{"id":18296,"date":"2020-07-22T12:22:10","date_gmt":"2020-07-22T06:52:10","guid":{"rendered":"https:\/\/www.techjockey.com\/blog\/?p=18296"},"modified":"2024-10-03T15:49:19","modified_gmt":"2024-10-03T10:19:19","slug":"increase-bottom-line-through-technology","status":"publish","type":"post","link":"https:\/\/www.techjockey.com\/blog\/increase-bottom-line-through-technology","title":{"rendered":"How SMBs in India Can Increase Their Bottom Line Through Technology"},"content":{"rendered":"\n<p>There isn\u2019t any doubt that the small and medium business (SMB) sector in India contributes significantly to the country\u2019s GDP. However, you will be surprised to know that in 2018, around 68 percent of the SMBs were unaware of the power of digitization and technology adoption!<\/p>\n\n\n\n<p>There has\nbeen enough emphasis on technology adoption in the MSME sector to enable their\ngrowth and increase their contribution to the country\u2019s GDP. <\/p>\n\n\n\n<p>According to\nthe Google-KMPG study conducted in 2018, digitally empowered SMEs can double\ntheir revenue growth in a short time. <\/p>\n\n\n\n<p>Now that\nSMBs have realized the opportunities that come with unlocking the digital world,\nthere is no looking back. SME\u2019s spending in the software, SaaS and hardware is\nlikely to increase further. <\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"cost-effective_tech_adoption_on_the_cloud\"><\/span>Cost-Effective Tech Adoption on the Cloud<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n\n<p>SMBs majorly face challenges in managing customer relationships, mailing lists, endpoint security, accounts and their workforce. <a href=\"https:\/\/www.techjockey.com\/blog\/crm-software-list\">Cloud-based CRMs software<\/a>, <a href=\"https:\/\/www.techjockey.com\/blog\/top-10-utility-software-tools\">utility tools<\/a>, <a href=\"https:\/\/www.techjockey.com\/blog\/2018-list-most-popular-hr-software\">HRMS<\/a> and <a href=\"https:\/\/www.techjockey.com\/category\/accounting-software\">business accounting software<\/a> have made it possible for businesses to become technologically advanced within their budget. <\/p>\n\n\n\n<p>A recent\nstudy on &#8220;Socio-Economic Impact of Cloud Adoption by SMBs&#8221;\nestablishes a direct relation between cloud adoption and the increase in\nproductivity by 1.5 times for SMBs! <\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"chatbots_to_increase_customer_outreach\"><\/span>Chatbots to Increase Customer Outreach<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1200\" height=\"628\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2020\/07\/How-SMBs-in-India-Can-Increase-Their-Bottom-Line-Through-Technology_1.png\" alt=\"How SMBs in India Can Increase Their Bottom Line Through Technology\" class=\"wp-image-18298\"\/><\/figure><\/div>\n\n\n<p>One of the most important factors in improving the bottom line is adopting a more sensitive approach to customers\u2019 concerns and expectations. With limited resources, SMBs are going the path of chatbot automation to reduce the time lag is answering customers\u2019 queries. This has not just helped in <a href=\"https:\/\/www.techjockey.com\/blog\/customer-loyalty-program\">building customer loyalty<\/a>, but also there is a boost in their revenue through repeat website visits and purchases. <\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"workforce_mobility_productivity\"><\/span>Workforce Mobility &amp; Productivity<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n\n<p>Collaboration technologies like <a href=\"https:\/\/www.techjockey.com\/blog\/best-free-video-conferencing-software\">video conferencing software<\/a>, <a href=\"https:\/\/www.techjockey.com\/blog\/best-webinar-software\">webinar tools<\/a> and meeting solutions have made it possible for SMBs to benefit from the mobile work culture. Thus, they can achieve higher productivity without spending much on updating the on-premise infrastructure. Also, it helps in retaining the talented employees who can work with higher flexibility. <\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"pay_attention_to_your_customers_likes_dislikes\"><\/span>Pay Attention to Your Customers\u2019 Likes &amp; Dislikes<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n\n<p>If you ask\nme, I would have written a handwritten note to appreciate my customers.