Women own 12.3 million small enterprises nationwide, accounting for 40% of all firms in the nation. Nonetheless, the majority of women-owned small firms (88%) generate less than $100,000 in revenue annually, posing a challenge to effectively growing and increasing sales. How can female small- and medium-sized company (SMB) owners and entrepreneurs keep making an impact, influencing change, and making sure their companies are positioned for long-term success? 71% of small company owners have digitally improved their operations in the previous year, reflecting the growing tech-savvy nature of society. Therefore, what can we do to support the 29% of small companies who haven’t? It is the duty of multinational technology businesses to their clientele to ensure that technology is easily navigable, intuitive, and accessible.
It’s vital to think about how technology affects small businesses and how cutting-edge tools and solutions may help women entrepreneurs reach their full potential when starting and growing their companies as we salute women-owned businesses in recognition of National Women’s Small Business Month.
With Lenovo’s Evolve Small campaign project, which recently provided cash, assistance, and technology to multiple women-owned firms in order to boost productivity and broaden their market reach, we’re assisting in the expansion of technology access for small businesses.
I’ll show you how the power of cutting-edge technology may increase effect, open up new growth prospects, and streamline operations in this essay.
The following three SMB owners frequently encounter obstacles, and the appropriate technology may assist them achieve growth:
Enhancing Interaction
About two thirds of small firms operate only online, according to Zebra. Finding the appropriate technology to support effective communication amongst cross-functional teams is one of the challenges faced by organizations moving to a hybrid model. Without the appropriate technology, the inability to receive real-time data across several channels may cause delays in crucial decision-making. With the correct technology, small firms may turn their hybrid model into a well-oiled machine where opportunity for quick development and innovation is created by real-time communication that bridges gaps and speeds up decision-making.
For instance, NutmegSpiced, a bakery, recently transitioned from operating only online to a hybrid business that includes a walk-up window where customers may place their purchases in person. They had to make sure that the back-of-house operations and the front-of-house point-of-sale (POS) system communicated seamlessly during this shift. They were able to effectively enhance their communication and overcome their communication issues with the use of technology by deploying a new dual-screen POS system, laptops, tablets, and mobile phones as a packaged solution. According to research, companies that use integrated technology solutions may enhance communication efficiency by up to 25%, demonstrating how important the appropriate technology is for smooth operations and corporate expansion.
Boosting Group Output & Promoting Original Ideas
The productivity of small enterprises is half that of bigger organizations, as per the McKinsey Global Institute. In the absence of modern technology, organizations may face inefficiencies and reduced production. Inefficient systems cause operations to lag and efficiency issues. Workers may be confined to monotonous jobs, which restricts their capacity for innovation and creativity. Inadequate tools can also hinder growth and advancement and make collaboration more difficult. Thankfully, small firms may overcome these obstacles, increase efficiency, and realize their full potential by embracing contemporary technology. This will enable staff members to concentrate on high-priority tasks and cooperate more successfully.
The Pretty Spirit Palace, like many small businesses, had to figure out how to find new ways to simplify processes in order to free up staff members’ time to concentrate on other aspects of the company. They accomplished this via utilizing new technology, which freed up time for more complex duties and promoted an innovative and continuous improvement culture.
Increasing Market Analysis
Inaccurate data and lost chances to get sales insights might result from subpar record-keeping processes. It can also be challenging to use contemporary marketing strategies due to ineffective technologies that do not match the particular requirements of each organization, which leads to less successful audience targeting. In general, a company’s capacity to measure performance precisely, make well-informed choices, and maintain its competitiveness in the market can all be hampered by inadequate technology. Businesses may transform record-keeping issues into opportunities for greater sales insights and dynamic marketing by updating to technology that meets their unique demands. This will give them an advantage over their competitors and make decision-making easier.
Updating their marketing techniques and sales record-keeping proved to be a challenge for Royale Cheesecake & Varieties. They used a suite of technologies and AI-powered gadgets to solve these problems, which improved their marketing and sales monitoring, improved audience targeting, and improved overall performance. Businesses utilizing AI for market research may enhance data quality and targeting precision by up to 60%, according to a McKinsey study. This underscores how AI is a game-changing tool for staying ahead of the competition. In the end, artificial intelligence (AI) is the innovation of the future for company, and by utilizing it, small business owners may get the competitive edge.
In summary
It’s clear that technology is a major factor in the success of women-owned small companies as we honor female entrepreneurs during National Women’s Small Business Month. Even if female entrepreneurs represent the voices of innovation and make major contributions to the economy, it is still difficult to remove obstacles in the way of expansion. Adopting cutting-edge technology solves frequent inefficiencies, productivity gaps, and obstacles in market research, providing a transformational route toward success.
Lenovo’s Evolve Small campaign is a prime example of the benefits of offering specialized tech assistance that caters to the demands of particular small businesses. Integrating cutting-edge solutions makes it simpler for women-owned companies to be empowered since it gives them the resources they need to grow and remain competitive. Above all, female entrepreneurs have the ability to realize their full potential and create the conditions for sustained success. Let’s keep promoting technology’s ability to empower female entrepreneurs and bring about significant change in the small company environment as we go forward.
