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BEFORE the pandemic ushered in a widespread adoption of financial technology (fintech), it was the norm to dedicate time and effort to banking, payment processing and filing taxes. As recently as 2019, people were concerned about the security and reliability of e-wallets and banking apps; today, most of us can't imagine life without them.

Small and medium enterprises (SMEs) that survived the pandemic used digital methods like e-commerce, online marketing, digital payments and delivery apps to conduct business. Even when in-person transactions resumed, these methods remained for their convenience and cost efficiency. Today, with new fintech and e-commerce solutions being released worldwide, it's time for Filipino SMEs to scale and improve their businesses through further digital adoption. Here are some ways to scale your business digitally.

Cloud-based accounting

All businesses, regardless of size or structure, are required to keep their books in order. SMEs can benefit from using a cloud-based digital accounting system as it automates time-consuming financial tasks, reduces errors and provides accurate financial data for better decision-making. Additionally, cloud-based financial data can be accessed by multiple users simultaneously.

Business owners have a variety of options for cloud accounting software, depending on the features, benefits and pricing that meet their needs. With the right software, they can easily handle taxes, payroll, invoicing, expenses, and more. To find good software, get feedback from other business owners. This will help you find software with good customer support and a short learning curve for your employees.

CRM and marketing automation tools

SMEs are often forced to do more with less, especially when it comes to customer life cycle management, marketing and lead generation. Unlike larger enterprises, SMEs often handle all three of these areas through a single role or department. This is where CRM (Customer Relationship Management) and automation tools come in handy.

A CRM tool is software that helps businesses manage customer interactions. With it, SMEs can store customer data in one place making it easy to analyze and sort by demographics or behavior. CRM systems can also manage customer interactions, track leads and automate email responses. This allows for personalized marketing campaigns and better customer engagement.

SMEs can also save time by using automation tools like web forms to gather leads and add them to their CRM. AI content generators like ChatGPT can create email and social media copy, and social media planning tools let you schedule the publication of these marketing materials in advance. Lastly, data analytics from these tools will help you focus your budget on high-value clients, and lead and allow you to build consistent messaging across different touchpoints.

Cloud computing services

Cloud computing is a cost-effective way for businesses to store and share large amounts of data, including ongoing work, customer data and applications. It uses a remote online database instead of a local storage device or server, allowing organizations to access data from anywhere without physically being in the same space.

Cloud computing is not a single software or app. Rather, it's a host of web services, servers and development tools. Some you may already know, such as Google Drive, Skype, Zoom and Dropbox. More advanced tools include Salesforce for CRM; Amazon Web Services for database storage; and Drupal for content management and website hosting.

Cloud computing uses a lot of advanced technology than what your organization may be used to, but it has plenty of benefits that make it worth the transition. Services such as cybersecurity, brand intelligence and app management can give your organization an edge in your industry. Cloud computing also offers flexibility, scalability and mobility for any organization.

One way to convert to cloud computing services is through the use of a credit line. First Circle's Revolving Credit Line, for instance, can be used for any business purpose such as investing in new hardware, software and infrastructure. This can help SMEs keep up with the latest technology trends and remain competitive in their respective markets. Additionally, having access to a credit line lets you make technology investments on your own terms, rather than waiting until you have saved enough funds.

Leveraging mobile technology

Mobile technology has transformed the way SMEs operate and conduct business. With the advent of smartphones and tablets, SMEs can now access critical business information and data from anywhere and at any time. Leads and clients can also connect with your brand on the go making it essential for SMEs, especially those in retail, travel, shipping and banking sectors, to streamline their mobile touchpoints alongside desktop experiences.

SMEs can provide a seamless and personalized experience by offering mobile apps, mobile-responsive websites and mobile-only experiences. Multiple touchpoints increase the likelihood that leads will convert. Secondary mobile channels, such as SMS or app notifications, also resonate better with target audiences that are not tech-savvy or have poor access to the internet. Timed correctly, these mobile experiences enable SMEs to compete with larger organizations and expand their reach and influence even on a small budget.

Technology offers SMEs a cost-effective way to scale and improve their operations, while increasing organizational productivity and cost efficiency. By streamlining important aspects of your operations such as accounting, marketing, data storage and mobile experiences, you can stay competitive and grow your business at a budget you are comfortable with. SMEs that fail to embrace technology also risk being left behind in today's fast-paced business environment. Therefore, SMEs should take advantage of the benefits that technology offers to stay ahead of the competition.

Jess Jacutan is a content marketing consultant for First Circle, a fintech company empowering SMEs since 2016 through non-collateral, no-commitment, free-to-open business financing.

Originally posted here:
How SMEs can scale and improve with technology - The Manila Times