If you’ve been thinking about taking that entrepreneurial leap for a while, you’ve seen some technology come and go. You may have even revised your business idea more than once to keep up with fast-changing technology. This can be a slippery slope. If you aren’t careful, you can start to use these rapid technological changes as an excuse for putting off starting your business. The problem with this is that things are not going to slow down; if anything, they are going to speed up. Staying savvy about these innovations is just part of being an entrepreneur these days, so you might as well plunge in now. The key is to remain one step ahead by looking at what is on the cutting edge and on its way in. Even if it’s not personally useful for you, how might it impact your industry over time? Could a modified version of the same kind of tech eventually be useful to you?
The Basics
On the most basic level, tech allows you to get your bearings financially and set up shop almost instantly. Before starting your company, you should take a good look at your personal finances. Although these should be kept separate from your business finances, having your house in order financially can give you the peace of mind to move forward. You may want to try to pay off or at least better organize your debts. For example, if you have several student loans, you might consider consolidation. This can save you money. It’s easy to research consolidation opportunities online. Sometimes a small cash injection like a car title loan is enough, and for the long run. You may also want to explore whether refinancing your home or car would lower your payments. In addition to setting up a virtual presence for your business, you can do some research about the competition. You’ll probably find other basic tools that are also essential, including calendar apps, mobile scanning and signing apps, and cloud-based file sharing. Online education can keep you current in your industry and with best technology practices.
Artificial Intelligence
The phrase might make you think of highly intelligent computers or robots in science fiction films, but artificial intelligence and machine learning are commonplace in the business world today. Many of the most popular search engines and social media platforms are driven by machine learning algorithms. These algorithms can help you better target your advertising and improve the customer experience. Depending on your industry, AI can also help you process large volumes of data much more quickly than you and your employees would be able to.
Customer Interaction Management Platforms
Technology brings with it an opportunity that can be overwhelming, and that is the enormous number of ways in which customers may communicate with you. You want your customers to be able to reach you using email, chat, social media and as many other channels as possible, but this can backfire if you can’t keep up. A customer interaction management platform allows you to connect all of these different methods for contact, feedback and support in a way that looks seamless from the customer end.
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