Technologies Your Business Really Can’t Afford Not To Embrace

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StrategyDriven Entrepreneurship Article
Photo courtesy of Pixabay

Historians will look back on this time as an era of epochal change. They will see this as a time of technological revolution where science fiction met with science fact. A lot of the technologies themselves have been around, in some form or another for decades but through generations of refinement and repurposing, we are now witnesses to the emergence of technologies that will change the world.

It is through their strategic use that you can change the face of your business.

To say that these are exciting times is an understatement, yet it’s surprising how slow some businesses are in embracing technology. Sure, they use it to facilitate their day-to-day function but when it comes to thinking outside of the box and bringing their business right to the bleeding edge of the technological revolution they can find themselves faltering. Of course, we mustn’t blame them. It’s in the nature of entrepreneurs, especially those who are fairly new to the business world to keep a close eye on overheads and as important as it may be, staying ahead of the technological curve has never been cheap. After all, investing in new technologies is one thing, but investment in technology also requires investment in training so that your staff have the skills and expertise to implement it effectively.

Whatever the nature of your business, there are certain technologies that are slowly and quietly but consistently revolutionizing the ways in which businesses operate and the tech savvy business can either get in on the ground floor or face the combined impediments of increased running costs, lower output and reduced productivity. The pertinence of each to your business’ specific needs may vary but across all industries these are the ones to watch…

3D printing

From the automotive industry to construction and even medicine, it seems like there isn’t a single industry that 3D printing is failing to revolutionize. The ability to print on a huge or a tiny scale using precision engineered hybrid stepper motors is an obvious boon to a range of industries and although the technology is still fairly nascent, it seems to find a new technology every day. 3D printing technology represents a second industrial revolution. Theoretically, 3D printers may one day be as common as household ink printers facilitating the purchase of a huge range of products online that can be 3D printed at home virtually instantly.

Like all technologies, however, 3D printing has a dark side, with criminal applications including the 3D printing of illegal firearms is already an unfortunate reality.

StrategyDriven Entrepreneurship Article
Photo courtesy of Pixabay

Lasers

If your business is involved in manufacture, and reliant upon precision cutting, you probably already use lasers in some capacity. The C02 laser cutter already has an enormous range of applications across a wide range of industries. Jewelers use them for engraving personalized pieces, the construction industry uses them for the cutting of and treatment of wood and metal and a range of surgeries are carried out using these lasers.

Its cousin the fiber laser, on the other hand is used increasingly in the 3d printing of tiny and complex machine parts for which precision is paramount. Recently, however, these laser technologies have been supplanted by direct diode lasers which have already been incorporated into a variety of industries. The advantage of these lasers over their counterparts is that they represent a more energy efficient alternative that is every bit as versatile and currently used in a range of applications such as industrial welding. As direct diode lasers are far more energy efficient they can allow your business to make huge savings in running costs without compromising on versatility.

WebAssembly a revolution and an evolution

The uninitiated could be forgiven for assuming that WebAssembly just another programming language. It is, in fact, more than that. It’s a new standard binary format for web design. If you need to outsource a company to design browser-based software for your business, it pays to use WebAssembly. Compiling applications in WebAssembly is advantageous as it enables them to run as fast as native applications, meaning that browser-based applications run seamlessly and quicker than ever. The potential applications are limitless but the most obvious candidates include seamless online gaming as well as incorporating browser based augmented and virtual reality applications, and of course a renaissance in more complex and feature rich web applications.

Apps

Soon (very soon) we’ll reach the point where having an app for your business will be as necessary and ubiquitous as having a website. In an age where 30% of all e-commerce purchases in the US are made through mobile apps, it’s not hard to see why. Whatever the nature of your business you would benefit more than you may think from an app.

Retailers especially find that they can use apps not just to facilitate transactions but to promote brand awareness and incentivize customer loyalty. Uber remain a historically great example of how to expand your reach by incentivizing customers to refer their friends, family and colleagues to your service by offering both new and existing customers discounts. That’s a win for the business and both customers.

Merely having a presence on the app store can be helpful in bringing new potential leads to your business, although with over 1,600 apps published daily, savvy businesses need to take steps to ensure that their app stands out. Here you will find some tips on helping your app to get featured thereby bringing millions of potential leads into contact with your business.

StrategyDriven Entrepreneurship Article
Photo courtesy of Pixabay

Virtual and augmented reality

If you thought that VR died with risible sci fi films like Lawnmower Man in the ’90s and that augmented reality extended to chasing up and down the highstreet searching for Pokemon, think again. Few could have preempted in the technophobic ’80s and ’90s that VR would go on to have a huge range of business and consumer applications. Gaming is a no-brainer, obviously, with Oculus Rift and Playstation VR no longer high-end speculations, but a mainstream entry into the consumer electronics landscape.

Already, a range of retailers are using augmented reality to create a novel and immersive consumer experience. Vehicle manufacturers, for example, are increasingly making use of virtual showrooms. VR and AR also have implications for a range of businesses as a training aide with all manner of on the job training and orientation potentially taking place in a risk free virtual environment.

