In the business world, growth means everything. When businesses stagnate, they lose ground to their competition. When entrepreneurs fail to expand their offerings, they lose their footing in the market. In tough economic times, expansion can be even more difficult. Technology offers a way to generate the efficiency you need to scale operations in tough times. Here are just a few ways that technology can help you grow.

It Allows Radical Networking Capabilities

The expanding Internet of Things (IoT) is making global headlines. The reasons are clear. The vast array of networked devices that constitute the IoT gives users many advantages. IoT applications aid businesses in optimizing workflow, thus cutting overhead. The advent of low-code programming puts app design in the hands of laypersons. Tools to implement these networks, such as distributed data storage (cloud computing) and the versatile IoT sim card, are often priced competitively. Tailor your choices to fit your company's unique business processes.

It Replaces Costly Physical Infrastructure

Expanding a business typically requires massive infrastructure investment. Many kinds of infrastructure can now be virtualized. One good example is meeting space. Commercial real estate costs an average of $8 to $23 nationwide. Voice over Internet Protocol (VoIP) applications like Skype allow for remote meetings. Project management tools consolidate multiple office functions (file sharing, communication, etc.) into a single application. Remote work itself can slash the cost of fuel spent on commutes. Moving business processes to cyberspace could be the efficiency boost you need.

It Connects Customers With Brands

From digital marketing to e-commerce, technology allows businesses to reach global audiences rapidly. A study last year by Statista discovered that 78% of users found out about new products through content creator videos. Partnering with influencers on sites like TikTok or YouTube can expand your reach by millions of potential leads. Leveraging search engine optimization (SEO) writing in your content raises your standing in search engine algorithms. Consumers live out much of their lives online. Join them there to communicate your vision.

It Expands Customer Service Options

A customer's journey with your company should never end when they purchase a product. Recent research found that repeat buyers spend 67% more on average than first-time shoppers. The reason is brand loyalty. A consistent driver of loyalty was customer service experience. The top three preferences among a cross-section of consumers are phone service, email, and live chat (according to a OnePoll survey). Digital technology facilitates all of these methods. Consider adding live chat and email options to your landing page. Chatbots can be a good alternative for dealing with high volumes. Balancing human contact with technological augmentation is the key to success.

It Helps Protect Your Assets

Keeping your business low-tech doesn't guarantee safety from high-tech crime. Most companies have some computer technology as a matter of course. Letting that technology become obsolete can leave you open to attack. Failure to update software and hardware leaves security loopholes in place. Conversely, a plethora of powerful security tools is now widely available. Antivirus programs are ubiquitous and quite effective. Firewall systems can filter email traffic to combat the threat of malware attacks. Network mappers can audit security systems to find flaws before they result in vulnerability.

You don't have to have the best of the best gadgetry. Awareness and proper deployment of the tools at your disposal are the keys to staying one step ahead of threats and on the cutting edge of solutions.

People throughout the business community and beyond often view technology as a complication. That isn't usually true. If used properly, it can simplify and streamline the process of growth. Keep these tips at hand when planning for expansion next quarter.