Digital transformation is on budget is not possible and not suitable for small businesses – This is a myth floating around for quite some time now. Having been in the industry for several years now, we’ve witnessed firsthand the transformative impact of digital transformation on small businesses. Many of our clients have experienced enhanced operations and faster growth just by integrating a handful of digital tools and automated processes into their ecosystem. Even global statistics support our claim. In 2023 alone, businesses worldwide spent nearly 2.2 trillion US dollars on digital transformation technologies.
Despite the evident success of digital transformation, we’ve interacted with many small business owners who aren’t ready to go on a digital transformation journey. We found that all of them had a single reservation against digital transformation – prohibitive costs.
And that’s when we decided to come up with this post – To show how digital transformation need not be a costly affair and can be achieved on a budget. All you need to do – adopt the below-mentioned cost-effective technology solutions, sit back, and experience rapid growth.
1. Customer Relationship Management (CRM) Tool
Doesn’t matter which industry you’re in; building strong customer relationships is the core mantra for business growth. And CRM systems are often found at the epicenter of many strong customer relationships. They consolidate customer information into a single platform, helping you track interactions, identify sales opportunities, personalize marketing efforts, create tailored experiences, and so on. In addition, CRMs can automate repetitive tasks. This frees up precious hours for your team, allowing them to focus on selling and other revenue-driving activities.
Contrary to popular belief, CRMs are quite affordable, and before you ask – you do not have to compromise on advanced features! In fact, it has been found that the average price for a full-featured plan from most top CRMs is $67 per user per month. Some even offer free plans. For instance, HubSpot, a popular CRM, is a free tool that offers all the basic features for customer management.
2. Accounting and Finance Tools
Accounting and finance are two areas that are redundant with manual processes. They, more often than not, overwhelm finance teams due to a perennial flow of tasks. But things will turn around quickly with the right accounting software that can automate tasks such as invoicing, expense tracking, payroll, and tax reporting. These tools even provide real-time financial insights, reduce errors, ensure compliance with laws, and keep your books organized.
Legacy accounting solutions have always been expensive and could be one reason why many small business owners are hesitant to adopt or switch their accounting software. But today, many cloud-based accounting software solutions are available that fall in the range of $50-$250 per user per month. More importantly, these tools can be effortlessly integrated with other business systems. This means – not only are these tools affordable, but you need not spend on hiring developers to connect different systems. Some affordable accounting and finance tools include include QuickBooks, Xero, and Wave.
3. Marketing Automation Tools
A marketing automation tool should also find a spot in your arsenal of digital transformation tools. They offer numerous benefits. For starters, they simplify and streamline your marketing efforts by automating repetitive tasks like setting up email campaigns, social media scheduling, customer segmentation, etc. By saving time and ensuring consistent outreach, marketing automation can improve your brand visibility and customer engagement.
Then, there is also the inbuilt analytics module that comes along with most marketing automation tools. It helps you track campaign performance and refine your strategies without needing a dedicated marketing team. This results in significant cost savings.
Marketing automation tools can also fit into the budget of most small businesses. For instance, tools like Mailchimp for email marketing, Canva for designing visuals, and Buffer for social media management, all offer free plans with access to basic features to run your small business.
4. Communication Tools
Communication tools have two primary purposes – To ensure better team coordination and facilitate quicker decision-making. Both lead to improved productivity without putting a strain on your coffers. Most modern communication tools come out of the box with features like video conferencing, file sharing, instant messaging, task management, etc. This makes them multi-functional assets. For small businesses, such consolidation of functions is a manna from heaven as it reduces the need to invest in multiple (and separate) solutions.
Most of the communication tools today also support scalability, allowing you to add users or features as you grow. This ensures long-term utility. By adopting communication tools, small businesses can level the playing field, improving customer service and internal operations. Platforms like Slack and Teams offer a free plan suitable for startups and SMEs.
5. Cloud Storage System
Cloud-based storage provides the necessary flexibility and scalability for small businesses, all the while focusing on cost savings. Unlike traditional storage that requires significant upfront investments, cloud-based solutions work on a subscription model (You pay only for what you need).
Platforms like Dropbox for Business, OneDrive, and Google Workspace have reinvented this space. Through features like real-time collaboration, automatic syncing across devices, advanced file-sharing controls, and robust security protocols, these tools enable your teams to work seamlessly and securely from anywhere. This will have a positive impact on your bottom line.
6. Project Management Solutions
One of the biggest hurdles faced by many small business owners today is limited visibility into their projects. This frequently results in overshooting deadlines and budgets. If you are one among them, you need a project management tool for sure. It integrates with communication platforms, file-sharing services, and time-tracking tools, creating a cohesive space for managing your operations. It also provides 24/7 visibility into project statuses, enabling informed decision-making and quick adjustments to changing priorities.
For small businesses, this efficiency translates to cost savings. By adopting project management tools, you can execute projects more effectively and make the most of your resources. Project management tools like Asana and Trello offer free plans suitable for small businesses working on small budgets.
How do you tie everything together?
Now that you know how digital transformation on a budget is possible, the next step is execution. This can be an overwhelming part of your digital transformation journey as there are numerous moving components. You also need to juggle multiple disconnected tools, including their installation and maintenance. We know all this is not easy. That’s where Appglide comes in. We specialize in operations and integration of different tools and have partnered with global startups and tech SMEs to execute their digital transformation initiatives. Check out our services and integration capabilities here.