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How to Fund Tech Upgrades to Grow Your Small Business Wondering whether new tech could boost your small business? From improving cash flow to enhancing sales, having the right hardware and programs for your small business can help you succeed. In fact, some tech updates are even essential for the survival of your small business. If you’re working with a small budget, however, knowing the right tech to enhance your business is only half the battle. You also need to know how to pay for those tech upgrades, which is where these handy tips will come in handy for most small business owners. Search for Outside Sources of Funding for Tech With the increasing role of tech in small business success, chances are that you’ve already found the tech your business needs. Now you just need help finding funding resources to help pay for that new tech. For most small business owners, paying out of pocket is always an option, but to create a healthy ROI, finding outside funding can help as well. Small business owners have a lot of financial options, from business lines of credit to SBA loans to merchant cash advances. If those terms seem confusing, you’re not alone, but you can use online funding guides to learn more about sourcing outside funding and get help with the process of getting approved for various funding options.Look for Low-Cost Updates That Will Produce Profits Keeping up with the latest tech trends can be a daunting task for busy small business owners. It’s important to stay up to date on these advancements, such as AI learning and 3D printing, but these pricey updates may not be feasible for every small business. This is why you should focus your efforts on tech that can make your business additional profits without any hidden additional costs. For example, adding drop-shipping operations to an existing small business requires minimal start-up costs, especially since you only pay for inventory when a customer makes a purchase. Unlike other retail sales, you also do not need to create more room for inventory and you can choose from thousands of different products; some products can mesh with existing offerings (e.g., greeting cards for a floral shop or party supplies for a bakery), which can provide a boost for business profits. Selling trendy products can also help connect you with those lucrative impulse purchases, which can provide a little boost to your bottom line. Turn to Loyal Supporters to Access Funding for New Tech Most tech upgrades focus on creating a safer, simpler experience for your customers, which is one of the best ways to create more profits for your business. To afford these essential improvements, you can also ask for help from those loyal customers. Using crowdfunding is a great way to do so, and you can offer other benefits to small businesses. When customers donate to your campaign, they feel more invested in your small business, which, in turn, creates more ambassadors for your mission and brand. Customers will use social media to spread the word, so make sure you’re also using tech tools to enhance your social media presence and make it easy for new customers to connect with your small business. So, What Tech Should You Invest In?Some tech can provide perks to your small business but may not solve any real issues. Other tech upgrades, however, can seriously make or break the future success of your small business. A reliable smartphone will allow you to take your business wherever you go by giving you fast access to apps and business software. It will also let you connect easily to customers and gain their loyalty by sending and receiving communications efficiently. If you need a new phone, turn to a newer upgrade like the iPhone Pro 11 Max, which offers a good battery life, triple-camera system, and a chip that’s power-efficient. Newer Android phones are also known for having good batteries, cameras and processors. In addition to an upgraded phone, keep in mind that cybersecurity, updated POS systems, and automated marketing are all tech solutions that will also help your customers as much as they help you. No matter what your business needs are, there’s some kind of tech to help you achieve your goals. So, make sure you have access to the capital and funding you need to invest in tech upgrades for your small business. And make sure you have the tools and tech needed to help your business thrive and survive in today’s competitive market. Article by Courtney Rosenfeld: Courtney started her career in the gig economy after several years of enviously watching others do the same thing. She started Gigspark to be a resource and the first step for people who are looking to join the gig economy, either to supplement their income or as a way to fulfill their dreams of becoming an entrepreneur.Photo Credit: Pixabay(The information contained within this article is for general information purposes only. RMICC assumes no responsibility for errors or omissions in the contents.) ................
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