Did you know that only 50 percent of businesses survive their first five years? Would you believe that only one in three new ventures can continue their operations after the five-year mark? No business starts to simply shut down later without enough reasons, and so their closure gives rise to many questions.
Much is said and done about boosting a business’s growth, but we all know that it is not easy. It requires persistent efforts, well-thought-out measures, and a dedicated team to realize a dream of success in your business. While it may be difficult to identify the exact causes of business failure, it is partially because organizations fail to utilize technological sources to their advantage.
There is a need to view from a technological perspective the challenges that new businesses face and how they can work to resolve them to continue to survive.
- Connecting With the Customers
One of the reasons new businesses fail to survive is that they are unable to establish a connection with their customers. Many organizations of today do not take advantage of the solutions relating to artificial intelligence. An email comprising a message of “it is been so long and we have not heard from you,” is artificial intelligence (AI). Such AI solutions help organizations make the most of their email marketing and fetch the highest returns on investment (ROI).
- Removing Monotony, Redundancy
Repetitive attempts to contact potential clients accompanied by a lack of focus and direction turn clients and potential partners away. The proper way to deal with this is to let technological advancements remove redundancies and monotony. Any efficient technological solution can help remove repetitions, make the message appealing and compelling, and do efficient follow-ups.
- Establishing Deeper Links
Many small businesses fail to meet their set milestones because most of their work is in the papers and is not tangible or pragmatic. This happens mostly when they fail to engage their potential clients into meaningful discussions towards providing the solutions. Organizations that fail to promote their content on social media platforms and responding to queries in an interesting and timely fashion are destined for failure. Sometimes, creating a small meaningful interaction and engaging with the aspirants in a meaningful way can immediately bring in new clients.
- Capitalizing on Opportunities
Small businesses fail to hit their mark because sometimes they just do not want to come out of their comfort zone. This essentially means that they are reliant and excessively stuck to old and outdated technologies and systems that they are so used to working on. They continue to work in a lethargic way and resultantly fail to capitalize on the opportunities. As soon as the clients realize this, they almost automatically decide that they will not get any major benefit out of your business, and switch to other avenues and clients.
- Flexibility at the Workplace
Another crucial factor that many businesses fail to recognize is the potential of providing flexibility at work. This ease is provided by the use of technology, as various systems speed up the processing, streamline everyday routine and decrease the workload on the employees. When this happens, the resources can focus solely on the important tasks and perform well. In the longer run, this contributes visibly to the performance of the organization as a whole and enables it to meet its key performance indicators (KPIs).
- Training of Resources
One major and undeniable benefit of the use of any technology is that it can help you provide the employees with the required training in an excellent way. Newer ways and means of technology, such as those relating to fluent live interaction, real-time data acquisition, and content management go a long way in serving your organization. With such software, organizations become capable of connecting the employees based at different overseas offices and encourage them to interact on a common platform. The tech systems help train the employees to tackle the ever emerging challenges. Such software also goes a long way in communicating with the potential and existing clients and leaving a strong impression of the organization on them.
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- Tracking Time for Deadlines
With the proper leveraging of technology for business, you can turn your employees into a vibrant and growth-oriented workforce. Time tracking software can help your sources be well aware of the deadlines and the amount of time being consumed in the completion of each task. It also helps them immensely with scheduling and maintaining and managing monthly and yearly digital calendars. Time tracking also comes in handy when you, as an owner, need to track the performance record or require real-time information to make crucial decisions for your organization.
- Generating Valuable Metrics
Various technological solutions allow businesses of any size to generate key metrics and actionable insights. Tools such as Google Analytics allow a minute to minute monitoring of the content, along-with key details of the origin and interest ratio of the interested clients. With such metrics, the owner of any organization can turn into an excellent decision-maker based on critical information. These metrics also help owners develop a reward system for outstanding resources and encourage them to do even better. Needless to say, these insights get reflected in the proposals being sent out to the clients, and so they leave a lasting impression on them.
- Going With the Flow
When you embrace technological advancement and use it to leverage your business, you are never left behind in the age of digitization. You are rather fully aware of all the digital tools and how you can utilize them to your advantage. You are then also able to compete with your competitors and even outdo others through consistency and efficiency.
The need to embrace technology has become ever so necessary to enable your business to survive. Various digital tools and means and ways to integrate your systems and work with technology can result in more and more business and ultimately, increased revenue. The thing to remember, however, is which digital, machine learning and AI tools are most appropriate for your business, so you can fetch more business in little time.