Artificial intelligence and chatbots

There was a time when we thought that Artificial Intelligence would take over the world… and it may yet, but in less of a Terminator-y way and more in a way that benefits a wide range of contemporary businesses. Of course a lot of retailers and entertainment streaming services from Netflix to iTunes to Amazon already use a rudimentary AI to catalogue user interactions. This helps them to gauge their preferences and make recommendations accordingly but it’s really in many ways just the tip of the iceberg. Use of AI algorithms on a range of customer facing applications can potentially play a huge part in reducing staffing overheads for small businesses.

Drones

Drone technology is nothing new. In fact it has had military applications dating back to the Vietnam war, but it’s only in recent years that drone technology has been adopted in a range of civilian applications from war correspondence to ordnance mapping. If your business deals in any way with direct-to-consumer logistics then you may find yourself really embracing drone technology in the near future. UPS, for example began staging mock deliveries of emergency medical care in areas typically considered hard to reach last year.

With so many technological changes on the horizon, it’s up to you to decide which advances can help you to revolutionize your business.

5 Things That Can Actually Make You More Money

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StrategyDriven Entrepreneurship Article
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It’s easy to think that you need to spend as little as possible in business in order to make money. But that’s not always the case. Of course, in an ideal world, your income will always be more than your outgoings, but that doesn’t necessarily mean that you have to cut back. In your business plan, you’re going to want to ensure that you cover off ways to make money, but over time, things are likely to change. Whether you account for this, or it comes as a surprise, there are things you can do to ensure that you continue to make money.

Hiring Staff

The very first thing that may surprise you, but should definitely be apart of your business plan at some point down the line, is the hiring of staff. Because hiring yourself a member of staff or two can actually ensure that you’re able to make as much money as possible going forwards. In reality, doing everything yourself is just not going to work. So, instead, you need to think about hiring your first member of staff as soon as you can afford it. With employees, you can then start to grow your operations in-line with your projections.

Working With Experts

Next, you should think about turning your attention to the experts. Because not only are staff essential to helping you grow, talented teams are too. Whether you need a marketing guru or bookkeeping services, you should definitely be thinking about hiring these as and when you need them. Because when you have professionals taking care of their set area, they’re more likely to do a good job, and you can, gain, focus on business growth and not just the day to day operations.

Shifting Responsibility

At the same time, you may also want to look a little more closely at your workload. If you’re going anything and everything, then you need to take a step back. Even when you’ve hired staff and are working with teams, you need to learn to unload more and more responsibility. If you want to make more money, you have to be able to trust others to do a good job to keep driving your business forwards.

Investing More

Then, you could think about investing. Investing in your business is often an essential way to ensure that you can grow on track. Whether you need more man power, a bigger business space, or even to expand into new markets, you may need to invest more capital. And if it’s going to better your business and make you more money in the future, it’s always worth the expense.

Upgrading Operations

And finally, you may also want to look at upgrading the way you currently do things to see an increase in profits. A fine example of this is making your website better. You may not be necessarily changing anything you do, but with a more refined site that is efficient and just better all round, you could see a huge uplift in profits.

How to Pick the Best Web Hosting Company

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Because a lot of thought, planning, and money goes into creating the perfect website for your business, you want to be sure it gets the traffic you are aiming for and that the website can handle everything that is thrown at it. This is where the web hosting company comes into play. The web host is the service that publishes your website so others will see it. It provides a company with the actual server space to store all its content and looks after the file maintenance involved in the site. It is easily the most important component in building your site.

So, before you just go ahead and randomly select the first web host that you find, you may want to take some time and use these tips that will help you pick the best web hosting company for your specific needs.

Keep the Three S’s in Mind

A simple way to go about picking a web host is to always keep the three S’s in mind. These S’s are security, support, and speed. Each of these plays an important role, and if even one of these is lagging, the entire site and the user experience will suffer. Each time you investigate a web host, you need to ask about the three S’s and get detailed specifics.

Of course, there is more to it than just the three S’s, these just happen to be the most important criteria to watch for.

Be Aware of Your Specific Needs

It’s also very important that you are aware of your specific needs. It’s hard to shop for a host when you don’t even know what you need. Give thought to the website you are building. If you want to use something simple like WordPress, how much web traffic you are expecting? If you need any sort of special software for the site, do you know what this is and how to get it? Certain hosts will cater to specific criteria, which will help you to narrow down your options and find that perfect fit.

How Reliable is the Server?

Web traffic is fickle in that it will only stick around and stay strong if the website performs smoothly and as it is intended. What this means is that you need a reliable server that can handle your traffic without needing to “time out”.

When speaking to a potential web host you want to ask about their “uptime”, this is the time the website will be up and running, and is reliable. When a website crashes, it’s not unusual to lose more than just traffic, you can also lose out on a large number of potential sales.

