The recent surge of the Covid 19 pandemic in the world since the year 2020 has negatively stigmatised the business world. Many businesses are yet to bounce back while others have collapsed or are on the verge of folding up. Therefore, it is important for small and medium scale enterprises to devise better means of scaling as well as providing sustainable measures for their businesses, irrespective of the economic state of their business environments. The pandemic still looms around the world, and this has led to stringent business policies which have invariably altered the normal form of business existence leading to pitfalls in their financial stability. To strive in the business world, SMEs need to acquire new ways of doing business. One of these is by leveraging technology. This article examines how SMEs can leverage technology and the importance of technology to SMEs to boost productivity and continuous existence in a competitive world.
Today, technology is a phenomenon that has been embraced globally by individuals and Nigeria is not left out in the latest technology trend. Organisations today are constantly restructuring and experimenting with new ways of doing business in a fast-evolving economy like Nigeria’s. Researchers have proven that soon businesses that are not technologically inclined will fade off or become irrelevant due to their out-dated approach to the now competitive business environment. It, therefore, becomes expedient for SMEs to make a deliberate effort in boosting their productivity and staying relevant in the business world by leveraging technology.
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Small and medium scale enterprises can leverage technology by creating user-friendly websites that can be accessed by individuals from different locations at different times. Most clients hardly regard business vendors without websites as they consider them to be inefficient. Presently, the internet is considered the best place to go in search of products and services and this can be easily accessed through well-structured websites. These websites create a platform for potential clients to find you, read about your company and identify what you do. It also helps them to answer questions about the business.
Similarly, SMEs must ensure that their websites are easily accessible. These websites should be created in a way that potential clients can conveniently access them without glitches using various devices such as phones, iPad, computers and other gadgets. Vendors can create reputable and reliable payment platforms that enable clients to conveniently pay for goods and services without fear of being defrauded.
Also, SMEs can effectively use technology by creating social media platforms for their businesses. These social media platforms also help to create business visibility and awareness for potential clients and boost business leads and sales. SMEs can freely register with some of these social media platforms and advertise their goods and services for free. Media platforms get immense attention from subscribers daily, so they can help small businesses advertise their goods and services more effectively. These social media handles include Facebook, Twitter, Instagram, WhatsApp and other trending social media platforms depending on the business’ target audience.
Small and medium scale enterprises can leverage technology by creating user-friendly websites that can be accessed by individuals from different locations at different times.
Furthermore, the use of video content by SMEs comes in handy for advertising goods. Providing well-structured video content can take the business a notch higher. Videos help SMEs create a name for themselves as it allows clients to see the genuine nature of the business and the services they offer. SMEs can also get a brand video for their businesses which will enable them to stand out whenever their business pops up on any social media handles, web pages or search engine results. Proper monitoring of employees’ productivity is also achievable using some online office applications such as Asana, Basecamp, Podio, Trello, and other working tools that can be used to assess employee capability at different points in time and most of these apps are relatively free.
Thus, technology brings significant benefits for SMEs if well managed. The use of technology can improve business productivity and enhance a better communication matrix between vendors and clients if appropriately put into use. It affords small businesses the avenue to upscale their business through the enhancement of feedback from customers and business colleagues.
In addition, due to the innovative nature of technology, it supports business development by driving improved performance in businesses, resulting in better efficiency levels. Proper and efficient management of clients and employees is effectively achievable using online office applications that cater for clients and employee management.
Invariably, technology can bring about diverse changes in all spheres of a business’ life. In a developing economy like Nigeria’s, SMEs need to revamp their formal psyche and get on the train of advanced technology for marginal productivity and output. This will make SMEs stand out and aspire towards greater achievements.
