Poor management skills, lack of capital and inability to grow may cause many small businesses to fail, but according to a CIBC World Markets report published last month, a group of economists show data which suggests entrepreneurial activity is growing across the country like never before. Why? Technology advances are making it easier for Canadians to get their businesses off the ground and to grow quickly.
This report echoes the findings outlined in The Salesforce Advantage, a free e-book published by Salesforce.
Technologies, like cloud computing, are giving solo business owners the same tools as large companies and allowing them to compete with these organizations more easily. Here’s how:
Cost: Solo business owners may not have the space (or budget) to set up and run their own data centre. The cloud computing or software-as-a-service model can get these individuals up and running 70 per cent faster than hosting the hardware and software on their own.
Productivity: CSO Insights says companies spend only 25-30 per cent of their time selling. The proliferation of mobile devices, however, means that even if a company consists of a single self-employed individual, it is finally becoming possible to run your business entirely from your smartphone. That means more time in front of customers.
Revenue: Solo business owners can wear many hats but the number one priority is always bringing in as many clients as possible. Technology can now automate a lot of this process, with information about leads coming in with more details about who prospective customers are and what they really want.
Reliability: No one wants to deal with websites that crash or apps that don’t load. Cloud-based services mean solo business owners can have the kind of consistent online experience that only large firms were able to afford until now.
Customer satisfaction: When solo business owners work more efficiently, their customers are happier. Some companies that have moved to cloud computing and mobile technologies have seen the rate at which they would be recommended to others increase by 74 per cent.
Being a solo business owner is hard work, but thanks to the power of the cloud, you can grow your business, decrease your costs and gain an upper hand on your competitors, even if they are much larger than you. Learn more by downloading the Salesforce Advantage e-book.