How do technology trends affect a startup business?

Technology and progress go hand in hand. As society progresses, new technologies are developed and become popular. If you’re starting a business, you need to be aware of these new technology trends, as they might be of great use to your new company.

This article will look at the different technology trends that could affect the way you do business. We’ll provide examples of recent technology trends and the impact they can have, including:

  • Cloud computing
  • Video conferencing
  • Social media
  • Automation
  • How Countingup can affect your business

Cloud computing

Cloud computing refers to the practice of using remote servers on the internet to host data. Basically, it means you store your documents and data on the internet instead of on a physical hard drive. Many different companies provide cloud servers for people to host their data on, such as Google Drive and Apple’s iCloud. 

The biggest benefit of cloud computing is accessibility. Since the data isn’t tied to a physical location, you can access it from anywhere with an internet connection. It’s also extremely hard for this data to be lost or corrupted, because the issue would need to occur in the cloud provider’s computers, which are constantly checked and maintained.

Cloud computing has become a trend primarily due to the rise in remote working. Even before COVID-19, remote working was on the rise, and from 2019-2020 the number of remote workers increased by over 1 million people. Cloud computing has become necessary for larger businesses as more of their employees need access to company data from home.

For startup businesses, cloud computing is a huge advantage as it removes the need for expensive technical equipment to use for storing your documents and records. It also gives you more flexibility when running your business — you can make business decisions from anywhere if you can easily access the documentation and data you need. 

Video calls

Video calling (also known as video conferencing) is a fairly simple idea. It’s like a phone call, but with video, and is commonly done using online software. Popular video conferencing tools include Zoom, Skype, and Facetime. In addition, many instant messenger apps such as Facebook Messenger and Whatsapp also allow video calls. 

Video conferencing technology has seen a huge boom over the pandemic, and as with remote working, it was increasing in popularity even before 2019. Like cloud computing, the use of video calls has become a trend among businesses because it allows them to do business from anywhere. Meetings no longer require you to travel to a client’s headquarters, as they can be done from any device with a phone network or internet connection. Video calls even allow startups to be run entirely from the comfort of your own home

As well as making meetings with clients easier, you can use video calls effectively for customer service. If you’re a small business, every client and customer is precious, so you’ll want to provide whatever help you can when they need it. With video calls, you can speak to clients wherever they are and talk them through whatever issue they’ve encountered.

Social media 

You might already be very familiar with social media because of personal use, but if not, the term refers to a collection of apps and websites used for social networking. Most social media platforms also allow users to share and create content like pictures and videos, or to search for other people’s content. 

Social media has shifted from solely personal to use, and now businesses utilise social platforms to connect with their audiences too. It provides an excellent platform for contacting customers, as well as for marketing your products and services.

For startups, using social media for business is a great method to work with because it’s cheap and it’s very easy to get started. Making a profile only takes minutes, and if you have a solid social media strategy, you can advertise your business to a huge range of people. If you’re not actively using social media, check out our articles on Facebook, Twitter, or Youtube to learn how those platforms can improve your business.

Social media is also a good way for startups to manage customer service. A startup business can’t afford to operate an entire customer service department, and if you run a business alone, you’ll not have much time to engage with customers. Social media is a fast and convenient way to both send and receive messages from customers. 

Automation

While we’ve demonstrated several ways that technology helps small businesses, they’ve all required a human to operate the technology. With automation, you can use technology to help your business without even lifting a finger.

Automation in business refers to the use of software tools and bots to complete certain business tasks. Essentially, you’re replacing employees with software. Automation is very simple to integrate into your company’s tech stack (the list of different apps and software that your business uses every day).

The number of things you can automate within your business is nearly endless. Customer service, accounting, and inventory management can all be automated using different tools. If you’re starting a business, you’ll know that time is a very precious resource. Automation can give you more time to run your business by taking care of simple but time-consuming tasks. 

How Countingup can affect your business

Countingup combines a couple of the technology trends we’ve already looked at: it uses automation to do simple accounting tasks so you don’t have to, and it uses cloud computing so that you can access it anywhere, any time. If you run a startup business and are concerned about how to manage your finances, consider trying the Countingup app.

Countingup is the business current account with built-in accounting software that allows you to manage all your financial data in one place. With features like automatic expense categorisation, invoicing on the go, receipt capture tools, tax estimates, and cash flow insights, you can confidently keep on top of your business finances wherever you are. 

You can also share your bookkeeping with your accountant instantly without worrying about duplication errors, data lags or inaccuracies. Seamless, simple, and straightforward! 

Find out more here.

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