Small Business Enterprise - SBDC

Controlling costs through technology

SBDC helps small businesses find the right tools

With increasing inflation and tightening of the U.S. economy, small business owners may begin to see new challenges in maintaining their current business or continuing on their projected growth trajectory.

This strain could leave businesses needing to cut operational expenses while still providing a high quality product or service. One small recommendation with the potential for a large impact is to optimize the use of technology.

Here are technologies that could help small business owners save time and money while cultivating growth in times of economic downturn.

1. Social media marketing tools are commonly used to schedule social media posts, analyze social media analytics and identify potential customers. Popular social media marketing tools include Hootsuite and Sprout Social.

2. Customer relationship management (CRM) so ware tracks customer data, sales data and marketing data. It also helps with tasks like automated emails and customer segmentation. Larger organizations may consider Salesforce or HubSpot, while smaller organizations should consider budget-friendly options like Notion or Airtable.

3. Accounting so ware helps small businesses manage their finances, invoices and expenses. It can also help with bookkeeping and tax preparation. Popular accounting software includes QuickBooks Online and Xero.

4. E-commerce platforms give small businesses affordable options for creating and managing online stores. They also offer marketing and order management services. E-commerce platforms like Shopify or BigCommerce currently offer competitive pricing models and intuitive design functionality.

5. Delivery food service platforms can help restaurants increase their revenue by driving traffic and exposure to their business. Companies like Grubhub, DoorDash, Uber Eats and Postmates are popular options for restaurants.

6. Marketing automation so ware helps with tasks like email marketing, lead nurturing and lead scoring. Marketing automation software such as HubSpot Marketing and Mailchimp are good options to consider.

7. Search Engine Optimization (SEO) tools assist with tasks like keyword research, link building and web page optimization. SEO tools like Moz orSEMrush can help facilitate those tasks.

8. Project management so ware help small businesses with task management, team collaboration and project tracking. Asana, Trello and Monday.com are popular options with free tiers.

9. Business intelligence so ware provides data analysis, reporting and dashboards. Tableau, Looker and Domo are recommended options.

While there are many technology options available that can help small businesses, it’s important to remember that not all of them will be a good fit for every business. Small business owners should carefully research all options to determine which will suit their business the best.

For help identifying which combination makes the most sense for your particular business, the Small Business Development Center (SBDC), hosted by the Rockford Chamber of Commerce, can help create a strategy around which technologies best suit your business.

Contact Nate at Nathaniel.sbdc@ rockfordchamber.com for more information on the SBDC and the free services it offers.