Technologies in Business: How Tech Help Startups Succeed
Entrepreneurs need to maximize their time and resources to help their startups grow. Instead of spending hours tracking business operations, they can take advantage of technologies in business to automate these processes. Read on to learn more about how various techs help startups succeed.
A recent survey showed that 73% of small business owners want to work on their business. Meaning, entrepreneurs want to spend more time on strategic activities to improve profitability and growth. However, only 32% of them are actually doing that. The reason for this is business owners are busy keeping up with their businesses’ daily operations.
The logistics of running a business, especially startups, is very taxing and challenging. Luckily, there are many available technologies in business that help manage operations easier. In addition, digital transformation optimized the role of tech in businesses. Continue reading to learn how technology helps entrepreneurs run their startups.
Technology in Business
First off, it is essential to define the role of technologies in business. These techs are business tools that help in business processes automation (BPA). These days, many available technologies will help you manage everyday operations.
“Some of the staples of the technologies in businesses are accounting software, spreadsheets. Just general word processing like Google Sheets, Microsoft Word, and WordPress, which will help you manage your website,” says Matt DeCoursey, CEO and co-founder of Full Scale. Furthermore, he added that “There are a lot of things that fall back under the accounting designation like payroll, benefits, and HR software.”
“Most of the core elements of operating a business are driven by technology now.” Matt concluded that “If you are doing them by hand, you’re probably overspending and also underperforming at the same time when it comes to being able to run your business efficiently. More importantly, reducing the overall general headaches that come with owning a business.”
To Build or To Buy?
It’s no longer a question if technology can help your business. However, when faced with making a decision, most startups are unsure whether they should buy or build their tech. Startup entrepreneurs weigh in on this dilemma:
Matt DeCoursey, Full Scale Co-founder and CEO
Matt surmised that 2021 is the golden age of startups and software. And, there are so many apps and software out there that solve business problems. He added that “Some of these things (technologies in business) have very in-depth knowledge that they can help you solve problems you didn’t even know you might have had.”
Even if Full Scale specializes in developing or building technologies for clients, he advises small businesses and startups to consider buying technology first. Meaning, startups can subscribe or purchase licenses to services.
Heather Steppe, KCHempCo.com Co-founder and CMO
For Heather, she finds it better to buy tech. “I’m not going to build anything. I don’t know how to code or have an engineering type of mind to build stuff.” However, she added that she could learn to use techs that other people built and make money from it. So, she finds it best to buy and subscribe to techs to help her run KC Hemp Co.
Andrew Morgans, Marknology Founder and CEO
Andrew agrees. He thinks that it is better to buy tech these days. For him, “It really depends on who is in your team and what kind of resources you have. Do you have access to FullScale.io? Can you ask someone to build it for you?” Andrew also added that entrepreneurs and startup founders should also consider the cost and how fast they need it.
Joel Johnson, Mixtape Designer and CEO
“Buying tech works for certain things,” according to Joel. He said that subscribing or buying these techs will help you build a templated and passable website for your business. Mixtape uses Squarespace for its website.
In that regard, buying tech is okay. However, when it comes to building an app like Mixtape, “We had to build it from scratch.” Still, he always considers buying tech that will help improve his app.
Hernan Sias, Business Bro Founder
Buying or building your own tech is the ultimate question for Hernan. “If I have the smarts like Tony Stark to create my tech, you better believe I’ll be making it,” Hernan said. He once attempted to build his real estate app with various features.
He went out and asked programmers to develop his idea. However, he found out that “It was like a never-ending money pit. I never had clarity of what I wanted, and when you talk to programmers, they want specific things. I had no clue to what I was doing.” So, for him, building apps or software can get expensive. That is why buying tech is a better option for Hernan and his company.
Lauren Conaway, InnovateHER KC CEO and Founder
For Lauren, it all depends on what you are trying to accomplish. “If you want something done quickly and cheaply, and if you’re able to purchase something off the shelf,” you should consider buying the tech, according to her. But, Lauren suggests that “if you are trying to create something that needs to be deeply customized to fit your objectives, you need someone to build that technology.
As these successful entrepreneurs can attest, buying or building technologies in business is hard to decide. However, it all depends on your business needs and resources. Because there are many available apps and software in the market these days, founders should consider buying tech first.
Future of Technology in Business
These days, technologies in business are constantly evolving to meet the demands of different enterprises. So, what do entrepreneurs want from their future apps and software?
“It’s hard to find an answer because we use so many technologies to solve so many different things,” answered Matt. He wants to find an app or software that helps figure out “how to implement said technology even faster and keep up with all the different things that we use that would be useful.”
He admits that Full Scale is always “trying to plugin different types of technology or building something to solve the problem.” The company keeps on doing this to make itself more scalable.
Meanwhile, Hernan thinks it would be awesome to have a robot from the iRobot movie to do house chores. But for Business Bro, he believes that the technology that creates value-driven content clips is not there yet. “We do a thirty-minute show, and in that show, there are many golden nuggets that our guests talk about.”
He wants a technology that can repurpose these great nuggets into thirty-second clips and share them on social media. Therefore, finding an AI software that can identify what people are attracted to will be amazing.
“I have some wishes for techs in my company,” said Andrew Morgans. He added that he is working hard to make them realities soon. Because data drives Marknology, Andrew wants technologies that can help in “more automation and efficiency.” He wants to automate and optimize the workflow in his company.
Currently, Marknology is developing a tech that will automate report-making. The company is doing this to provide their clients more information, leading the clients to feel safer. Andrew believes that this technology will improve Marknology and its clients’ relationships.
While Lauren Conaway of InnovateHER KC wishes for a “technology can moderate our virtual community.” She clarifies that she loves participating in the company’s virtual community but finds it hard to moderate it. Lauren is looking forward to someone developing an app that will allow automation in virtual community moderation.
Final Thoughts on Technologies in Business
Matt DeCoursey observes that technologies in business, especially in marketing, have become sophisticated. Technologies can now do a lot in your company. A lot of these technologies in business are improving general communication with the clients and performing various operations.
For Marknology and InnovateHER KC, using technologies in business is a way for them to “create long-lasting, significant, and meaningful relationships” with their clients. Technology is crucial to what these companies do from processes and building relationships. Also, Heather Steppe agrees. KCHempCo.com uses different technologies to be in constant communication with their market.
So, is it worth it to spend on technologies in business? “Depending on who you ask,” Matt answered. Expenditures on developing or buying tech are different. Some startups may spend thousands while others only shell out hundreds of dollars. As Heather observed, “not every e-commerce is a cookie-cutter. They don’t fit into a perfect little box.” Therefore, it is very important to use technologies in business to provide a unique and superb customer experience.
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