COVID 19 – How Technology is Reviving Small Businesses Worldwide?
The calamitous COVID-19 pandemic has not only disrupted the world order in terms of creating a global medical emergency, but it has also brought devastating impacts on small businesses worldwide. Reportedly, 41.3% of businesses reported that they were temporarily closed due to COVID-19. The number of part-time employees has been declined by 34%.
Now, if we are to look at these stats, the scenario appears to be anything but favourable. However, during this unforeseen criticality, technology seems to take charge of the situation with its major contributions spread across the different realms of commercial functionalities. In case, you are eager to figure out how technology is reviving small businesses across the world, invest some time in reading this insightful blog.
Here you go!
Businesses can be operated from the comfort of home
This is perhaps one of the most significant contributions of technology in the matter of reviving small businesses across the globe. From assignment help forums to other digital start-ups dealing with virtual products and services, every SME activity is being smoothly operated from home.
- With the emergence of the internet, most business associates and employees are able to stay connected with their stakeholders and fellow employees via common business portals.
- For example, homemade food service providers are constantly promoting their businesses via digital platforms such as Facebook and Instagram.
- They are even picking orders online and staying in touch with their potential buyers via digital modes of communication.
- If we are to talk about the corporate front, most employees are working from home and managing all critical paperwork via cloud-based platforms.
- So much so, business owners are harnessing the potential of digital payroll apps such as SurePayroll, Square Payroll and RUN in order to streamline the process of payments online.
Business expenses are being tracked digitally
Tracking business expenses is one of the critical areas of concern when it comes to streamlining small-sized commercial units. Now that the pandemic has got the better of the outer world, it is not possible to keep track of the corporate expenditure via mean of physical contact. This is where the context of digital business expense tracking applications gains prominence.
- The app, Personal Capital is being harnessed in order to have money situations under control, with the use of better charts and graphs for financial expenses.
- Quickbooks is yet another name that is in the news for its incredible contributions across key functional areas such as well-constructed financial reports, contract management and digitised payroll.
- As a matter of fact, the aforementioned app, Intuit Quickbooks has been voted as the best app for small businesses by The Balance magazine.
- Mvelopes, the digital budgeting and expense tracking app is being equally utilised to predict budgetary expenses.
- In addition, the app is said to offer digital envelopes to its users, so that they can store their finances and keep track of their spending each month.
Automation of risk assessment for small businesses
Unless you are assessing the risk associated with the business, you will not be able to proceed with it accordingly. The world of small businesses before the lockdown was completely different in this context. Financial advisors would conduct in-house audits, and risk assessment drives physically. But, now things have taken a completely different turn. Most of us would prefer to operate from home.
This is where risk assessment apps for small businesses come in. Here’s how the platforms are being leveraged top speed up the risk assessment process.
- Most small business concerns are using the app named Risk Assessor Pro to streamline incident reporting.
- Such applications enable small and medium-sized businesses to produce dynamic risk assessment at the risk site.
- In addition, the risk assessment apps offer helpful safety management features as well.
- You don’t need to step out of your house to monitor the safety aspects of the current business model.
- Using these apps, one can easily monitor digitised incident reports, audit module, accident records and ill-health logs associated with a particular business.
Digital copywriting and marketing communications are on the rise
This is yet another notable aspect that defines the role of technology in reviving small businesses during COVID-19. Thanks to the phenomenon called digital marketing, most small businesses are being benefitted by it on different grounds. Let’s take a look at how things are being streamlined with the help of digital copywriting and marketing communications.
- Small business owners are resorting to self-copywriting endeavours by promoting their products and businesses in the form of ad copies written with catchy words and phrases.
- For example, every 7 out of 10 small business owners are taking their voices to the social media platforms and promoting products and services via Instagram, WhatsApp and Facebook stories.
- Small business owners are said to mirror users’ objectives by including digitally-accumulated numbers and statistics in the ad copy headlines.
- This, as a result, is creating an impact by triggering emotions among the target audience, even without reaching out to them via physical mode of contact.
- Online blogging platforms are gaining exposure, as well.
- Most small business concerns are resorting to promotional blogging in order to educate their target audience regarding the whereabouts of their products and services.
- Ad copies are being circulated across multiple social networking platforms, which include LinkedIn as well.
As a result, the odds of communication glitch is kept at bay with advancements as commendable as the ones mentioned above.
Loan application process goes digital
Every business runs on the foundation of corporate loans and initial capital investment. Pertaining to the present-day scenario, most banking activities have gone digital, with a dramatic rise in the use of digital payment gateways such as Google Pay, PayPal, Apple Pay and the likes. Quite similarly, the process of business loan application is being managed digitally to avoid the risk of physical intervention during these trying times.
Here’s what you should know about digital loan applications for businesses.
- Online business loan application takes lesser time as compared to that of its manual counterpart.
- You can be done with the entire process in as little as 15 minutes.
- The digital lender will conduct a credit card based on the business’s background and present financial status.
- Based on a thorough digitised evaluation of the business, the loan will be granted against the request placed.
Even though the concept of online business loan application has always been there, things gained more prominence after the COVID-19 outbreak.
I hope this informative blog has introduced you to the incredible contributions of technological advancements for small businesses, in the time of pandemic. Here’s a rewind to the essential points we have imbibed so far, in this write-up.
- Technology has made work from home hassle-free.
- Business expenses can be tracked digitally.
- There has been an automation of risk assessment for small businesses.
- Digital ad copies and marketing communications gain more exposure.
- Online business loan application is in demand these days.
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