How the Cloud Can Help Accelerate Growth for Small and Mid-Size Businesses

How the Cloud Can Help Accelerate Growth for Small and Mid-Size Businesses

How the Cloud Can Help Accelerate Growth for Small and Mid-Size Businesses

In the last decade, the cloud radically changed how entrepreneurs run small businesses. Cloud technologies redefined essential business functions and changed how everyone does business overall. The cloud allows many benefits, helping small and mid-size companies enable flexible operations, ease of collaboration, improved security, and reduced fixed costs in areas like the need for office space or physical equipment. Simply put, the cloud makes it easier to start and operate a business from anywhere in the world. And there is no end in sight for cloud growth: This year, IDC forecast that total worldwide spending on cloud services will surpass $1.3 trillion by 2025 and sustain a compound annual growth rate (CAGR) of 16.9%. As cloud adoption continues to ramp up moving into the next decade, the cloud will play a more significant role in helping entrepreneurs bring their business ideas to fruition.

Through cloud services, small businesses have access to various digital offerings that were once only attainable by large corporations. Traditionally, only more giant corporations had the money, IT staff, and resources to build and manage expansive internal databases that could track various metrics, house data, and allow for organization-wide communications. Building these systems was costly and time-consuming. Today, with the help of cloud computing, small businesses can leverage SaaS solutions that provide the same metrics and resources that were once only attainable by large corporations. The cloud allows more small companies to become direct competitors to larger businesses, leveling the competitive field in the business world. While companies can benefit from services that make it easier to accomplish core business activities, a large portion of these offerings will result in the continued growth of the gig economy. More and more, cloud services make working and communicating with gig workers who can handle proper business functions seamless and straightforward.

With customized services easily offered through the cloud, new types of businesses will thrive across the globe. The cloud makes it easier for companies to partner and solopreneurs to set up platforms to drive revenue.

Gone are the days of needing large on-prem servers for supporting business operations. Today, cloud computing makes it possible for anyone to store data, leverage metrics and resources, or communicate with team members. As we move forward from the pandemic, the benefits of cloud computing will make it easier for entrepreneurs to mobilize their businesses and for small businesses to compete with other companies, regardless of size. Cloud providers like Microsoft, Amazon, and Google offer high-end security resources to their customers that smaller IT departments wouldn’t otherwise have. Moreover, the cloud minimizes the risk of physical damage or theft to your data because all the necessary information, files, and applications are stored digitally.

With cloud computing, enabling remote work and working from home is easier for small businesses. Cloud solutions enable remote collaboration, allow easy access to business tools and scale down the need for in-person operations, helping small businesses reduce overhead costs. Security and data privacy are critical priorities, and cloud solutions maintain data in a central location, making it easier to secure the database from cyber threats compared to data stored across multiple devices. Cloud computing makes everyday business operations possible from anywhere, mitigating challenges brought on by sudden catastrophic events such as floods, office fires, or storms that threaten physical servers. So long as the cloud stores your data, it is accessible.

There are countless ways to implement cloud services into your business, so it’s essential to identify a cloud strategy that works for you. As more IT systems are moved to the cloud, choosing the right cloud provider for your business is critical for realizing the benefits and achieving growth and long-term success. Your organization is unique and therefore has individual cloud needs. Look for the best service-level agreement (SLA) and ensure the cloud provider’s security offerings meet your needs. With careful strategizing and planning, your business can make the cloud work for you and realize the benefits sooner rather than later.

By: Mr. Brad Rosairo, APAC Managing Director, BitTitan