What Kind of Pricing is Offered

Budget should always be on your mind when shopping for a web host. You want to find a package that offers everything you need, doesn’t have any surprise costs built in, and fits your budget.

Picking a web hosting company isn’t something you want to rush through. It’s important to do your research, take a good look at your options, and make sure you weigh all the pros and cons before making a final decision.

How to make a business plan and actually stick to it

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Whether you are a long-term small business owner or just starting in a complex market, then there’s no time like the present to start penning your latest business plan. However, writing a plan and sticking to it are two very different elements. No matter the size or nature of your business, it’s always good to get something down on paper to help drive your business decisions and check that you have all bases covered. From generating more sales, to getting those ideas off the ground, read on to find out why you should be making a business plan, and more importantly, how simple it is to stick to it.

Check out the competition

Whether you are opening a coffee shop, a new bookstore or even a consultancy, be sure to undertake a full and in-depth market analysis. Now, this doesn’t have to cost you too much – you can do the groundwork yourself if you know what you are looking for. Café owners will want to scope out competitors’ prices, unique selling points and even range of snacks and goodies on offer. Whereas if you are offering higher-end services or products, then you will want to make sure that your range has a serious wow factor. Be sure to include this step in your business plan to ensure that you are fully aware of how you want to direct the future of your company and roll with it – remember, it’s best to do your homework rather than blindly entering an established market.

Get your finances in order

Drawing up a business plan, no matter the size of your business, and actually sticking to it, is going to require having a solid financial base. Getting your application papers in order and lengthy approval times can spell disaster in today’s fast-paced market. However, times are changing. Companies such as Betterfunds offer a range of loans to meet your business requirements. Not to mention, you could be the happy recipient of some much-needed funding in a matter of hours. Having a solid cash income is key to getting your business plan off the ground – don’t cut any corners.

Marketing and sales

Be sure to include marketing and sales as key priorities for your business plan – after all, generating new leads and acquiring new clients is essential to you, and your business, to succeed. If you haven’t already considered it, then make sure to explore how digital marketing can help propel your company into the future. Social media is increasingly becoming essential to the success of companies worldwide, so don’t get left behind and do go digital. Secondly, you will want to check that your marketing and sales teams are working effectively together – just like two spokes in a wheel, these departments are key to helping you gain and keep new business opportunities. Finally, have another look at your business plan. If you’ve stuck to it – congratulations! You are well on the way to business success.

Freedom Financial Gives Five Financial Management Tips Every Successful Entrepreneur Follows

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To achieve and sustain success, entrepreneurs must be skilled in a variety of areas. One of the most important of these is financial management. The lack of proper financial management is one of the primary causes of early failure for entrepreneurs. Freedom Financial provides five key areas of finance that are critical for entrepreneurs to have a greater chance at success.

Proper preparation for lean months.

Entrepreneurial income typically fluctuates from month to month and even from year to year. Income can swing from high to low in a matter of weeks, without warning. It’s important for entrepreneurs to prepare for the lean months by setting aside money during higher earning months, according to Freedom Financial. While, it’s tempting to spend money to reap the benefits of your hard work, it’s wiser to put money away while it’s plentiful. Without a reserve of cash set aside, some business cannot survive.

Keep business and personal finances separate.

Many entrepreneurs fund their startups using money from personal savings or a personal credit card to get the business going. In the early stages of entrepreneurship, it’s often simpler to conduct all your transactions from a single account. Once your business starts growing, Freedom Financial recommends separating business and personal finances, is essential. Keeping funds separate funds simplifies accounting and gives your business credibility. Keep business funds in a business account and pay yourself as though you were an employee of the company.

Diversify your assets and your efforts.

Entrepreneurs have to maintain a delicate balance between focusing on their entrepreneurship efforts and diversifying their income and time. Statistically speaking, entrepreneurship has a high risk of failing. Freedom Financial recommends entrepreneurs to hedge against that risk by putting time into other ventures, putting money into other investments, or sometimes even maintaining full-time employment.

Get professional financial advice.

You may be able to do many things on your own, but you cannot do everything on your own. When it comes to matters of finance, it’s better to seek professional council. Getting professional advice from an accountant and tax professional can ensure your business is both operating legally and taking advantage of the possible tax deductions. It’s wise to shop around for the best fit for your business, but this isn’t an area where you should cut costs.

Minimize business expenses.

As your business begins to generate more revenue, owners may increase their business spending, justifying these expenses as necessary for business growth. Remember that the more you spend, the less profit your business makes. Always aim to minimize business expenses by negotiating lower prices, seeking lower-cost alternatives, and forgoing unnecessary expenses. Freedom Financial suggests having another person who has to sign off on business spending, to help keep the owner’s spending impulses in check.

To achieve and maintain success, entrepreneurs must always plan for the financial future and be careful not to take the present circumstances for granted. Spending time reviewing the business finances and constantly seeking ways to improve are two steps entrepreneurs can take for better financial management.