With the advent of the internet revolution, technology is no more a supporting function. Instead, it has become a driver for business growth in any sector and of any size. Unfortunately, small businesses in non-technology sectors find it daunting to articulate a Technology Strategy.
Though high budgets are encouraged, you can get more room for engagement through platforms like Google and Facebook, with no minimum entry barrier. You can even run a $5 campaign if you want to. In addition, these platforms often offer ad spend credit for new advertisers.
Instead, most of them don’t even have it. As a result, not only are these companies cash strapped, but they also have minimal or no internal capabilities and limited access to expert guidance on technology.
A lesser effective technology strategy can drain a company’s resources. It pushes your business behind the competition, or it may even cease to exist.
Below are some factors to consider while creating an effective Technology Strategy –
- Legal and Government Compliance: It’s a process where the planning for technology keeps the business in legal and government compliance comes before anything else. Your company must not get into distractions from core trade, which will result in going bankrupt contesting litigations.
For example, a restaurant business must have technology planned for Sales Tax, PCI Compliance, Employee Timesheets etc.
- Core Business and Customer Experience: It directly generates revenue, which are the services that customers pay for. It’s the area a company must appropriately plan for and allocate funds for.
For example, if you are running a cafe and aspire to succeed, you must equip your management with good technology to take customers’ orders and execute in the kitchen and service.
If the customers do not get what they ordered or get too late, it will affect the restaurant’s business. But you can make scope for free WiFi internet, which may help in improving customer experience.
- Marketing and Digital Reputation: To attract customers, it must announce its existence and continuously make buzz to stay ahead of the competition. The concept ‘ Effective marketing ‘ is a very critical factor in any business success.
In today’s internet savvy world, most customers research any service or product on the internet before buying it.
That makes having and maintaining an excellent digital reputation on the internet essential for any business. It’s what a company must plan for next and allocate appropriate funds.
For example, a restaurant business might want to inform customers about the menu. Therefore, it should create and actively maintain a presence on social platforms like Facebook, Twitter, Yelp, etc.
Using internet marketing over traditional marketing channels can be more effective as they enable reaching larger audiences at a substantially lower cost.
- Operational Efficiency and Effectiveness: The next thing to consider is planning for technology to improve operational efficiency and effectiveness. Technology investments in operational efficiency can help reduce costs, cut waste, and substantially improve the bottom line.
Wherever the savings realised through improved efficiency exceed the price of technology, it is worth an investment.
For example, a restaurant business having technology for inventory and material planning will substantially reduce the inventory carrying cost and food spoilage. Thereby directly adding to the profitability.
- Insource, Outsource, or the Cloud: Once you have figured out what you want, it’s time to plan to acquire these capabilities. Unfortunately, most non-technology small businesses have minimal or no internal faculty, and hiring staff for non-core business may burn holes in the pockets.
So, unless the company has existing employees with technology skills, insourcing may not be a good strategy. Most of the best technology, platforms, and software are generally available on the cloud today and must be considered first preference.
The cloud system is relatively cost-effective and allows your businesses to stay focused on the core strengths from a small business perspective. It can be under consideration if something is not available on cloud outsourcing.
- Data Strategy and Security: After planning for what is needed and how to acquire it, it is also essential to research and plan for data storage, retention, and security strategy.
It is necessary to have data storage in compliance with government laws for a physical location, retention period, encryption standards, usage and other factors. In addition, agreements with cloud service providers must get reviewed before buying their services.
One of the advantages of Cloud platforms comes with best of breed security infrastructure. Although, having in-house data can add to security and safety costs.
Follow these 5 steps to enhance your management routine of your startup.
- Include some productivity apps – Owners and managers can download apps like – Trello, Podio, Asana etc., to increase tech-based productivity. These apps will help you run higher business productivity, which will manage your system’s data and manage the daily inputs.
You can also sync these apps with your desktop so that you can work from anywhere, and you will access more comprehensive information.
- Web-Based payment modes – Nowadays, almost every business has adopted web-based payment. It makes the transaction faster, and also, people can purchase goods and services online, from anywhere located.
Experts providing coding assignment help suggest that business running online has better transparency. So, when you run a business, or if you have one, make provisions for online or Web-Based Payment Mode for hazard-free transactions.
- Take advantage of social media – Once you launch your business on popular social media handles like Facebook, Instagram, Twitter, etc. You will receive more significant responses because social media has the algorithm theory, where you will receive audiences based on your niche.
So just a click, and you will see people responding to your promotions and will show interest.
- Use video content for your promotion – People enjoy watching visual content to receive any form of information. Take this advantage to promote your business through the local channels and even on social media pages to promote your product and highlight the features.
Video promotion is one f the helpful tool that almost every enterprise applies for their promotion.
- Hire a separate tech-oriented team– When you have a group that is efficient in handling any technical procedures and digital management, the overall management function gets dealt with better.
Multitasking in a business can often make you exhausted as you need to concentrate on many areas, including the production process.
Technology-based business plans work better. So, when you are noting your objectives, strategise them well, keeping in mind the factors mentioned for a better and fruitful run of your business.
