Sponsored by Small Business First
I love how technology is changing the way businesses run these days.
The new breed of entrepreneur is shaking up the traditional models in just about every industry and keeping everyone on their toes.
“Disruption” is a term thrown around a lot because that’s what these start-up businesses are doing - using technology to disrupt the big businesses who have always relied on their size, hefty marketing budgets and “that’s the way it has always been done” mentality.
For small business owners, it’s exciting to see what’s happening as there are many lessons to be learned, such as the way start-ups quickly test new products or services, new avenues to market, or new operational processes. Everything is about testing and learning, and doing it fast and on a shoestring.
But the learnings from start-up businesses is only half the story. What’s really exciting is the way small businesses can benefit from the huge marketplace of technology business – all designed with small business in mind. Entrepreneurs are actively trying to make our lives as small business owners easier. It’s an incredibly liberating time to run a business because no longer are we chained to the traditional providers of many services.
Take your finance for example. Ten years ago the bank was a necessity in just about every facet of your business where a dollar was concerned. From your business loan, to the bank account, to the point of sale system. And banks have never been the speediest of organisations to deal with.
But these days you can run a business without talking to a bank at all. Online lenders can give you unsecured finance overnight by plugging into your online accounting system to analyse data. You can have an entire store setup online, taking payments into a digital wallet. Even in your shop you can take credit card payments from your phone or card processing unit which goes straight into an online account.
And that’s just the start of it. There are endless apps and software designed to help your business market cheaply, and run more efficiently. I’ve run out of room here, though, so that’ll have to wait for another week.
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Small Business First and Fairfax Media may earn a commission on deals through smallbusinessfirst.com.au. Readers should shop around for the best deal to suit their needs. Pinstripe Media, David Koch's family business, is a founder of Small Business First.