Everyone knows that having a website is the foundation for running a successful company. As an entrepreneur, if you don’t have a website for your business, it’s borderline impossible to compete for market share. This is a truth that has come to be self-evident. The problem is no longer convincing business owners that they need a website, but instead convincing them that a simple web presence is no longer enough. The modern business climate is built on a foundation of technology. Companies that have been able to successfully leverage tech and integrate it into every aspect of their business tend to thrive (example: Amazon). Meanwhile, powerhouse corporations such as Sears are ruined by trying to simply jump on the bandwagon. To achieve success, entrepreneurs must develop their own approach towards technology and must prepare to take a leap of faith. Here’s how:
Develop a Solution That Works for Your Company
There’s no magic spell or one-size-fits-all solution to properly integrate technology into a business. Every company is different, therefore, everyone must take a unique approach. My company offers a technology package for businesses that includes 6 products. However, we’ve never sold two packages that look remotely similar because each product is custom-built to meet each customer’s specific needs. If you choose to avoid solution providers like the one I run, it’s imperative that you purchase tech that will compliment your company. Analyze your business to identify your strengths and weaknesses. What puts you above your competitors? What is the largest obstacle you currently face? What is going to keep customers coming back? These are the types of questions to be asking when you try to piece together a technology solution.
Remain Vigilant, but Invest Heavily
Purchasing technology is a massive investment in your business. You’re hiring an employee that will be hard at work 24/7, won’t call in sick, and will never ask for a raise. Therefore, you want to make sure that your ultimate employee is a proper fit to provide your company with leverage. When I invest, I like to use simple equations to calculate the value. Value is quality divided by cost. High quality / low cost = great value. Low quality / high cost = poor value. When purchasing technology for your business, you always want to invest heavily. The proper tech solutions have massive potential returns and are well worth what they cost. However, ensure that your investment has plenty of value and that you’re not overpaying for low-quality products. There are a lot of service providers out there that tend to overcharge and underdeliver.
Integrate and Automate
Time is the most precious commodity on the planet. You can’t buy it and you can’t make more of it. Nonetheless, you can save time by making your technology work at its full potential. Take the work out of inventory management by integrating your point-of-sale system with your online store. Automate computer cloud storage backups to avoid accidental file loss (and a really bad headache.) If your technology is working together as one, well-oiled machine, your business practically runs itself. This opens up free time to spend meeting with customers, meeting with investors, marketing, etc.
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