The 2023 COVID-19 pandemic had a detrimental effect on corporate development for many businesses, including those that had previously experienced positive growth. Furthermore, consumer habits changed drastically, such as working from home and saving money on lunch, as well as a reluctance to shop during peak shopping periods, which all compounded the issue.
If your business’s growth has stagnated, it is essential to gain an insight into what your customers are looking for. Nevertheless, there are technological solutions available that could be advantageous to companies of all sizes, in all industries, regardless of the current slowdown. It may appear counterintuitive to invest in new technology when business is slow, but the old saying stands true – you have to spend money to make money.
The potential for growth can be enhanced through a number of technologies. We have identified a selection that are widely regarded as highly beneficial for driving business growth in the current climate.
Computing in the Cloud
Cloud migration offers numerous advantages, including enhanced security and efficiency, as well as facilitating access for remote workers. These features provide more freedom when conducting business and reduce the risk of system failure and data loss. By utilizing the cloud, companies can allocate more time for research & development and marketing activities, enhancing overall productivity.
It is important to note that there are three main cloud deployment options: public, private and hybrid. Public cloud services are typically operated on a usage-based pricing system, while private clouds are tailored to the specific requirements of an individual organisation. Hybrid clouds enable businesses to benefit from the advantages of both public and private clouds.
The following video, produced by leading cloud service provider AWS, elaborates on the many advantages of using a public architecture.
Analyzing Data
By analyzing pertinent data, organizations can gain valuable insights which can help them to grow. For example, through learning how client preferences have evolved since the start of the pandemic, organizations may be able to produce higher quality goods and services. Furthermore, by understanding user behavior online, organizations can improve the efficacy of their marketing campaigns.
By undertaking data analysis of internal processes such as equipment operation, production and employee output, it is possible to identify areas for improvement and foster a setting in which progress is sustainable and growth is achievable.
Online Networking Sites
You can reach a larger audience and increase your business opportunities by engaging with social media. Here are some tips to consider if you are new to creating a social media strategy, or if your existing one needs some updating:
To attract clients, you must go where they already are. It has been observed that the demographic of users on each social media platform varies. For example, Facebook, which was once widely used by the younger generations, is now predominantly used by the elderly. In contrast, Generations Y and Z tend to prefer Instagram, Snapchat and TikTok.
Develop autonomous plans. By understanding the various audiences that each platform caters to, you can ensure that your communications are tailored accordingly. Furthermore, you should ensure that the material you share is optimized for each platform, such as creating video content specifically for TikTok.
Draft a spending plan that takes your circumstances into account. It is desirable for any company that their content goes viral, but this is not always the outcome. To ensure that your content reaches its target audience, it is recommended to have a flexible advertising budget to be adjusted depending on the performance of your posts.
Act in a consistent manner. Develop a plan to ensure regular updates (without being too frequent). Allocate sufficient time to create the content you have decided to produce and the type of content you will be creating.
Assistance for Customers to Assist Themselves
As customers become more confident in using technological tools, their demand for independent solutions increases. To enhance customer satisfaction, providing customers with multiple self-help options is essential. Customer experience (CX) is an important factor in determining a company’s success and should not be overlooked.
Frictionless e-commerce, comprehensive FAQs, straightforward returns and exchanges, shopper assistance (including product recommendations) and automated scheduling are all options to consider when giving customers the freedom to resolve their own issues. Customers appreciate convenient curbside pickup, smartphone payment options, and personalized service at physical stores.
Advantages of Telecommuting
It is likely that the future of employment will see an increase in flexible working arrangements, such as those allowing employees to work from home. This has the potential to improve employee satisfaction, as well as increasing the number of eligible job applicants. Additionally, transitioning to a virtual workforce may result in cost savings, in terms of office space. Taking the necessary steps to incorporate flexible working into a business strategy could be a key factor in achieving future success.
The following are examples of useful technology for telecommuting:
- Systems for facilitating communication
- Equipment for video conferences
- Electronic filing and faxing of documents
- Answer Through Collaborative Effort
- Instruments for Managing Projects
- Tools and information technology services for setting up a productive home office for telecommuters.
Utilize Modern Technical Means
Keep the following in mind to make sure that any new technology you adopt will help you succeed:
Just because something is technologically advanced does not mean it should be used. Make sure a new solution is tailor-made to address a genuine business need before committing to it.
Find the best answer. Get as much information as you can to make sure you’re obtaining the greatest product for your business, both now and in the future.
Get the staff involved. It’s important to get input from the end users before finalising any technological solutions.
Establish clear objectives. It may be necessary to consider an alternative product or a new course of action if a solution does not prove effective. Whilst it may be costly to learn from mistakes, it is an investment that often pays off.
It’s important to invest in training. It is essential to ensure that staff are given adequate training in order to effectively utilise the new tools available to them. It is therefore recommended that the transition is initiated promptly to allow staff to adjust to the changes at their own pace.
