Top 10 Technologies That Is a Must for Small Businesses

TOP 10 TECHNOLOGIES

That Is a Must for Small Businesses

When you operate a small business, your potential to adapt to the market determines whether you will drown or swim. You must fulfill demand without losing money or biting off more than you can chew. Perhaps this is why so many small business owners are hesitant to accept new technology –even if their company is doing well (for now).

Though small company owners may be hesitant to modify their ways, the world is changing rapidly - and so are customers' expectations. Consumers have new expectations about the firms they support with their hard-earned money, from customer service to data-driven advertising.

According to Forbes, people want to deal with businesses that are more approachable, simple to use, and customized. When it comes to running a small business efficiently, having the correct IT tools in place may help you set yourself up for long-term success. Here's why technology is important for entrepreneurs, as well as several must-have technologies for any new small business.

Fortunately, technical improvements in software and applications have resulted in a plethora of digital tools accessible to assist you in streamlining your business and making your work less stressful. But, with so many alternatives available, how can you know which ones would work best for your company? In this post, we'll give some tool recommendations to make your life simpler.

What Are the Must-Haves Technologies for Small Businesses?

Across industries, technology has become an increasingly vital component of a successful company. Through social media channels and other digital marketing tactics, business owners can quickly engage with their consumers and increase brand exposure.

The correct technology solutions may also help businesses optimize their procedures and stay organized, which is critical for scalability. Technology may also be used by product-based firms to enhance the sales process for both personnel and consumers.

In this blog, we will look at ten technologies that small business owners should use to increase their revenues and reach. Cloud computing has completely transformed the IT world, and its consequences have affected many companies. Organizations have become more scalable and nimble by embracing cloud computing. In reality, cloud computing has turned out to be a significant aspect of many small-scale enterprises.

And the greatest thing is that cloud computing does not use a large portion of your money, at the same time allowing you to benefit from increased efficiency without expanding your overall budget.

Cloud Computing

Next-Gen Payment Methods

Buyers are still put off by online payment. Despite enormous technology breakthroughs and several algorithms, we are still unable to build a totally secure, safe, and fast money transaction procedure over the internet.

To eliminate the fear of being deceived from the minds of customers, firms must establish creative and secure payment options. What' s the bottom line? Customers begin to trust you and purchase from you more regularly.

Mobile Apps

Mobile apps are a difficult terrain to navigate. As today is the age of mobiles and mCommerce has become ubiquitous, almost everyone is jumping on the bandwagon and building their mobile application.

However, there is a catch. People may download a large number of programs, but they only utilize 7 to 8 of them on a daily basis. As a result, it is vital to use mobile applications wisely. You should have it because it has been the standard, but don 't overdo it.

Data Security

When discussing financial security, it is also necessary to discuss data security. Any business, large or small, cannot afford to ignore data security since it may destroy your client base and find you in legal problems.

You may create your own indestructible castle in the online world by utilizing basic yet efficient technical elements.

The era of chatbots is here. Chatbots are 2.5x more effective than people since they can interact with consumers more effectively due to their vast intellect, and they are also less expensive.

Customers of this generation want to interact. They want their questions answered, they want you to offer products and services to them, and they want you to connect with them in ways that go beyond the selling process. And, all of this is possible by embracing chatbots.

Chatbots

Website Implementation and Enhancement Tools

Small businesses find it challenging to maintain an internet presence. If you ' re having the same problems, don 't worry. There are several free tools and solutions available to offer you the finest of the internet world and allow you to catch up with the rest.

Website implementation and enhancement tools are growing increasingly popular, thus it is critical that you capitalize on this technology ' s potential. conversion, and cut marketing expenditures. There are several options to pick from, allowing you to find a product that best matches the size and kind of your organization.

It may appear that emails have grown obsolete, but this is not the case. In fact, they remain one of the most costefficient and result-oriented tools available to small businesses. If you know how to use emails correctly, they may be a powerful weapon in your arsenal.

Emails help you to reach a larger audience and deliver your message more effectively. We offer a multitude of tailored email campaigns designed exclusively for the needs of small businesses.

Emails

Project Management Tools

If you

' re attempting to keep numerous balls in the air, project management software can help. Essentially, these technologies allow you to keep track of your activities, appointments, and deadlines online (as opposed to having to do so manually).

