Business growth comes with a price and some smaller microfinance businesses don’t have the budget for expansion. There are however technological ways in which you can expand your business that won’t break your budget. Technology for microfinance business growth is booming. It is important to be aware of the tools and the latest trends that can benefit your business. This means that you should be investing in the right tech-implementation techniques to optimise your business. You don’t have to purchase new equipment or add fibre to your building, there are inexpensive ways of embracing technology and tech-based strategies to help with your microfinance business expansion.
You may have already spent a ton of time and money on an outstanding website that shows off your services, but if that site isn’t mobile-friendly, you need to correct that ASAP. If your site was developed by another professional company, it shouldn’t require much for them to pull off the addition of a mobile-friendly version of your site.
Once that’s complete, you should seriously consider developing a mobile app for your business. The easiest way for prospective borrowers to interact with your company (when not face-to-face) is through their smartphones and tablets. Your app doesn’t have to be feature-laden and award-winning — it just needs to be a simple way for potential borrowers to gain access to your information and services.
Sync and back up all of your data
Make sure to back up and sync your data. This will ensure that you can view your data remotely which saves time and travel costs. It also reduces fraud as the data can be viewed at any time, not only when the owner/manager has time to go to a specific office. Ensuring that you have offsite back up means that all of your information is secure.
Keep track of your progress
The reach of technology has penetrated the domain of monitoring a microfinance company’s growth and productivity. Business productivity software can track progress during each stage of attaining a goal. Numerous technology tools can help boost your performance by identifying what doesn’t work and provides the right reinforcement to keep things up and running. You can also monitor business performance by using tools to analyse the metrics in real time and make tweaks accordingly. You can utilise these reports to devise foolproof strategies.
Make your loan process digital and simple
No borrower wants to have to go all the way to your office to enquire about a loan. With technology at your fingertips, implement digital tools on your website that will allow your potential borrowers to apply for a loan online and get feedback online. You want to make the process simple and quick for them. A major plus about making your loan process digital is that you can process more loan applications faster and more securely. You can also make more informed decisions without delaying the loan process.
Socialise your company
It’s become a crucial component of business to have a social media presence. These social streams, such as Facebook and Twitter, have become ways in which microfinance businesses can easily and inexpensively connect to possible borrowers that are in desperate need of a microloan.
While you’re working on your social platform, don’t forget to include videos. People love videos and what better way to promote your company, loans, or campaigns than to create an interactive video.
Adopt an effective software
A lot of microfinance businesses are turning to software to manage and simplify their business processes. Software such as Delfin handles all computer-related functions in your office – from managing clients and loans, right through to your daily and monthly management reports. This helps to avoid stacks of paperwork laying around that can get lost or even forgotten.
Your microfinance business doesn’t have to suffer tired technology and waning growth. By employing some cost-effective tech strategies, you can have the added benefit of it being easy to deploy and you can grow your microfinance business faster and cheaper than ever before.
For the ultimate management of your microfinance business, consider implementing Delfin into your new and improved teach strategy.
- Delfin is user-friendly
- It gives you added peace of mind with built-in security
- It is integrated with Nupay, Allps, Compuscan, Legalsoft, and Trans Union, meaning that payment systems, credit checking, and bad debt management through Delfin is fast and easy