Small Business Survival Course and Technology
This is the seventh article of the Small Business Survival Course, or SBSC. This one is about leveraging technology for success.
At Benjamin Braddock's college graduation party in the 1967 movie, The Graduate, with a young Dustin Hoffman in the lead role, a family friend offers this advice: "Ben, one word -- plastics."
When you graduate from the SBSC in a few weeks, one of the best words of advice anyone could give you is -- technology.
Fundamentally, of course, technology isn't new. Humans have employed technology since the first caveman used a tree limb and a rock as a lever to move a bigger rock.
But never before in the history of the marketplace has technology leveled the competitive playing field for small businesses as it has the 21st century. And this leads us to our first SBSC topic: how small businesses can leverage modern technology to gain a competitive advantage.
For most of the computer era, competitive advantage through technology was the sole domain of big companies, and even then only after spending millions on customized systems. Today, technology has been democratized to the extent that small businesses now have enormous power available at our execution level and within our diminutive budgets. Sometimes we can even get all of that with customization.
With modern technology now so incrementalized, small businesses can actually compete head-to-head with larger companies. But even more exciting than that, small businesses are using technology to show their customers that they can become integrated partners, and not just vendors.
A 21st century key to success is the ability to find and manage information. Modern technology makes information more available and useful, helping small firms manage their finances, sales, prospect development, customer relationships, inventory, etc.
If you aren't taking advantage of the information technology resources that are available literally at your fingertips, I have another word for you -- why?
So whenever you feel competitive or organizational pain, eliminate it with the powerful technologies that are critical to small business success.
Next SBSC topic: Technology and humans.
Once upon a time, businesses hired people and then purchased tools to support them. But in the 21st century, the most efficient and profitable companies leverage technology first and hire people to support the technology. Small businesses create lots of jobs, but that isn't the primary reason we're in business.
Now let me temper all of this by paraphrasing a critical theme of John Naisbitt's 1982 landmark book, Megatrends: The wonders of high tech are no substitute for the value of high touch.
Remember what we've said about what customers think: WIIFM. "What's in it for me?" And since it's all about them, never ask a customer to touch your technology unless there is something in it for them.
Write this on a rock... One word -- technology. Any questions?
Jim Blasingame
Small Business Expert and host of The Small Business Advocate Show
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