Giving small business a big push through wireless technologies

Last week I watched a Korean web series titled Choco Bank. It is about a girl who is starting her own chocolate café business and a college graduate struggling his way to find employment in the world of banking. The drama is a playful portrayal of financial management and use of modern technologies in start-up businesses.

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Ha Cho-co (left) and Kim Eun-haeng (right) of Choco Bank

Sweet Money

The girl (Ha Cho-co) loves making chocolates and because of this she opened a café called Choco Bank. It was smoothly running in the first time but since she is new to the business, she has a hard time tracking her sales and operations. It was until she met the guy (Kim Eun-haeng) who is well-versed in the aspects of finance and technology but is pressured to find a job because of his long-term unemployment.

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Eun-haeng helped out Cho-co in developing strategies to improve her business operations. Together they developed a blog for her products to be shown online and automated her sales by using a wireless, cashless payment system through mobile money transfer. They also developed an electronic business plan which Cho-co can update every month to see how much she is earning. Eun-haeng even offered free finance counseling to customers who go to Choco Bank and show online investment techniques.

The result? What was once an empty store in the corner caught the attention of many people and now blossomed into a bustling café that is frequented by young couples and yuppies who wish to learn about financial stability over a cup of hot chocolate.

Automated business is smart business

The main point of the series is that through the wise use of available technologies in your business, you can easily gain more customers through competitive advantage and will result to more profit. A lot of companies nowadays exploit wireless technologies such as social media platforms, online communication channels and mobile financial services, and with even a minimal cost they can earn double of their investments while having a global market reach.

According to an article on Small Business Trends,

One of the biggest advantages of wireless networks is its ability to fuel increased mobility in businesses.

It can speed up business processes and increase responsiveness to customers, which can lead to improved productivity in the workplace.

Ibyang’s guidelines for secure use of wireless networks

  • Make sure that the network is in control. Always check who are logging in and out of the company’s network. They say that a controlled environment is a safe one.
  • Check your company’s information online. There are company facts that can be posted online and those that cannot be no matter what happens. Keep your trade secrets a secret and never share them to just anyone, especially your online clients.
  • Use firewall software. Nowadays hackers are always on the loose in hopes of snatching precious and sensitive information. Having firewalls installed on company computers gives a first line of defense to your data stored inside.
  • Keep emails and other communication channels encrypted. Encryption is the process of turning information you send online into a cipher and converting it back to normal once it reached the receiver. This is one way of preventing unwanted data infiltrators from reading private messages and emails.
  • Implement internal control mechanisms. Internal control is a very effective way of keeping business process intact and makes traceability of activities easier. Integrating internal control mechanisms in wireless networks in the workplace lessens risks associated with IT and gives products and services more value because it has undergone rigorous monitoring and development.

Like Cho-co and Eun-haeng, one of the success factors in businesses is not only the use of wireless technologies in the everyday business operations, but also making sure that these are coupled with standard operating procedures and safety measures to ensure safety of valuable information. That makes their success as sweet as the chocolate that they sell.

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Sources:

Choco Bank. Retrieved from https://en.wikipedia.org/wiki/Choco_Bank

Impact of Wireless Technology in the Workplace. Retrieved from https://smallbiztrends.com/2016/11/wireless-technology-in-the-workplace.html

Wireless is the ‘in’: How to use it wisely. Retrieved from http://www.computerworld.com/article/2572406/security0/wireless-is–in—how-to-use-it-wisely.html

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