In the modern business landscape, the sad reality is that many smaller businesses are slower than their larger counterparts to adopt new technology. This is an unfortunate truth as the investment into adopting new and innovative technology is a key growth driver for any business, especially small ones. However, small businesses stand to gain more from their investment into growing technological fields than their larger counterparts and the benefits can be huge. By taking the step to expand into new technologies, small businesses can capitalize on the increasingly accelerated adoption of a digital lifestyle by consumers.
Speed to Market
The ability as a business to make fast, informed decisions is critical to success. As a small business, this is also a competitive advantage that is gained over larger organizations. Small businesses have the unique advantage of being able to make and implement decisions quickly. In large organizations, this is extremely difficult as there are many segments or departments that need to approve, implement, and agree to change. The red tape in large organizations is a bureaucratic obstacle that can mean change sometimes takes years to implement.
As a small business, being able to make quick, informed decisions can mean being first to a new market segment or first to reach a consumer with a new technology. For this reason, adapting new technology quickly is not only necessary for growth, it is also a unique opportunity for small businesses to succeed where larger ones might find it difficult. Being first into a market with new technology can provide a business with increased market share, better visibility to consumers, additional revenue, access to investors and fund money, and improved processes.
Conclusion, Adapting to the Digital Age
The key, as with most things in life, is continuing to adapt and evolve with the world around you. This is the same with business. There are many case studies that point to what happens to a business when they either resist changing times or do not adapt fast enough.
For example, the fall of video-rental company Blockbuster during the introduction of streaming services such as Netflix, shows what happens when companies don't embrace new technologies. The consumer is being inundated with technology at every point in their life from phones, media, laptops, and smart devices. While this seems daunting to engage in for a small business, it is actually not as hard a task as it seems and should be pursued at all cost.
TWT Managed IT Services | How New Technology Can Help Your Business Thrive
Fortune | How Business Can Thrive in the Digital Age
ThriveHive | 7 Ways Small Businesses Can Compete With Big Businesses