5 Ways To Grow Your Small Business – Invest In Technology And Talent
Running a business in this day and age requires owners to take up numerous roles and take care of almost every aspect of their company. In the world of small businesses, this poses an even greater challenge, since the market is fiercely competitive, customers are getting pickier by the day, and you have limited resources at your disposal. Using them to incentivize growth takes skill and experience, and sometimes quite a bit of creativity. Speaking of, some of the latest technology innovations paired with your employees’ skills and talent can be the perfect solution for your growth needs.
In a sense, investing in only one of these factors might lead to certain improvements, but combining your employees with advanced technology and how they put it to use can be a major growth factor for your business. Technology should serve your people and enable them to put their best foot forward, while your employees should find the available equipment a form of incentive to make the most of their core skills.
While there are many options that could help your company, you should be extremely cautious and only invest in opportunities that will actually increase your chances of growth. Here are a few ideas to keep in mind that can help you expand your presence.
Continuous training for your team
Educating your employees should be a top priority for your small business, especially since companies today need to provide as many advantages as they can in order to increase their talent retention. Continuous learning is precisely the kind of advantage many eager employees need. This is where technology allows you to make the process as seamless as possible, since you can organize webinars and online workshops with ease, making it both simple and efficient for everyone involved.
If you have remote teams involved, this is a perfect way to keep your training programs inclusive and helpful for all your employees. Plus, you can use your cloud storage base to keep your workshops available for new onboarding employees who can then access the learning material even though the official workshops are done.
Outsource what you can’t handle
First off, weigh the pros and cons of hiring someone to do the work: Is this a one-time project, do you have needs for ongoing work in that area? In any case, sometimes it makes more financial sense to hire a consultant talent externally, or an agency for that matter, to take care of a portion of your business that would otherwise lag without the right support and strategizing.
Outsourcing is one of the smartest, most frugal ways to reduce the burden on your employees while you collaborate with your consultants via digital communication tools such as Skype or Slack. Today, global collaborations are almost effortless, giving you the freedom to work with any particular expert you’d like without compromising your projects or productivity.
Diversify payments with technology
Customers today want more options and less fuss. What’s more, they need to know that your business takes their preferences seriously. Today, more companies are turning to cryptocurrencies as yet another payment option for their clients, as their popularity continues to rise. Add to that, you can also invest in bitcoin mining equipment that will enable you to expand your business budget, too.
This is especially useful for businesses that wish to go global, since bitcoin is a globally-recognized currency, one that is appealing both to customers as well as other vendors whose services you might need to procure. As for your teams, giving bonuses in the form of bitcoin can be a brilliant way to diversify their monetary incentives and let them invest those bonuses however they see fit.
Use PM tools for your employees
Software solutions are practically inseparable from modern-day businesses, and to give your brand the scalability it needs to grow, you need to use a project management platform that suits your needs. In a sense, you’ll be putting together technology and talent into a single strategy by doing so, since your employees will be more productive with the right tools at their disposal, and you’ll be able to drive your brand forward with these simple tools to organize your work.
In addition to helping increase productivity during projects, the use of these tools also gives you the insights to find out if there are any gaps and productivity drains in the way you handle your projects. A systematic analysis of your project processes will help you improve your business-wide productivity and help adjust your workload distribution over time.
Focus on your social media strategy
These interactive platforms are no longer places where we merely share family photos and cute cat videos – granted, these still reign supreme. For your business to fully utilize the perks of these networks, you need to craft a strategy that will help your employees become better customer service agents directly through social media, and post the kind of content that will appeal to your audience.
Live streaming, organizing watch parties, posting polls, and setting up contests all allow you to engage with your customers and attract more attention. Let’s not forget about working with influencers, as well!
There are innumerable other growth-boosting options out there based on utilizing technology and talent, but some come with more promise than others. Make sure that your small business puts tech at the heart of its operations and inspires employees to be brand ambassadors – that’s one of the key solutions to keep your business growing this year and beyond.