Business sustainability through technological investment
There are several ways to make a business sustainable – and none of them are easy. Once business owners come to realize and accept this as fact, it’s easier to cut loose and truly do what they have to do amid the risks.
With the constant evolution of man and the ways he does things, one of the most important aspects for almost any business is the use of technology to move forward. Whether it’s for marketing or production or operations, technology has since over the years become more and more indispensable.
For marketing, tech has provided an unprecedented number of ways to reach more people and foster effective customer engagement and service. Even businesses that can’t afford to pay for advertising can now go on social media and create pages for maximum exposure.
For production, investment in new technology increases the yield. Better machines can create more products in the shorter amount of time, thus making the production process more efficient. Also, in many instances, better and newer machines churn superior products for lower prices that consumers will choose over those of the competition.
But it all starts with a business leader’s choice to invest time and money in newer tech. Whether they like it or hate it, technology has always been a huge factor in world business trends. And this is, by all intents and purposes, a significant key to business sustainability.
It’s only natural that startup owners would want to save as much as they can during the first few months, or even years of their budding business. However, if there’s one facet of business they should really consider investing in, it’s technology. The type of technology though would depend on the business, but yes, investing in the latest tech can save a startup.
Say, for example, the startup is a chicken farm. It would be best to invest in the best chicken coops or the best kind of transportation. If the startup is a produce farm, then it would be wise to invest in an efficient tractor straight away.
Startups such as gyms and health centers are easier to figure out. People who go to gyms prefer newer gadgets. The newer the equipment, the more attractive the business will be. For BPO companies such as call centers, huge clients will naturally gravitate to companies with better phone lines and faster internet connections. For these BPO companies, having newer tech generally translates to having fewer tech issues (which can severely affect a business of this nature).
Startup owners should really consider technology in the planning process. Technology may mean the difference between a great company, or one that is eaten alive by its competition, especially if the competition has better and newer tech.
Haris Ahmed is a top business consultant who emphasizes the importance of sustainability in his advisory business practices. He also has experience in facilitating leadership workshops and team-building sessions for public and private corporations, nonprofits, and federal organizations. Read more about him by clicking this link.
Tags: technology, investment, business, sustainability
References:
http://www.fool.com/investing/general/2016/04/13/3-reasons-to-love-tech-stocks.aspx
http://www.forbes.com/2010/02/12/saving-time-technology-entrepreneurs-technology-mckinney.html
http://tech.co/reasons-invest-new-tech-2015-11
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