The work of the diverse communities living in the US has gone a long way in stabilizing the economy of our great nation. Whether it be through working tough jobs, paying taxes, or starting businesses, their contributions cannot be overstated.
At the forefront of this revolution are my people, the Hispanic people, who, despite challenges like limited access to capital, loan approvals, and finalizing bigger contracts, continue to prove themselves through hard work, dedication, and courage.
In fact, as of 2023, there were a staggering five million Hispanic-owned businesses across the United States that collectively generated over $800 billion in annual revenue. To top that, our businesses are going nowhere but up, as they are projected to make up 29% of the population by 2050, accelerating their revolutionary efforts in transforming the economy of the red, white, and blue.
However, as we move into the fourth industrial revolution, the success of both new and established Hispanic-owned businesses is dependent on adopting the right technologies that can streamline and add efficiency to their operations. This is where I come in to help my fellow entrepreneurs make it big!
In this article, I will share 4 must-have tech tools for Hispanic-owned businesses. With these tools, I hope to equip you for success in a highly competitive landscape. Just a heads up: these tools are dependent on the internet, so you may want to get a connection if you don’t already have one. As a suggestion, you can reach out to customer service from Cox en Español for a reliable and high-speed internet plan.
Now, without further ado, let’s explore the top 4 tools that Hispanic-owned businesses must add to their arsenal.
1. FreshBooks (Accounting and Finance)
Keeping a track record of your revenue, expenses, and taxes is one of the most crucial considerations for any business. FreshBooks is one of the most effective and easy-to-use cloud-based accounting and finance software that can help you with automated:
- Invoicing
- Expense Tracking
- Billing and Payments
- Financial Reporting
- Tax Preparation
Using the tool, Hispanic business owners or employees, even those without an accounting background, can save time, prevent errors when managing their finances, and also communicate transparently with clients.
2. Asana (Project Management)
Employees need project management tools to stay one step ahead of project requirements and deadlines. Asana is one of the most well-reputed cloud-based project management tools that helps your employees organize, track, and manage their tasks. The tool does so by enabling employees to:
- Create projects
- Assign or delegate tasks
- Set task and project deadlines
- Collaborate in real-time with team members
By serving as a central and easily accessible platform to track task and project progress, share notes, documents, or feedback, and keep track of project deadlines, the tool can eliminate uncertainty and keep your business moving forward.
3. Google Workspace (Productivity)
In a highly competitive and fast-paced business landscape, staying productive and efficient are major considerations that you need to take into account. Fortunately, cloud-based tools like Google Workspace can work wonders in this regard. Google Workspace offers a range of tools for:
- Communication (Gmail / Google Meet / Google Chat)
- Document, spreadsheet, and presentation creation (Google Docs / Google Sheets / Google Slides)
- Cloud-based file storage (Google Drive)
Using the set of tools, your business can enjoy streamlined team collaborations, a higher level of team productivity and efficiency, advanced business features, and enhanced security.
4. Slack (Internal and External Communication)
Both internal and external communication are key to business success, and using platforms that can effectively support them is of the essence. Slack is a cloud-based communication tool that acts as a centralized hub for both forms of communication. You and your team can use Slack for:
- Instant messaging
- Instant meetings
- Instant information transfer
By using this streamlined communication platform, your Hispanic-owned business can reap the benefits of organized real-time communication, reduced miscommunication, and efficient decision-making and problem-solving.
Considerations When Choosing Tech Tools for Your Hispanic-Owned Business
I’ve personally found that the tools in this list hold the highest potential when it comes to organizing workflow and leveling up productivity and efficiency. Regardless of whether you choose to go for these tools or others, I’ve shared a few tips to help you make the most of your tech experience below:
- Assess your Needs: Shortlisting the requirements you’re looking for with these tech-based products can help you make the right decision without becoming a victim of unnecessary features that currently serve you no value currently. For example, if you’re a small business with a team of 20, you may not need the most premium Slack plan.
- Finalize your Budget: set a level of priority to your needs as this will help you plan the budget you are willing to allocate to a specific tool. Depending on your size and industry, there may be some tech tools that are more valuable to you than others.
- Evaluate User Friendliness: You don’t want to choose a tool and spend more than half the time trying to learn how it works. The tools you choose should be highly user-friendly so that you and your team can learn to use them within no time. Most quality tools offer a free trial so take your time to try out the tools before you purchase a plan.
- Consider the Potential for Scalability: Gradually your business will grow in scale of operations, and so will your needs and expectations from the tools you’re using. If the tools you’re currently using do not offer plans that can scale along with your business, you may want to look into more flexible alternatives.
Technology – Empowering Hispanic-Owned Businesses for the Future
The current highly competitive and digital-friendly business landscape makes it essential for Hispanic-owned businesses of all sizes to adopt technology to enhance their processes.
Using the tools in this list, Hispanic businesses can stay streamlined, productive, and efficient, enabling them to secure their future as we enter the technological revolution.