These programs may generate reminders for forthcoming activities and events, providing specifics such as when and where your next meeting will take place. Furthermore, these technologies may send comparable reminders to other team members, ensuring that everyone is aware of what is expected of them and by when.

HR Software

Employees are the most valuable assets. This is a well-known cliché, and everyone focuses on it, but how about using the latest technology to ensure your human resource management is best-inclass?

This certainly enhances your employees

' morale and makes them more productive. Using HR software, you can effortlessly manage functions like attendance and staff development initiatives.

Customer Relationship Management (CRM)

Customer service consumes a large percentage of your resources. As a result, you should continually explore new and more effective ways to deal with consumers so that you may focus on other things.

The Bottom Line

This is not a complete list of business tools for small businesses. The size and maturity of your business, the sector in which you operate, as well as your budget, will all naturally affect whatever digital technologies you choose to invest in.

However, the value you

'll acquire from these tools is in their capacity to automate much of the time and effort required in boring chores. Furthermore, in a post-pandemic future, they can assist you in meeting the requirement or desire for individuals to work and operate their enterprises remotely.

We recommend you begin slowly. Also, solicit input from your staff, as well as your clients and partners, on which ones they prefer or dislike working with. Once you ' ve discovered a few, you may begin to scale them up. Also, remain up to speed on new features and functionality to ensure you

BRUCE MACLELLAN

A Man of Many Roles

CanadianSME sat down with Bruce MacLellan, CEO of Proof Strategies, Inc. earlier this year to understand the anxieties and stress faced by Canadians since the global pandemic has severely affected their mental health. As a result of the pandemic, Canadians continue to encounter several obstacles, within and outside, throughout the whole emotional, physical, social, and financial well-being spectrum. Bruce MacLellan has directed the CanTrust Index, an annual assessment of trust in Canada, since 2016. And as the findings of the study are being made public in order to increase knowledge and understanding, together, we explore Bruce's role in preserving and developing both internal and external trust, along with his perspective on our new era ahead.

Bruce MacLellan is a veteran communicator and the founding CEO of Proof Strategies Inc. Now with 140 staff members in offices in Toronto, Ottawa, Montréal and Washington, Proof was named the #1 workplace in Canada in 2010 by Great Place to Work® and has received more than 300 industry awards for client work. The firm has been carbon neutral since 2008 and was named in 2022 as a Caring Company by Imagine Canada.

Since 2016, Bruce has led the CanTrust Index, an annual study of trust in Canada. The study’s results are shared publicly to advance knowledge and understanding of how to maintain and grow internal and external trust. In 2021, Bruce co-authored a Trust Toolkit for Boards of Directors, in collaboration with the Institute of Corporate Directors.

Bruce is an active volunteer, including serving from 2017-19 as Chair of the board of the Nature Conservancy of Canada (the country’s largest conservation charity) and currently as Vice-Chair of the board of Canada’s History Society (an organization active in education and which manages the Governor General’s History Awards).

CEO, Proof Strategies Inc.

Bruce holds an MA in Public Administration from the University of Toronto. His work experience in government includes as Executive Assistant to the Minister of Culture in Ontario and as Chief of Staff to the Minister of National Defence in Ottawa.

According to the 2022 Proof Strategies CanTrust Index, what do you think are the main causes of anxiety for Canadians?

There is no question the two years of the pandemic have created higher levels of anxiety and stress. Our research found that 46 percent of Canadians say they still feel anxiety and stress from COVID-19. In Alberta, it peaks at 55 percent. There are many dimensions to the stress caused by this pandemic, including personal health, caring for elderly parents or young children, employment uncertainty and social divisions over safety rules.

Evidence suggests younger people have been impacted the most. According to a 2021 Statistics Canada study, feelings of loneliness or an increase in physical health problems due to COVID-19 were experienced by 83% for those aged 18 to 24, 80% for those aged 25 to 44, 70% for those aged 45 to 64, and 54% for those aged 65 and older.

Can you share the key findings and your thoughts on the results of the survey? Do you think anxiety is on the rise in Canada? If so, why do you think that is?

