Three Reasons Entrepreneurs Should Pay Attention to New Technologies

As an entrepreneur, small business owner, or company founder, we understand that you probably have your hands full and are already wearing many hats in order to set your business up for success. We’re here today to remind you that if you aren’t already at least keeping an ear to the ground when it comes to new technologies, this would be a great time to start. Regardless of what industry you’re in, there’s undoubtedly some tool or technology or application you can leverage to better serve your customers, and if there’s a way to improve your customer experience by any degree, you should always take it. We’re not just saying this as a technology partner, but as a company that has been in business for over two decades and has seen quite a bit of change and evolution in our time. Here are three specific reasons why you shouldn’t leave new technologies out of sight or out of mind: 

  1. Technology adoption keeps you competitive, even among the big players: never mind that some companies have been around since the dawn of time and have a workforce of thousands. As an entrepreneur, you probably came to market with a product or service that people will flock to, because you’re covering a gap or need among customers. There are probably a few other businesses offering similar items on their portfolio, and the best way you can differentiate yourself from them is by providing your customer a stellar CX via new and available technology releases. For example, if you have a new car service, by leveraging an application or online interface, you’re already ahead of the game of many more companies that are just using word of mouth or simpler tactics to get and interact with customers. You may not be Uber, but you don’t have to be at the bottom of the pyramid either. The other side of the story here is that big companies take longer to adopt new technologies, because they have to replicate and onboard the system to their thousands of employees. As a small company entrepreneur, it’s much easier and faster for you to implement new systems for your business, and this is a huge advantage. 
  2. Not having the newest technologies can make you look out of the loop: if you’re the new kid at a school, you already have your work cut out for you when it comes to making a good impression and building friendships from scratch. If to that you add the fact that you’re still using a flip phone while everyone else has the newest smartphone in the market, then you’re really not going to impress anyone. This simple analogy is a very simple explanation of how it looks in the business world when you’re a new player in the arena, and you’re not even showing up with all of the tools available. Fighting for a seat at the table as a new business is hard enough, you don’t have to make it even harder by not using the latest technologies. Other businesses and your customers will notice, and you’ll set yourself up for failure. 
  3. Competition: you think it’s hard fighting against big players for attention? The truth is that the established giants will continue to be there and people already know who they are. If prospects are looking at a smaller and newer venture, it’s because they’re in the market for a more boutique experience. Guess who your actual competition is? Other small businesses. This report lists that at least 20% of all startup exits are due to being “outcompeted.” When you lose market share to another company that started around the same time as you, it starts to become obvious who will be on track to succeed, and with 2020 around the corner, there’s no doubt that technology will be one of the biggest deciding factors in the competition realm. 

Entrepreneurship is a hard and long journey, and we understand that there are endless daily demands for you as a leader, but take it from us: new technologies will be the main differentiator that will separate the companies that will throw in the towel over the next decade, versus the ones that will have a sustainable, long-lasting business for years to come. If you want to count yourself among the successful, then keeping an eye out for new technologies is part of the job. 

One of the ways in which you can facilitate this process for yourself and your fellow executives, is by partnering with a technology company that keeps your systems updated and can provide a custom-made digital transformation plan for your business. We specialize in creating tailored solutions for our customers, and we are up to date and trained on every major technology right now, including all the big trends like artificial intelligence, machine learning, internet of things, blockchain, etc. Get in touch with us so we can help you analyze your technology compliance and adaptability levels, and set you up for updates when needed.