Thursday, October 18, 2018

7 Rules to Follow When Focusing on Business Growth

Regular and profound technological innovations are having significant effects on business environments across all industries. Regardless of whether you are the solo worker in your company or you have assembled a solid team of valued employees, you understandably want to embrace new technological innovations so that your company can benefit. 

In fact, your business’s growth and future success may be based on your ability to take advantage of new technology effectively.

However, not all technologies are well-suited for all businesses. Some technologies may offer benefits, but their use may be cost-prohibitive. More than that, there are usually multiple versions of various technologies to choose from, and some may have more advantageous features than others. 

In order to maximize the benefit of technology as your company grows, you need to know which technologies to use and when the right time to use them is. Consider embracing the right technological innovations for your business while using these rules as a guideline.

1. Analyze the Return on Investment

Any technological solution that you introduce to your company should have a realistic and obvious benefit. In most cases, one of these critical benefits will be a positive return on investment. For example, there is a cost associated with automating some of your processes, but the return on an investment in automation can be significant and ongoing.

Keep in mind that some technological innovations may be free to embrace. For example, some chat applications that can bolster intra-office communication may be available at no cost to you. Even if they are free, you need to analyze their impact on productivity in order to determine if they are effective solutions that foster business growth.

2. Consider a Business-to-Consumer Approach

If your business operates in a business-to-business capacity, you may be inclined to disregard all business-to-consumer approaches that have been successful in that realm. However, many technological advancements and the unique uses of technology in a consumer-based approach can be adjusted to fit a business-based company. 

One example of this is the use of social media marketing as well as the use of automated programs that allow you to schedule social media posts in advance to save time and energy. While social media marketing is most commonly used to reach consumers directly, it can also be used to reach business clients.

3. Focus on Communication through Multiple Platforms

Internal and external communications alike can be improved when you embrace technology that spans across multiple platforms. For example, consumers may correspond with you via a chat feature on your website, through social media posts and more. Employees may chat with each other internally with Slack and other similar programs.

There are other communication platforms to consider as well. For example, if your employees are mobile or remote, programs like Yammer may facilitate communications, file sharing and other aspects of effective project management.

4. Ensure That the Impact on Productivity Is Positive

Between the use of cloud computing, SaaS and other technologies, you and your team can save a considerable amount of time and energy. For example, cloud computing enables easy transfer of files to others as well as the ability to retrieve your files from any connected device. SaaS is a scalable solution that can improve data center operations.

However, the wrong technology can actually bog down processes and decrease productivity. Introduce new technology gradually, and analyze its impact on productivity and return before you embrace it wholeheartedly with a full-scale implementation.

5. Expand Your Horizons

At one time, small businesses and startups generally had to find a way to thrive in a local market before they slowly expanded to new markets. Today’s technology enables some businesses to expand horizons quickly. Your geographic area is not a constraint when you use technology effectively.

For example, an online retailer may have a national or international reach with minimal additional cost or effort. Likewise, the Internet has enabled online retail businesses to process orders around-the-clock for improved profitability.

6. Take Advantage of Outsourcing and Remote Work Options

Just as you may now have access to consumers around the globe, you also may have access to employees on a global scale. When you limit your employee search to local talent, you have a limited pool available to choose from. You also must pay a fair wage based on the economic climate in your area.

When you take advantage of online outsourcing and remote workers, you have access to many other talented applicants. You can also potentially save money by paying a lower wage that is competitive for the worker’s location.

7. Embrace the Impact on Public Relations

Social media marketing is increasingly popular among all types of businesses, and the growth of your own business may be dependent on your ability to embrace this innovation wholeheartedly. Consider that social media marketing is often more affordable and more direct than many of your other possible marketing methods.

The use of social media marketing, such as on Facebook or LinkedIn, may enable improved communications with customers while also improving your public image. Companies that embrace technology are often viewed as being innovative and forward-thinking.

Your ability to achieve your business growth goal is directly linked to your ability to embrace technology intelligently. Rather than rushing forward to implement technologies haphazardly, you should follow a set of rules. Consider using these helpful rules as guidelines going forward so that you can maximize business growth.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Tweet her @JazzyWilliams88

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics