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Published byAshlynn Cox Modified over 7 years ago
Tech Made Simple: Boosting Your Business Using Technology
e-Business Now Founding Partners
Agenda for Today’s Session In this lesson, we will: Examine technology myths and realities Assess your business’ most pressing needs and goals Explore how various technology solutions could help you achieve your business goals
Technology Myths and Realities
Common Technology Myths “Small businesses can’t afford technology.” “Technology can’t do what it promises. I’ve been burned before by false technology promises.” “Technology will put my business at risk. My customer data/trade secrets will be stolen.” “My problem isn’t with technology, it’s with getting my customers to pay. Technology can’t help with that.” “My product/service can’t be sold using technology.”
Myth #1 “Small businesses can’t afford technology.” How much does technology cost? What are the individual components of technology that would help solve your business challenges and how much would that solution cost? What is the cost associated with not using technology to help your business succeed?
Reality #1 Case Study: Grill Company Problem: Seeking new, younger customers Solution: Online marketing/advertising Targeted online ads Facebook page Cost: Ads vary; Facebook free Results: Sales increased 1,000 percent in 4 years
Myth #2 “Technology can’t do what it promises. I’ve been burned before by false technology promises.” How were you “burned?” What caused you to feel that you were burned? What did you not achieve from a business perspective? What obstacles prevented you from succeeding? Was it the fault of the technology solution?
Reality #2 Case Study: Regional magazine publisher Problem: “Burned” by outsourcing custom website design; lost $6,000 Solution: Revise plans, check references, simplify site design Cost: $3,000 Results: Site achieved user goals
Myth #3 “Technology will put my business at risk. My customer data/trade secrets will be stolen.” Why do I feel that technology isn’t safe for my business? What specifically is unsafe about technology? What would make me feel secure about integrating a technology solution into my business? How can I keep my business safe and secure?
Reality #3 Case Study: Women’s clothing retailer Problem: Concerns about e-commerce security Solution: Secure online transactions via encryption and SSL Computer and network firewalls Automatic updates of virus protection software/security patches Results: Sales without security breaches Train staff in security policies
Myth #4 “My problem isn’t with technology; it’s with getting my customers to pay.” Why aren’t your customers paying? What would help them to pay you? What process or procedures do you have in place to collect payment today? As you look to your processes and procedures that you currently have in place, can you see any areas where you could automate or streamline the process to make it more effective, efficient, and timely?
Reality #4 Case Study: Martial arts studio Problem: Accounting on paper, slow payers, many price points Solution: QuickBooks Pro software Cost: about $200 Results: Days A/R outstanding went from 70 to 29; converted 35 percent of month-to-month customers to annual membership
Myth #5 “My product/service can’t be sold using technology.” What is your product or service? How is it sold today? What would you have to change in the way you do business in order to sell twice as much this year as last year? What would you need in order to sell your product or service using technology?
Reality #5 Case Study: Furniture studio Problem: Slumping sales, no customers Solution: Adding e-commerce capabilities Multiple points of contact with customers Marketing via e-newsletter Cost: $9,000 for site; $30/month for newsletter Results: Sales increased 1,000 percent in 4 years
Assessing Your Technology Needs
Using a Business Process Map Identify all of the tasks that you complete in the average day, week, and month for your business. Be specific Be thorough Include as many details as you can
Goals, Results & Solutions The Goals, Results & Solutions model helps you navigate your way to the perfect technology solution for your business.
Step 1: Determine Business Goals Do you have a clear vision of your business goals? Examples of goals might include: Reduce costs Grow sales Increase market share Maximize profits Expand operations Reduce inefficiencies Improve customer service Speed collection of accounts receivable Improve inventory management Attract more/better customers
Results Goals Solutions Step 2: Align Goals with Results Broaden my Customer Base Increase visibility of my brand Grow market share Increase sales Grow my business
Step 3: Identify Solutions Results Goals Solutions Broaden my Customer Base Increase visibility of my brand Grow market share Increase sales Grow my business Solutions Launch a website to highlight my product or service Use social media to get the word out about my business Provide an e-commerce tool to allow easy payment options for purchase Offer a collaboration tool to allow customers to provide feedback
Translating Business Goals Into Technology Solutions What are your business goals? Attract more/better customers Increase sales Improve cash flow Improve inventory management Speed collection of accounts receivable Improve employee management Reduce costs Reduce inefficiencies Improve customer service
Translating Business Tasks Into Technology Solutions Using your Business Process Map worksheet, highlight the tasks that directly link to the 3 top business goals you hope to achieve this year. What patterns do you see? Where are you spending your time? Is this moving you closer to your goals? How can technology help you focus on your most important tasks?
Module In Review In today’s session we: Examined technology myths and realities Assessed your business’ most pressing needs and goals Explored how various technology solutions could help you achieve your business goals
Next Steps How-To Guides How-To Guides Connect with a SCORE Mentor - SCORE has over 13,000 successful and experienced executives with small business know-how that want to help you - Visit www.ebusinessnow.org for more informationwww.ebusinessnow.org Take the Share Your Feedback surveyShare Your Feedback
Tech Made Simple: Boosting Your Business Using Technology
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