Technological innovations that enable you to pursue your passions, whether career-related or for play, are up and coming in the next few decades. Technology is there to make everybody’s lives easier and better. Some innovations are brought about by necessity, while others are from luxury. All are forms of convenience. The ease of communication through the internet brought about the ability for anyone to learn anything from around the globe.
For new business owners, rarely are technological innovations prioritized. It is true and important that businesses start with the fundamentals. However, with our ever-changing world, innovations should be considered fundamentally ingrained in business cultures. You will likely end up behind if you do not adapt forward.
With all these factors to consider, how can a small entrepreneur identify which technological advancement is fit and apt for his small business?
Identifying Your Niche and Purpose
Before browsing the internet searching for the machinery or technology appropriate for your business, you must first identify the market niche you want to corner. You cannot just shoot at the air and hope it hits a specific target. Even those who went to top osteopathic medical schools have a specific specialty even if they are licensed to practice all areas of medicine. Like osteopathic doctors, entrepreneurs must be allowed to have specific expertise. Identifying your niche will enable you to identify the needs that need to be addressed.
Most, if not all, entrepreneurs must identify their business’ purpose. To advance with technology that is apt and right for your business, you must identify the niche you are willing to fulfill. All major aspects of the market are already satisfied by bigger players. Once you can identify and corner your target market’s needs, knowing which technological innovation to key in will be easier.
Identifying Problem Areas
Identifying problem areas that need resolving is necessary for a business to move forward. Most of the time, these problems and issues are easily solved by technological advances. Integrating innovations depending on the situation and circumstance is crucial to be efficient and economical about your issue at hand.
For example, problems involving in-house theft amongst employees can be easily solved by installing high definition closed-circuit television cameras to mark incidents properly. In light of the current pandemic situation, most businesses struggle to keep up with governmental regulations to keep their store open. Some have opted to install ultraviolet atria on store entrances to keep the virus from entering their businesses. The integration of a popular technological innovation has helped them move forward against all odds.
Keeping It Simple
Readily available technological advances are always the number one priority. Now considered a basic need, technology like a fiber internet connection is necessary for your business. In another example, investing in a basic yet efficient and speedy personal computer to keep your records is necessary to grow your business. Large business owners make do with their ancient and slow personal computers. Meanwhile, small businesses have to make up for their lack of workforce by having high-speed hardware.
It is not required that a small business player such as yourself install the most advanced piece of technology available in the market. What is important is that a business need is met. Not everything has to be all out expensive.
Technological Advances for Sustainable Growth
While technological advances are obviously helpful, keeping the sustainable growth of both your business and market in mind is key for a better tomorrow for your business. As you grow your brand, more and more technological innovations are needed while you move forward. However, disregarding the health of your market will completely backfire against you in the future. For example: while Nestlé has capitalized on implementing efficient machines to draw out water from the underground water reservoirs, they have completely disregarded the issues surrounding this practice. Most of the water supply is already dried up in some regions where these machines are installed. The local market advocates for a complete boycott of the brand for the unethical and immoral practices they continue to do even if the damage is apparent.
Having a sustainable and non-damaging business should also be a priority whenever you integrate modern technological advances. The destruction of your community and environment will spell the end for your business. Never start a business to make money. Start a business to make a difference in your community.
We build our technology to further each other. It is only through technology that our species will grow beyond how things are. As we adopt technology for our business, we must also keep in mind how sustainable these technologies must be.