Everybody has the potential to start a business, but once established, challenges to grow the business emerge. Business growth encompasses the following factors among others: customer base, funding, reputation and security. Lack of business growth has serious implications for the survival of the business, thanks to the technologies that can be used for the sustainable development of businesses in various ways.
How to improve brand recognition
It is without an option that the services or products offered by any business established have to be recognised by the potential customers. To achieve this, a business requires intense marketing to be visible in the world of competition. Technology plays a crucial role through the use of online platforms such as Facebook, Twitter, and LinkedIn, where the business’s potential customers spend much of their time. Persuasive marketing strategies play a significant role in the generation of content that speaks to the interest of potential clients.
Impact of mobile technologies
The use of mobile technologies is sacrosanct for business growth because Morden customers need the convenience of doing business on the go. Modernization simplified life to the extent that people always want to have the flexibility to do business transactions from anywhere and anytime, from browsing through available products or services, placing orders, and making payments using their mobile devices such as cell phones.
Investment in mobile technologies also helps a business to stimulate a happy workforce, with staff enjoying an improved work/ life balance. This is generally thought to be beneficial for businesses, as a happy workforce leads to increased productivity and reduced costs.
Benefits of social media
Social media is a useful business marketing tool. It has a lot of business benefits including but no limited to:
- promoting the products
- networking with influencers
- engaging with customers
- drawing new customers
- offering customer service
- enhancing a business’s branding
- reaching a wider audience and building a lasting relationship with customers to promote brand loyalty.
Therefore, the business has to build a strong and convincing social media existence to increase online visibility.
Necessary tools for business growth
There are productive tools that improve the efficiency of a business entity. Such tools are used for identification of business ideas, modeling, planning, communication and management of businesses. The tools come as mobile applications, software or cloud based tools. Examples of such tools are Producteev, Top tracker, nTask Enloop, Bizplan, LivePlan, GoSmallBiz, PlanGuru, BizPlanBuilder, IdeaBuddy, Cuttles, ProofHub, Timely, Todo.vu, and Odoo. This list is not exhaustive. Business tools are ideal for business growth strategy because they enable more work to be done seamlessly and timely, thus improving operational effectiveness. In addition, the tools enable the use of a paperless workflow, which reduces operational costs.
Productivity tools help in defining the performance of the business and tracking its growth. For example, tracking software helps to track the planned tasks against time. This helps management to stay organised, set and achieve goals, work within set periods and figure out the type of tasks to subcontract, combine, recover or remove.
Importance of cloud computing
For influential business growth, cloud technology should not be an exception for consideration.
The benefit of cloud computing is on the management of business from anywhere, anytime and with any device much to the easing of the day-to-day operations, reduction of costs, increasing of productivity and mobility.
Cloud computing also reduces the vulnerability of sensitive information by making a provision to store multiple copies of the same information in different locations, to serve as a backup. With cloud computing, information is stored off-premises by highly skilled companies, which can manage a lot of information with top levels of security. Business management solutions such as Zoho offers a one-stop-shop for marketing, invoicing and collaboration.
Importance of using big data
Business growth strategies can be streamlined with large data sources. Businesses are getting terabytes and petabyte of data from sources such as mobile and web media, customer service channels, and operational and transitional tools. When one acquires the best tools for collecting and analysing data, the benefits are more. For example, Amazon‘s big data system uses the customers’ purchasing history and reviews to ensure a personal experience, thus bringing in many opportunities for businesses to understand their customers, improve performance and customer service.
Using big data contributes to:
- improvement on prominence through enhanced data analysis
- understanding the market competitor
- dropping risks through actionable insights
- refining services and products
- monitoring and improving online reputation
Use of accounting software
Accounting software is helpful in business for growth despite the existence of an accountant or bookkeeper.
This is because the correct accounting software will help one understand the financial fundamentals of the business through tracking and reporting of transactions. One can also assess the financial status of the business at any point, thus getting the precise data to use in maintaining a sound and informed decision for the business.