Key takeaways:
- Innovative technology can eliminate tasks, increase sales, and boost productivity.
- Make sure you have the right technology solutions in place: consider cloud computing for your storage needs, a CRM for sales data, and mobile tools for flexibility.
- Regularly review your technology and business model to look for ways to update and improve your business.
In today’s fast-paced business world, companies need to maximize time and resources. That’s why many leaders are reaching for technology solutions to make their business easier and more efficient. The right technology tools can empower even the smallest business to compete in the marketplace.
To grow your business, you’ll need to harness technology. Here are 7 ways to get started.
1. Ditch in-house hardware
Out with the old and in with the new. Can you downsize some of your business’ hardware to become a more mobile, flexible organization?
Getting rid of excess baggage like desktops, monitors, servers, and network switches will save your business money and reduce clutter. Consider, for example, cloud computing as a way to reduce on-premise servers and move your data storage to the cloud.
2. Look for sustainable solutions
Savvy business owners are continuously looking for technology to reduce their expenses and become more sustainable. Finding the right solutions for your business can save you time and costs while reducing waste.
Ask yourself:
- Can you team up with another business to save on IT costs?
- Do you need to travel to meet clients, or can you collaborate on the cloud or remote conferencing?
- Can you implement simple sustainability steps, such as recycling, choosing energy efficient equipment and switching appliances off when not in use?
3. Utilize sales data
Sales data contains droves of information about your customers. Consider taking the time to install a system to collect information, such as a Customer Relationship Management (CRM) system, and analyze the data it produces.
For example, you might want to identify the times of day when customers purchase from your business. Knowing this information could help you run price or bulk specials at optimal times of the day.
4. Advertise with social media
Internet technology has opened the door for targeted advertising on social media. For example, Facebook lets you select an advertisement and choose the type of audience you want to see the ad.
Alternatively, if you have a Twitter account for your business, and want to get more views on your tweets or gain more followers, create Twitter ads. Start by choosing the platform on which you’d like to reach potential customers, then set a budget for your promotional tweets. Be sure to post tweets that link back to your website or blog, rather than general tweets about your industry.
5. Embrace mobile solutions
The modern smartphone is essentially a mobile office. Use it to manage meetings, track expenses, autotype emails and stay organized.
Provide your sales staff with mobile ordering software that’s linked to your inventory so they can process sales on the go. And speed up your receivables process to get paid quicker with online banking tools such as a web invoicing service.
6. Create a virtual workforce
How much could your business save by dropping your premises and going virtual? Many businesses are already completely digital, with employees spread across the globe and no physical office. The advantages for your business include:
- Flexible work hours, including the potential for around-the-clock services for employees in different time zones.
- Happier staff and less overhead.
- An easier to scale business without having to utilize a restrictive office space.
7. Adopt an innovative business model
Changes in technology have paved the way for alternative business models. Some examples from the past few years include Airbnb™, which facilitates person-to-person exchanges, and Unison Marketplace, which harnesses reverse auctions to sell products and services to the first willing buyer. These success stories show that an innovative business model can lead to growth.
Is there an online model that you can utilize to make your business easier and ultimately create more sales opportunities?
Next steps
- Talk to us about QuickBooks®, which you can use online with Comerica.
- Read our article on driving traffic to your website.
- Get in contact with us at Comerica if you need financial assistance with your new product or service.