Trust is under enormous pressure nowadays. False information is generated deliberately and spread widely. Additional forces working against trust include pandemic anxiety, economic disruption and petty, divisive politicians. Trust in government has fallen during the pandemic, no doubt in connection to vacillating public health decisions under very difficult and fluid circumstances. Corporate leaders can also do better, and boards of directors should show leadership. After all, trust in business executives is at only 26 percent. Trust should be treated as a key leadership competency and is essential to maximizing productivity, innovation, sales and other important indicators. Our full report can be found at www.CanTrustIndex.ca

The Omicron variant has been linked to causing pessimism in some Canadians - do you have any thoughts on this? What effects do you think the Omicron variant might have on the economy?

The pandemic has left Canadians feeling tired, frustrated, and stressed. As vaccinations rolled out in 2021, optimism started to return, until the Omicron variant. Omicron was a setback that triggered new caseloads, reinstated restrictions and caused new worries. Our January 2022 research found that 36 percent of Canadians said that Omicron made them more pessimistic about the economy. The good news is that cases are falling again, and Canada has seen impressive new employment numbers with a gain of 337,000 jobs in February. These results more than offset the loss of 200,000 jobs in January and dropped the unemployment rate to 5.5 percent, below the 5.7 percent level in February 2020. Provincial governments that set many restrictions are starting to relax them. It will be important that ongoing safety measures not be politicized as “ wedge ” issues, a practice used by politicians to sow division. When it comes to trust, politicians rank at a dismal 18 percent, so they need to do much, much better.

According to the study, why do you think trust in the Canadian healthcare system has declined? What solutions do you think are necessary to improve trust in the healthcare system?

Overall, trust in the Canadian healthcare system remains solid at 58 percent of Canadians, although it is down from 63 percent in 2021. Our CanTrust Index found a significant decline in trust in the healthcare system among older Canadians (baby boomers and older). A possible reason for this is the delay in access to healthcare due to the system ’ s need to manage COVID-19 patients. We know that older people require more health system support than younger citizens, and this points to why backlogs will need to be addressed. Politicians should heed this finding, as older voters are the most likely to cast a ballot in elections.

What tips do you have for employers in order to maintain trustful relationships?

Our recommendation to employers is to start with knowing your values, link them to your plans, communicate often and always show empathy. Your values are your moral compass and should resonate with your employees and customers. Once established, your subsequent decisions should be connected to these values, and therefore become coherent, logical and supported. Leaders rarely communicate too much, and in a crisis such as this pandemic, the frequency of communications should increase. Good communication begins with listening and understanding, and that leads to empathy. Given the pressures of the pandemic on people, an employer must “ walk a mile in their shoes ” as the old saying goes. Listen to understand, adapt to employee needs and show that you care. It’ s essential to a trustful relationship. Trust can be built if there is the will and understanding of how.

Founder, President, and CEO of Zensurance

CanadianSME sat down with Danish Yusuf, the founder, President, and CEO of Zensurance, earlier this year to understand the impact of digital transformation in diverse industry verticals since the sheer power of digitization has reshaped every aspect of the global economy. We have also talked about the implications for small businesses not having proper insurance and how COVID-19 has drastically changed things and how his company is helping small businesses in managing their insurance cost-effectively and securely. Throughout the interview, there was a lot of discussion on what's holding the industry from embracing new technologies, especially now that the global pandemic and social distancing have emphasized the need for smarter and customer-oriented insurance solutions. Together, we explore Bruce's role in the digital insurance sector, along with his perspective on our new era ahead.

Danish Yusuf is the Founder, President, and CEO of Zensurance, a Canadian technology company revolutionizing the small business insurance space. He is a former leader in McKinsey & Company's Digital Insurance practice, supporting insurance clients globally on defining their digital strategy. Before McKinsey, Danish was a software architect and developer at IBM Canada, covering everything from mainframe development to web development. Danish earned a bachelor's degree in Software Engineering from the University of Toronto and has an MBA from Harvard Business School.

Transforming the Way by Building State-of-the-Art Insurance Solutions

Tell us about your company. How is Zensurance leading the digital revolution in the insurance industry and meeting the needs of startups and small- and medium-sized businesses?

Toronto-based Zensurance is Canada

’ s leading digital business insurance brokerage dedicated to serving small business owners, entrepreneurs, sole proprietors, and independent contractors in multiple industries. We specialize in helping them find the business insurance coverage they need at a price they can afford with the service they deserve.

