Market share growth and sales increases are the driving forces for SMEs. Neither, however, happens by chance. You must be prepared and put in place a strategy that will enable you to achieve the desired results.
Generally, collecting information that is relevant to buyers and organising it is often seen as the key to driving sales. Even then, this can be overwhelming; hence the need to consider a different approach.
In fact, to effectively prepare your business for an increase in sales, you need to consider incorporating technological solutions that are handy in organising and managing information and data.
Generally, I see two categories of sellers with regard to the use of technology in their businesses.
The first kind are the low-tech sellers that employ minimal technology and the second kind are the tech-friendly sellers that have embraced technology across most of their operations. What is wrong with the low-tech sellers, you might ask? Well, I have observed that this category of sellers will in most instances, provide buyers information that is incomplete, out of date and inaccurate. On the other hand, tech-friendly sellers are able to provide accurate information resulting in to high sales.
However, it is never too late to incorporate smart technologies that will push your brand higher in the marketplace. Here are five smart technologies that are guaranteed to boost sales for small businesses in the face of stiff competition:
Inventory management software
Inventory management softwares are handy when it comes to automation of your inventory routines. They also help ensure that your business has the right inventory at hand, at all times.
This technology allows you to produce real-time inventory data in the course of the sale process where the software is integrated with your e-commerce or point of sale technology.
This is perhaps the most accessible smart technology that is available for small businesses. The accounting software is not only affordable but also user-friendly. It is handy when you think of streamlining your tax preparation and bookkeeping routines.
Most importantly, this software will simplify your preparation of pre-sale financial documents as well as increase the confidence of prospective buyers by capturing accurate historical financial data.
Computerised Maintenance Management System (CMMS)
This technology is handy in automating maintenance routines of your equipment. While this technology plays a major role in those industries with high requirements of equipment, basic CMMS is guaranteed to benefit the returns in just about any business. For those businesses whose operation is not massive, a CMMS can serve as a repository for data on purchase, permits, histories as well as inspections.
Customer Relationship Management (CRM) software
This software is important when it comes to organising and managing interactions between the Company and its customers. It is in fact considered a focal point since it captures every detail from contact information to the scheduling of an appointment and customer service. This robust CRM software is also a focal point for nurturing customer relationships with real value buyers.
These usually take time to develop. Yet, when looked at from the perspective of buyers, they are perhaps the most important compared to any other technology assets. Investing in an online presence as well as having an active and strong social media presence is a good place to start.
If your major concern at this point is the cost of acquiring and incorporating smart technology tools, you need not worry. Because, SaaS and Cloud technology have made it possible for the small businesses to access these technologies easily.
Ultimately, the amount that you spend on the implementation of these smart technologies today will be negligible when compared to the future financial benefits to your business. Therefore, go ahead and take advantage of these smart technologies and take your business to the next level of success.
About the author
Lindsey Walker is the marketing manager for NEXGEN Asset Management. She excels at business development, project management and asset management. Her passion for writing allows her to share her knowledge on asset management, mobile geographic information systems (GIS), mobile CMMS, software implementation, training curriculum development and similar topics.