Confessions of an Entrepreneur: Technology Leads to New Opportunities

How technology leads to new opportunities

Today, every company is a technology company as our digital-first world governs customer service, business communications, marketing, operations and much more. We asked Gallagher about technology in his business, including how it’s utilized and the opportunities and benefits it has brought about. 

What devices do you use daily?

Gallagher shared that he uses several devices daily for business operations, each with a different purpose. “The primary go-to devices would have to be our Mac Pro, iMac and iPhones,” Gallagher told us. “As far as actual design work we do, the computers are indispensable, but as far as timely communication, working without smartphones seems unthinkable.”

What technology do you use to get ahead of your competition?

Standing out from the competition is critical in a competitive business landscape and technology makes it easier to update your processes and stay current. Gallagher said that in the past, his firm would have to update its computers every few years to keep up with demanding design programs. Today, processing speeds have caught up, so software design improvements don’t necessarily require new machines as often.

In his particular business, aside from working with the best design software and having devices that can take advantage of it, technology isn’t necessarily a differentiator. “From a technology standpoint, there really isn’t much that a small graphic design company can do to get ahead,” Gallagher explained. All design firms likely use similar technology and understand it’s important to stay current. However, technology can improve other aspects of running a business and that’s where Gallagher’s company stands out. For example, technology can improve customer communication and help a business deliver a customer-delight standard of service. 

Gallagher’s business also takes advantage of technology to facilitate sharing work with clients — a crucial way to stand out from the competition. In the early days, file sharing required proximity to the client or delivery via UPS or the United States Postal Service. However, that has changed thanks to tools like Dropbox and file transfer protocol (FTP). “Fortunately, as connectivity speeds have increased, almost all of our file delivery has become digital,” Gallagher noted. Digital file management practices also ensure the security and accessibility of crucial documents and data. 

Is technology a significant enabler for your business?

“Oh, absolutely,” Gallagher said, noting that when his wife first started in the industry, computers were just beginning to be used as part of graphic design. “I can’t even fathom what it must have been like to concept and lay out any sizable pieces,” he mused.

But it isn’t just about the speed and ease with which graphic design work can be done today. Technology has changed the industry itself and fueled new graphic design trends and best practices. For example, website design is a graphic design subset with significant tech underpinnings. Additionally, digital, variable and high-quality printers have equalized the playing field for smaller graphic design firms, allowing them to compete with bigger outfits.  

However, being able to set up an online store is one of the biggest tech enablers for smaller graphic design businesses. Customers can now reach even a small firm’s products with ease. “[We] started an Etsy store to sell our hand-lettered art and we are currently putting together our own store,” Gallagher explained. “Even 10 years ago, being able to create, print and easily shop those pieces would have been very different.”

Has social media influenced your business at all, from internal employee policies to the way you promote your company?

Social media has significantly changed Fresh Folio’s promotion and reach. “When we started, most of our business came through word of mouth and networking was more face-to-face,” Gallagher explained. The internet has changed that and the company is no longer restricted to local clients. “You can easily work with a company on the other side of the country or the other side of the world,” he added.

Gallagher acknowledged that keeping up with a social media presence and social media marketing is challenging for a smaller design house. Still, fresh content, including a small business blog, is essential to the firm’s social media strategy. “One of the priorities that we’ve had was producing a weekly blog for each site and working on improving our social media outreach for both sites,” Gallagher shared.

Have you had to adapt your business because of security concerns from the increased use of technology?

Cybersecurity and risk management, fortunately, haven’t been huge concerns for Gallagher’s firm. “Because of our [small] size, up to this point, there hasn’t been much of a need for concern,” Gallagher said. Still, he stresses that the company does everything possible to protect vital business and client data. “We continue to keep updated on potential threats and have antivirus and malware protection to prevent being blindsided,” he said.

New technology trends

Business owners should track industry trends to stay alert to new technology and advances that benefit their companies. Consider the following business trends with digital elements that could lead to new opportunities for your organization:

• Consumer insights: Although you may think of technology as separate from people, gathering consumer insights via digital tools is a crucial current trend. For example, companies can use social media to “listen” to consumer expectations, feedback and ideas. Social followers often share an array of ideas based on their own experiences and circumstances, providing companies with well-thought-out insights and knowledge.
• Automation: Automation is a growing trend that’s finding new uses daily. Various workflow automations and practices, including email automation and automated customer service, help teams get more done and avoid wasting time on mundane tasks, such as bookkeeping and answering the phone.
• Data-driven decision-making: Managers can use technology and data to make more informed, efficient decisions. For example, toll operators are increasingly utilizing dynamic pricing models that adjust fees based on static factors, such as time of day and dynamic conditions, such as traffic congestion or demand. This allows for more effective traffic management and improved revenue generation.
• Separation of products from delivery: While business will never stop being competitive, new technology enables meaningful collaborations. For example, while Amazon sells and ships a multitude of products from its warehouse, it also allows businesses and entrepreneurs to use its logistics and distribution centers. Similarly, mobile companies can provide services without investing in infrastructure. Established companies are increasingly offering stepping stones for young businesses.
• 5G: 5G is the fifth generation of cellular networking, gradually replacing LTE networks. While the rollout began in the late 2010s, the pandemic slowed its full implementation in some regions. However, 5G is now expanding globally and offers significantly faster data transmission speeds and lower latency than LTE. This will benefit businesses of all sizes by enabling faster communication, better support for Internet of Things devices and improved remote work capabilities.
• Increased focus on cybersecurity: Online fraud and cyber-risks continue to evolve and businesses are increasingly at risk of breaches. Cyberattacks can be devastating for small businesses and many are forced to close shortly after experiencing one. In the years ahead, small businesses will continue to increase their focus on cybersecurity and boost their efforts to implement many of the strategies used by larger companies, including multifactor authentication, encryption and regular cybersecurity risk assessments.
• Artificial intelligence (AI) tools: AI tools can improve your small business’s efficiency, content and customer service. AI-powered chatbots can answer basic customer questions and collect new leads after hours. These tools can gather and evaluate significant amounts of data, providing detailed insights about your customers’ behavior and preferences. This information can help you improve your marketing and conversion rates. AI is also being used in predictive analytics, which helps businesses forecast customer behavior and optimize inventory and in personalized marketing, where AI tailors messaging and offers to individual customers based on past interactions. Because these tools are scalable, they can grow alongside your business.