Established in 2016, Zensurance started digitizing the business insurance application and transaction process in Canada. We have always believed that the micro-business segment has been underserved in the insurance industry. So we ' ve made it our mission to create a digital experience that is affordable, transparent, and fast. As a result, small business owners and entrepreneurs can come to our website, fill out an online application, receive the lowest quote available on the market for free, and even complete the transaction online, depending on their needs. And through our technology and network of insurance providers, we ' ve been able to offer policy rates of up to 35% less than our competitors.

We have 100 licensed brokers to support our clients and serve as their trusted insurance and risk management advisors. Our system shops our partner network of more than 50 leading Canadian insurance providers to find our customers the customized policies they require based on their unique businesses.

In which aspects of business do you think digitization will have the most impact? What are the best digital resources for businesses to invest in to grow?

Every business is unique, and when digitizing your operations, your first step should be identifying your target customers and how they ' re buying your products or services.

For example, my parents are never going to buy auto insurance online. It' s just never going to happen. So, if you are an auto insurance provider catering to an older demographic, adopting e-commerce software may not be the first investment you make. But every business needs a customer relationship management (CRM) system, so it is generally a good investment. What business owners have to think about is how sophisticated a system they need. CRM can help when someone visits your website but doesn 't make a purchase. You can still capture their contact information and follow up later.

– credit card fees can be high, but when processing and reviewing times are considered, the cost of using paper cheques or cash is often higher.

Let' s not forget about the basics, either. Many SMBs – particularly those micro-businesses of one, two, or three employees (like tradespeople, independent professional service providers and others) may not even have a dedicated website yet. That first step is critical when their prospective customers are increasingly thinking digital-first.

Because SMBs tend to have fewer digital security resources than larger companies, they often become targets of phishing and ransomware attacks. How do you think SMBs can keep themselves safe when going digital, including cost-effective software and insurance they can use?

The reality is that any company conducting business online opens itself up to risk, whether it’ s the local office of an international conglomerate or an individual practitioner with an email contact form on their website.

The good news is that cyber insurance policies exist that protect your business if something goes wrong and are a necessary part of your company ’ s cybersecurity management. Five years ago, these types of policies were scarce, but with the increasing number of attacks targeting all types and sizes of businesses –and SMBs are no exception – there is now a wide range of policies available and at varying prices.

When shopping for cyber insurance, SMBs especially should avoid jumping at the lowest price possible without doing their homework. Investing in a comprehensive insurance policy will almost certainly save them money in the long run. Like home and car insurance, an insurer will ask for proof that you ' ve taken every precaution to prevent an avoidable incident.

What do you think of the Canada Digital Adoption Program (CDAP), recently launched by the federal government?

The CDAP is the latest of several government grants available to small businesses, which make up 98.1 percent of all employer businesses in Canada and are rightly considered the backbone of the Canadian economy.

There are two grants available to Canadian SMBs under CDAP: ‘Grow Your Business Online, worth up to $2,400 and enables SMBs to develop and implement e-commerce capabilities; and ‘Boost Your Business Technology ’ , which is worth up to $15,000 and helps Canadian SMBs adopt new digital technologies.

Eligible ‘Boost Your Business Technology

’ applicants can also access zero percent interest loans worth up to $100,000 from the Business Development Bank of Canada and a wage subsidy of up to $7,300 to hire post-secondary students and recent graduates.

I' m delighted the federal government is making that money available to SMBs that can use it. But, at the same time, there are other grants out there, and I believe that any small business applying for them should dedicate the same level of research to the many different grants they could apply for for their digital transformation projects.

Is there anything else you would like to suggest to startups and small- and medium-sized businesses when it comes to digital adoption?

I think it' s worth mentioning why digital adoption has become so important. Before the pandemic, I would have guessed we were five or so years away from digital services becoming the norm, but COVID-19 pushed the timeline forward on both the business and consumer sides. As consumers, we ' re now used to video chats with friends and family and ordering everything from groceries to medication online. So as workers, I think we expect a similar user-friendly experience from our jobs, whether it' s remote work, digital payments, or coordinating with customers and business partners.

And while I' ve emphasized the importance of researching the pros and cons of the software your company is thinking about adopting, it' s equally important to know who would run that software and what the risks could be.

Digital payments, for example, could alienate customers who have an easier time paying by cash or cheque if not explained adequately. Likewise, your company won 't benefit from CRM software if departments like marketing and collections aren 't sharing their customer data. And for any digital tool, the benefits of adoption can quickly turn into risks if you don 't take steps to ensure they are secure and that your customers and your business are protected.