\nHowever, that\u2019s not practically possible! Fortunately, there are other\ninteresting ways to make your customers feel valued. Make it a point to\ngenuinely thank your customers after the deal closes. Also, listen to them, and\nact immediately on their concerns.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1200\" height=\"628\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2020\/07\/How-SMBs-in-India-Can-Increase-Their-Bottom-Line-Through-Technology_2.png\" alt=\"How SMBs in India Can Increase Their Bottom Line Through Technology\" class=\"wp-image-18299\"\/><\/figure><\/div>\n\n\n<p>You can always take help of customer service solutions like <strong><a href=\"https:\/\/www.techjockey.com\/detail\/freshwork-freshdesk\">Freshdesk<\/a><\/strong> to analyse customer sentiments and provide the best resolution for their queries. &nbsp;<\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"keep_your_credit_terms_clear_maximize_the_cash_flow\"><\/span>Keep Your Credit Terms Clear &amp; Maximize the Cash Flow<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n\n<p>Small\nbusinesses often go through the peaks and valleys of the cash flow, which\nintensifies their fund concerns. To avoid such scenarios, keep your credit\nterms short and clear. Also, think of innovative ways to persuade your\ncustomers to adopt the pre-paid mode. You can offer them discounts and\nredeemable points if they opt for pre-paid. <\/p>\n\n\n\n<p>Just ensure\nthat you integrate your website with secure payment gateways to build the trust\nof your customers in paying online. <\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"market_your_offerings_smartly\"><\/span>Market Your Offerings Smartly<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n\n<p>Small\nbusinesses often fall into the trap of popular marketing practices and end up speaking\nout loud on a platform that\u2019s not right for their product. It\u2019s important that\nthey understand their target audience, ideal marketing channels, and customize\ntheir messages accordingly. <\/p>\n\n\n\n<p>Moreover, you can track your website visitors with <a href=\"https:\/\/www.techjockey.com\/blog\/live-chat-software-facts\">live chat tools<\/a> like <strong><a href=\"https:\/\/www.techjockey.com\/detail\/freshworks-freshchat\">Freshchat<\/a><\/strong> to generate viable leads. Further, you can nurture those leads and track their journey through the sales pipeline with sales management software like <strong><a href=\"https:\/\/www.techjockey.com\/detail\/fresh-sales\">Freshsales<\/a><\/strong>.<\/p>\n\n\n\n<ul>\n<li><h2><span class=\"ez-toc-section\" id=\"always_look_for_new_opportunities\"><\/span>Always Look for New Opportunities<span class=\"ez-toc-section-end\"><\/span><\/h2><\/li>\n<\/ul>\n\n\n\n<p>As a small\nbusiness owner, don\u2019t get attached to your business model. Always look for\nopportunities, that may or may not support your current business model. If\nrequired, change your current approach to increase your earnings through a\ncompletely out-of-the-box business idea.\n\nBut most importantly, never give up on learning.\nStay in the know with your industry trends and the cutting-edge technologies to\npower your endeavours.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There isn\u2019t any doubt that the small and medium business (SMB) sector in India contributes significantly to the country\u2019s GDP. However, you will be surprised to know that in 2018, around 68 percent of the SMBs were unaware of the power of digitization and technology adoption! There has been enough emphasis on technology adoption in [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":34817,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[619,1501],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v22.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How SMBs in India Can Increase Their Bottom Line Through Technology<\/title>\n<meta name=\"description\" content=\"Discover some of the unique ways to power your startup and achieve the steady growth with the increase in the bottom line.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techjockey.com\/blog\/wp-json\/wp\/v2\/posts\/18296\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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