Top four benefits of cloud technology

Being nimble is one of the biggest advantages of a small business. Compared to large corporations, small businesses are far quicker in making decisions. There are less board meetings and fewer approval layers. As a result, whether it’s about business strategy, customer requests or even changing product lines, decision making is faster.

The nimbleness is in fact a competitive advantage for every small business and it is only strengthened by cloud technology. Cloud technology has changed the way we small businesses conduct our business.

For example, if we compare it to the last decade, large businesses had their own competitive advantage and it was effectiveness through due processes backed by technology. Technology was something afforded by large businesses and considered a luxury for small businesses. This limitation no longer applies, thanks to cloud technologies. This adds to abilities of small business to compete against their large counterparts.

KPMG estimates the increase in use of cloud services in Australian retail and other businesses could add economic growth of $3.32 billion a year.

Obviously, every business will benefit from the advances in technology. However, I believe that small businesses are going to be the biggest beneficiary, based on the following:

1. File storage and sharing

I remember my first server quote as a small business. It was 7k for a server that would allow me and my team members to have a shared file system. As a start-up, I replied to the computer guy and summary of my reply was – ‘thanks but not thanks’.

However, things are different today. With services like Dropbox, my team can share terabytes of data, it is securely stored in cloud and costs us only $15 per user per month.

This also makes it possible for me to work with freelancers on other side of the globe. I can also effectively access the same presentation copy in Sydney, Melbourne or San Francisco. You don’t have to worry about that USB drive anymore!

Having access to all my documents and files, accessible anywhere, has certainly increased our efficiency.

2. Reduced costs

Like that file sharing server, there are many things that you don’t need anymore. In fact, a computer is all you need to effectively run your business. You do not need expensive virtual private networks; you get cloud-based software on a low, monthly subscription and even fast 4G mobile internet is now cheaper.

I also do not need an expensive storefront if I am into retail as products are easily sold online. An effective web space and/or good social media marketing does the job. Similarly, I could buy services online so my employees now come from all around the world, I have bigger talent pool to choose from and it is cost-effective.

This helps my small business compete with businesses of any size, all over the world.

3. Data security

Just few years ago, it was easier to lose things and data security was not as effective. Not sure even the ‘data security’ word itself was that effective. All we had in the name of data security was that small drawer key which was mostly left in the drawer to make sure everyone could access it!

Gone are the days when we have to fiddle through pile of papers to find the things. Now storing and finding things is easier with Dropbox – provided that you don’t dump everything in one folder. I also don’t have to worry about my computer’s hard drive crash or data piracy as Dropbox looks after that for me.

4. Scalability

Working in the cloud also means great scalability for small businesses.

Any good cloud-based POS systems like Hike, will grow with your business. For example, Hike POS System lets you add an extra store to your system with just a click of a button. With this, you can access all your stores using just one centralised point of sale system. Accessing data and viewing reports is now much easier.

Similarly, Hike is Omnichannel POS system so you could sell in-store, online and on-the-go using just one system. There are tons of other features like inventory, roster, iPad app, appointments, lay-bys, kitchen order screen and much more for a fraction of the cost you would have paid 10 years ago.

Think of a POS system with order screen in kitchen 10 years ago – something similar to what you see in KFC and McDonalds with all phone, drive through and front counter orders are instantly visible in kitchen – it would have cost you at least 10s of thousands of dollars. It is efficient but not affordable for a small business. Now, 10 years later, with Hike POS software you could do exactly the same and much more for a fraction of the cost. You can use Hike POS system with all these features for a low monthly subscription of $49 per month.

If you’re a small business, think about how you can become even more nimble just by using a right piece of technology. It might be just the thing you need for that rapid growth.