How Technology Is Impacting Small Businesses

By P
January 4, 2018

Small businesses are the backbone of the United States, and as such, it pays to understand all the advances in technology that are impacting small businesses in a great way. Never has there been so many ways to make doing business easy for business administrators, and that’s why so much of the focus in online MBA programs is dedicated to technology. Whether you are a small business owner or a company director, there is much you can learn about ways to use technology to grow your business. Here are just a couple of ways in which technology is impacting small businesses in the 21st Century.

Instant Communications Pave the Way to Greater Efficiency

Stop for just a moment to consider how you got that master in business administration online from the Rutgers Online department. Without the Internet, you wouldn’t have been able to efficiently study an advanced degree while holding down a full-time job. You’d be driving hours out of every day, juggling schedules to fit class and workloads while finding a time and a place to study uninterrupted. So, what does all that have to do with instant communications?

If it weren’t for the Internet, we wouldn’t be able to communicate instantly outside of phone calls. Even sending facsimiles took minutes over a hardwire phone line and that was if the printer didn’t jam at some point or error out, which was often the case. The same information superhighway which enables us to study online also allows us to communicate instantly with customers, peers, and prospects. It’s amazing how efficient you can be if you don’t waste time trying to reach someone in ways now relegated to displays in the Smithsonian.

Online Banking and Instant Credit Approval

Online banking and instant credit approval are other ways in which IT (Information Technology) has had a positive impact on small businesses. Within moments, funds can be transferred or loans can be approved so that sales aren’t lost. Efficient ways of making payments have led to explosive growth in businesses large and small.

While you may not have been a professional salesperson in the 1900s, the one rule of thumb was always “Don’t let the customer walk out of the showroom without signing a contract.” Do you know why that was, and actually still is today? The reason is simple if you understand the human brain. Once the customer walks out the door, they have ample time to talk themselves through a multitude of objections such as finding the money to cover the cost. With online banking and instant credit approvals, you aren’t giving customers time to talk themselves out of a sale. The money is there – now sign on the dotted line!

Once you have an MBA, you will be looking to improve efficiency because time is money and money are what keeps you in that business you are administrating! It really is a simple concept and the reason why so many online MBA programs focus on technological advances in everything from research and development to financial transactions. In fact, without IT, you wouldn’t even be reading this at this very moment. It’s amazing just how important technology is too small businesses and why so many are surviving even difficult times.

(Visited 26 times, 1 visits today)

Leave a Reply