There is no doubt that the leap in technology is helping entrepreneurs today. Advanced equipment, smart devices, software, AI, robotics and of course, the internet are just some of the most commonly used technology tools in the corporate arena. Technology has afforded businesses with many benefits that help them drive growth and expand their operations.
While the significance of business tech is undeniable, getting it right from the onset can be challenging. This process often involves strategic planning, a thorough study of suppliers, and dedicated resources. But why is it so essential to get your business tech right early on? Here are 5 reasons why.
1. It Establishes Your Brand
Technology can help your company establish itself as a reputable brand in your specific industry. Here are some tech solutions that you should be prioritising to get right early.
Business Website and Apps
Whatever industry your business is in, whether big or small, a website is already considered as a necessity. This is your storefront in the online world so it has to look and function professionally to properly reflect your brand.
Websites serve as a resource for people to learn more about your business. It is also often used by clients, customers, suppliers, partners, and financial institutions as a way to verify the legitimacy of your company. Additionally, building an app can also be beneficial especially if you are a consumer brand and you are targeting smartphone users. If your website or app is always lagging, slow to use and has a confusing interface, this can affect people’s perception about the quality of how you do business.
If your business is involved in consumer sales then building a robust e-commerce platform is very important. This can either be built into your website or you can use more established selling platforms. You can also opt to sell on multiple platforms to expand your market. Whatever platform you choose, you need to properly equip yourself with the necessary knowledge on how to effectively utilise your channel. If you are running sales from your own website, you should be able to manage all the logistics required in delivering to your customers.
On the other hand, if you’re selling on a platform like Amazon, for example, use available solutions such as the Inventory Management Tool to ensure that your products are always available. With demanding customers nowadays, being out-of-stock can damage your e-commerce business. Making certain that your e-commerce platform is running smoothly can definitely impact your sales.
Social Media Channels
Having a strong social media presence has also become a business requirement. Depending on your business goals, you can utilise LinkedIn, Twitter, Facebook, Instagram, YouTube, and other channels to increase your business reach.
2. You Can Reach Out To More Customers
Technology can help your business reach more people in less time. A strong online presence can extend your influence to a global audience because you will not only be limited to a certain geographic location. For example, you can utilise SEO techniques to become more visible in Google searches but hiring the wrong company to handle this project might harm you instead of help you. That’s why you have to perform careful research and ask the right question when hiring an SEO company.
Technology can also help you publicise information more readily. If you have the right tech tools – you can publish company news and blogs on your website, send out email newsletters, and chat with your customers.
3. More Efficient Business Operations
Using technology can also increase operational efficiency. If your business is involved in production, acquiring the right high-tech equipment early can increase your production output. This means you are maximising your opportunity cost and also increasing your potential revenue.
Having the right hardware such as computers and mobile devices can provide several advantages as it can ease the company’s workflow. Other tech tools such as business software can also be used for making tasks easier such as finance, project management, marketing, data reporting, and many more.
Installing reliable tech solutions is important because it protects your business from security risks such as malware attacks, data breach, and other threats. Not making this a priority can cause irreversible damage, loss of resources, and this can even harm your reputation. A lot of small to medium businesses do not realise that they are highly vulnerable to these attacks. In fact, a report has stated that 58% of malware attack victims are categorised as SMEs. This means that if you do not employ the proper IT solutions early on, you are opening your company to these costly risks.
When retaining IT services and products, it is recommended to review the provider’s business history and also if possible, speak to their previous clients. This can help you get an insight into whether the offered solution or provider is the right fit for what you are looking for.
5. Saves Time and Money
Technology is not always a cheap investment so it is quite critical to employ due diligence when implementing such projects. However, when you get it right, it can save you a lot of time and money both in the short and long term.
The planning stage is probably the most important part, especially when undertaking extensive and time-consuming projects such as app development or designing a company intranet. If you’re building a company app, for example, you have to make sure that the concept is strong, it is aligned with your goals and you have the right team to execute such a project. Poor project management can result in failed apps which means money you’ve invested ends up lost.
Plan for Success
In business, having everything right the first time cannot always be guaranteed. However, in every endeavour, this quote from Alexander Graham Bell is almost always applicable:
“Before anything else, preparation is key to success.”
When you discover a new software or when you are offered an innovative tech product, it can be very difficult not to be swayed by the sales pitch at the same moment. This can lead you to make impulsive decisions which may not always result positively in the end. For you to avoid this from happening, always take a step back and evaluate the entire picture, the pros, and cons, as well as your internal capacity to implement this product.
Anticipate any issues and ask the tough questions – Are you financially prepared to take on the project? Who among your team will be assigned to utilise the product? How will this address the current gaps in your business? Being financially, physically and mentally ready to take on a business tech project can help you in getting it right.