? Technology has created ways to get credit reports on the fly. If you're not reaching out for up-to-date information on which to base your credit limits and business decisions, you may be turning away valuable customers, or taking on bad business.
- Depth of Service As a small business, you may not be able to offer the turnkey solutions that big businesses have invested in or developed. The recent increase in online services available makes it highly probable you might partner with another company to fill the gaps in your service offering and win more business. Make agreements to pay the partner based on completed transactions or, better yet, earn a percentage of the business you've sent their way. Consider leveraging alliances with technology com-panies to grow your business, especially if it means little or no up front investment.
- Speed and Agility You have an advantage as a small business in that you can make decisions, adapt and act quicker than the conglomerate. If you can embrace new technology before the slow moving giant, you may end up with lower overhead, faster response time and improved product cost. Now that's an edge! Keep an eye on your competitors AND technology.
- Customer Satisfaction Technology is not a reason in itself to start a business nor is it the sole driver of success. However, if you already have customers and a thriving business model, it makes sense to forge ahead with e-commerce. Internet tech-nology provides instant response, faster purchasing and fulfillment, faster payment and happier customers. Isn't that what a successful business is all about?
- Expansion I would be remiss not to mention that the Internet allows for national and international visibility and expansion with little additional cost. It takes some experience to become a savvy Internet Marketer, but with all the books, classes and resources available, it would be wise to appoint someone from your organization to become an online marketing expert. Carefully targeted Internet advertising is instant, traceable, and the most quantifiable advertising medium to come along. Make sure your company is prepared to grow before expanding through the power of Internet advertising.
- Free Publicity Lastly, technology is big news and opens doors with the media. (See paragraph one!) If your company is utilizing advanced technology, then promote your advancements to increase awareness of your business. A short, well-written press release sent to publications your customers reference, will get published and earn your company the attention it deserves! freightquote.com provides fully auto-mated online freight management services. Founded in 1998, the company was named the fastest growing company in Kansas City by Ingram's magazine and was #5 on Entrepreneur magazine's list of Hot 100 for the year 2003.
Internet technology provides instant response, faster purchasing and fulfillment, faster payment and happier customers. Isn't that what a successful business is all about?
Julie Cirlincuina is the Marketing Manager at freightquote.com. She can be reached at 913.642.4700 or by e-mail at juliec@freightquote.com