The BizFilings blog covering business tips and trends.
Trends in Technology and Small Business
Published on May 19, 2011
Read 'Trends in Technology and Small Business' at 'Time to Start Up,' the small business blog by BizFilings.
The world is advancing at a rapid pace, with new technologies and web-based innovations blossoming at a seemingly constant pace.
For example, a survey released this week by Constant Contact found 73 percent of small businesses are currently using social media in their marketing efforts. Additionally, of those not engaged in the medium, 62 percent plan to join within the coming year, and 81 percent not currently using social media expect to increase their efforts this year.
But that's just social media. Consider quick response codes - another recent marketing innovation. A report released earlier this year by Mobio found QR code scanning skyrocketed by as much as 1,200 percent throughout the second half of 2010.
Other recent trends in business promotions show mobile technology, search engine marketing and cloud computing to be taking off. Forrester Research recently projected that the cloud computing industry is expected to reach a market value of $241 billion in 2020, compared to $41 billion this year.
However, when it comes to growth projections, it is important to take everything with a grain of salt, especially in regard to predictions about technology - a traditionally unpredictable and volatile marketplace.
"It’s always risky to predict such things so far in advance, of course," writes Jennifer Valentino-DeVries for the Wall Street Journal. "Attempts to estimate the potential value of cloud computing vary: Another firm, Gartner, projected that it will have revenue of $148.8 billion by 2014, higher than Forrester’s forecast of $118.7 billion for the same year."
Nonetheless, it is important that businesses understand the current value of today's technologies - whatever they may be.
Take a survey released this week by Vu TelePresence. According to the report, 55.2 percent of small businesses have or plan to invest in technology this year. An additional 96.4 percent of respondents claimed it is important to equip new devices and innovations for operational and competitive purposes.
"To be successful as a small business, entrepreneurs need to find new ways to differentiate themselves by creating a deeper platform for customer engagement," said Larry Shulman, chief executive officer of LMS Technical Services.
When forming a company, it is important to have some sort of technology investment plan. While one should not break their budget investing in each and every new device, it is important to reflect on what could help and what is just unnecessary.