When you look at any global economy, small businesses provide a significant contribution, offering not only employment to the country’s workforce but also generating revenues not only for themselves but for their economy as well.
In the US for instance, more than half of its private sector workforce is employed in small businesses, which comprise 99.9% of all businesses in the country. Overall, small businesses account for 43.5% of the economic activity in the country.
Powering the immense contributions of small businesses today is information technology, which many small businesses have come to rely on more than ever as IT has evolved to an extent that it has been able to address the particular needs of small businesses sufficiently.
How IT is powering small-business growth
Information technology is helping small businesses achieve their desired growth in several ways:
Automation of tasks - By automating repetitive tasks, businesses can free up time and resources to focus on more important tasks, alongside greater accuracy and efficiency provided by these automation tools.
Streamlined and improved processes – IT is helping businesses discover and implement process improvements that increase their operational efficiency and output quantities while adhering to the quality standards as set by the small business.
Improved communication and collaboration – Advancements in IT have vastly improved connectivity not only in terms of scope but also in the quality of communications as well. This fosters greater collaboration among employees in the business to ensure the success of the business’ endeavors, as well as improved rapport between the business and its customers, strengthening customer relations. This also helps in addressing any issues that may arise, preventing such issues from becoming worse and establishing trust and loyalty within the organization and especially with customers and other stakeholders.
Cost reduction – The efficiencies and improvements that IT delivers allow small businesses to save on operational costs, allowing them to save money that they can use to make significant investments that can help the business achieve exponential growth.
How IT is shaping the future of small business
Given the fast pace of technological developments, it is a certainty that information technology will play a key role in the evolution and growth of small businesses. But how will IT shape the future of small business?
One of the biggest changes that small businesses will face is the increasing importance of data. Data as it is is already considered an asset whose value will only grow in the future as more businesses will come to rely on it to facilitate their decision-making, understand customer needs, and develop new products and services. Small businesses especially will need to invest in tools and systems that can help them collect, store, and analyze data.
The rise in mobile device usage is also something small businesses need to adapt to. As more and more people will use their smartphones and tablets to access information, small businesses need to make sure that their websites and applications are optimized for mobile devices
But perhaps the most important technology that is transforming the business landscape in the years to come is artificial intelligence. It is expected that AI will become more powerful as it will be able to perform more complex tasks, such as for product development or financial analysis. Small businesses will need to invest in artificial intelligence tools and systems to remain competitive.
Opportunities in the small-business environment
The need to adapt to the evolving technological landscape has been a traditionally challenging aspect for many small businesses as they do not have the resources needed to make the necessary investments in new technologies. Fortunately, the technological evolution has given rise to IT service providers who can provide small businesses the technologies they need to compete and thrive in today’s environment without significant costs.
With the knowledge, experience, and technologies at their disposal, these IT service providers are providing invaluable support to the small businesses they work with. As such, IT professionals will gain immense knowledge and experience working with these IT service providers as they are provided an opportunity to work with different clients and gain diverse experiences that will facilitate their professional development, as well as contribute to the growth of many small business, which in turn benefits the economy overall.
Check out one of the job openings available and begin your career with a reputable IT services provider.