It takes a very particular set of skills to become an entrepreneur. Not only do you need determination, courage, dedication and a willingness to take risks, you also need flexibility, compassion, and introspection. It’s one thing for a female entrepreneur to throw off the shackles of her day job and stake her claim in the free market as an independent business person, but it’s another thing entirely for her to be able to maintain that business over the course of years or even decades. Many would-be entrepreneurs are just brimming with passion and fortitude. They have an idea for a business that they think may well set the world on fire. They have the self-belief and conviction to take that tiny seed of an idea and make it flourish into a working, thriving enterprise. Keeping that enterprise thriving, however, requires a slightly different perspective and set of skills.

Sometimes the very qualities that enable us to get our enterprises off the ground can be completely counterproductive when it comes to keeping that business going and evolving to meet the changing needs of its target market. If a woman isn’t careful, that very same determination that enabled her to establish her enterprise can, over time, turn into stubbornness. This change can have a disastrous effect on your business. Many women go into business receptive to technology, and how it can aid her processes. However, if they become set in their ways, they can fall into a rhythm which makes them resistant to change. Of course, there’s nothing wrong with finding a process that works for you, but if you’re opposed to the notion of revisiting and even revolutionizing those processes, it could be perilous for the future of your enterprise.

Don’t be another Blockbuster video

We all remember a time when Blockbuster video was the top dog in home entertainment. If you wanted to see a movie that had just come out on home video, you’d take yourself down to a Blockbuster store and rent some movies. You’d probably also buy yourself a big bag of popcorn, some nachos and a tub of ice cream while you were at it, too! Blockbuster made the mistake of thinking that they were the only game in town and became complacent. They had a good thing going after all, and since nothing was broke, from their perspective, nothing needed to be fixed.

Then came a little company called Netflix. They started out sending DVDs out to their customers, but as broadband became more widespread and reliable, moved towards streaming services for a monthly subscription, giving the customer much better value for money. The rest is history. If you’re unable or unwilling to adapt your operations to new technologies, you may well end up as another cautionary tale like Blockbuster.

Technology can dramatically reduce your overhead

It’s only natural for entrepreneurs, especially those who run smaller enterprises for whom profits are extremely important, to be wary of spending. Overhead costs, after all, need to be carefully managed if a business owner is expected to plan her finances properly. Nonetheless, there’s a fine line to be walked between reducing unnecessary spending and investing in areas that will bring growth. While some technologies may require an upfront investment, they may well pay for themselves in the long run by facilitating more energy or resource efficient processes. No matter what industry you’ve established yourself in, there’s probably a way in which technology can help you to bring down overhead costs and boost your bottom line. Some laser cutters, for example, have saved a small fortune for those involved in construction and engineering. Not only are they able to cut down on waste by cutting with greater precision, but they’re also far more energy and resource efficient than plasma cutters, especially the new generation of diode lasers.

Technology can aid productivity and improve quality of service

Most entrepreneurs struggle with getting the highest level of productivity out of their team. However, while this is a noble pursuit, it can often drive a wedge between an entrepreneur and her employees. It can cause us to push our employees into an overworked, underappreciated state that’s rarely conducive to productivity. In most cases, the key to productivity lies not so much in working harder as working smarter. Technology can be a real boost to productivity. Chatbots, for example, are a great aid to productivity as they ease pressure on frontline customer service staff. They reduce the amount of time spent answering repetitive questions and dealing with time wasters and enable staff to focus on delivering a superior standard of customer care.

Even a flexible attitude towards the software and mobile apps we use can make a huge difference in productivity, and they needn’t necessarily come with a considerable price tag either. Some apps are free or at the very least offer a free trial version. Google Docs, for example, is considered by some to be a superior and more intuitive word processing platform to Microsoft Word and is completely free.

Technology can boost your brand appeal

Your clients and customers want to know that you can meet their needs and not just the present day ones. They want to be confident that you’ll be able to meet their needs ten years from now, even if the technological landscape has changed significantly in that time. Embracing technology adds considerably to your brand appeal as it demonstrates to customers and investors alike that you’re not just in it for a fast buck, you’re in it for the long haul. It also shows that you’re dedicated to providing the best service possible and are prepared to invest in emerging technologies that will allow you to do this.

Technology can bolster your profit margins

All of these factors combine to make investing in technology the best way to drive profits for your enterprise. It will enhance your profile as a female entrepreneur and expand your reach. It will cut down overhead expenses and facilitate more productive and efficient working processes. Your output will increase in volume even as the value you add for your customers increases.

Sure, embracing new technology can be scary and can even cause some slight disruption, but it’s pretty much always a risk worth taking.

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