Working capital needs: get the best tech for your small business

Technology is an integral part of our everyday lives. Regardless of what kind of small business you operate, chances are there’s some type of technology that could streamline your processes and improve your overall workflow. The catch is that a lot of this useful tech can be expensive, even if it eventually results in better margins down the road.

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Whether you have the working capital or need to consider some type of financing, here are the top three technologies business owners across industries can (and should) take advantage of right now.

1. CRM Software

If your business relies on any type of client, consider investing your working capital into a qualified customer relationship management tool. This can help you track and segment different audiences to ensure you’re engaging them in the appropriate manner. As marketing becomes increasingly personalized in the world of big data, you don’t want to miss an opportunity to better connect with your clients and customers because you didn’t have the right technology.

2. Data Security

It’s especially important to regularly perform data security audits if you capture and/or store any personal information from customers or third parties. Your reputation can be marred overnight if your business becomes the victim of data theft. Even scarier: you may be held liable for fines or damages. Get the right security to support your company’s needs, then use ongoing working capital to assess that it’s functioning correctly over time.

3. Chatbots

Whether you have a website presence or an active Facebook account, simple chatbot tech can elevate your customer interactions. In fact, it can even help you convert leads more quickly because prospective customers are able to get answers to their questions without having to wait to talk to a real person. Plus, people are becoming more comfortable using chatbots for basic inquiries. This technology has become extremely accessible and cost-effective for small businesses, making it worthy of the extra working capital spend.

The Bottom Line

Don’t be afraid to think outside the box when it comes to using technology to bolster your business’s revenue. There are so many opportunities for growth available, and using your working capital to work smarter rather than harder is a great way to implement low-cost solutions.