Moments of Influence: How Technology is Powering Entrepreneurship

The 1950s was a productive decade. We saw the invention of the first credit card, the first computer hard disc, computer modem, and according to Entrepreneur.com, we have this decade to thank for where we’ve landed in the technical world to date. You see, the late 50s is where we saw the inception of the digital revolution, and since then, consistent and rapid growth in innovation has allowed us to connect, create, and revolutionize how we live day today. 

Moreover, the ways we launch, operate, and grow our businesses.

As the world continues to accelerate, we are seeing an increase in online consumption and digital sales—and according to the Public Policy Forum, if you aren’t tapped into the digital age by now, it’ll be tough to stay resilient and afloat in this tech-dependent climate. Online transactions and payments nearly doubled between February and May of 2020, and entrepreneurs and small businesses who have prioritized digitization are those who have flourished in sales and will likely continue to do so.

What do startups and newly minted entrepreneurs need to know about the latest and greatest tech for their businesses today? Let’s look at the best practices and tools that enable growth and sustainability efficiently and effectively in 2021.

1. Money Management

According to a US Bank study, 82% of small businesses fail due to poor cash flow and money management. Many businesses have a wonderful product or service, but many entrepreneurs aren’t skilled when it comes to things like bookkeeping, accounts payable, and accounts receivable—which ensure companies make informed financial and cash flow decisions.

A company like Plooto aims to ensure accounts payable and receivable are simplified with an affordable software solution that allows small- to medium-sized businesses to achieve greater financial control and success by:

• Making domestic and international payments securely 
• Moving workflows to the cloud
• Syncing with accounting software
• Viewing audit trails and activity reporting

And with over 4500 companies already using the automated service, such as fellow Canadian companies Greenhouse and Wealthsimple—who were once startups themselves—simplifying how we manage cash flow won’t only allow us to sustain our business but expand as well. 

2. Cloud Communication

When it comes to business data, having immediate access is vital, especially in an ongoing remote work environment.

Platforms like Zoom, Teams, and Slack have become wildly popular in our remote working environment. These platforms allow entrepreneurs to be connected with their teams no matter where they decide to plugin for the day, with reliable and secure communication—as well as other features to boost productivity.

A recent Statistics Canada survey found that 14% of Canadian businesses will make remote working a requirement, while 25% are either likely or very likely to do the same post-pandemic. 

Connecting with ease should be top of mind no matter where we find ourselves in this new normal.

3. Customer Service

Over 4 billion of the world’s population are active on social media today. With that number in mind, entrepreneurs would be remiss if they overlooked the most sought-after social platforms as a customer service pathway. 

According to Hootsuite, 1 billion monthly messages are exchanged between businesses and the public on Facebook Messenger alone. And 64% of those surveyed said they’d prefer to message than call a business with their inquiries. 

One of the best ways to simplify the line of communication is by launching a separate social account specifically for customer solutions. It’s essential for entrepreneurs to go where the people are, and address questions and concerns in real-time, with Hootesuite suggesting 15 minutes as the average response time for customer service success this day and age.

How Can Tech Further Support Entrepreneurs?

In the last year, we’ve seen that businesses of any size must be agile in how they operate and adapt to succeed. As we continue to conduct ourselves more and more online, it’ll be interesting to see how tech will continue to power entrepreneurs in new ways. On the flip side, how digital systems and solutions will be empowered by entrepreneurs’ evolving needs.

For more information, be sure to check out Plooto.com.

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