As of a survey conducted in 2019, it was reported that 9 out of 10 startups fail. Reasons being- tech problems, operational risks, finance problems, employee and team problems, and marketing problems. Moreover, bouncing back to the competition after a tremendous loss is an extraordinarily daunting task. But, giving up too is not an option.
Now that the competition is even more fierce, the business doesn’t only have to survive but also thrive in the industry. Therefore, as a business owner, you need to understand your organization’s current status, who are your competitors, and the market status of the industry. Also, you need to identify what new projects you need to launch and the audience to target.
Some business owners have adopted effective ways that have helped them jump back into the competition. So, what exactly are the businesses doing to regain the lost ground?
Using Technology Effectively
Do you know that out of all the factors responsible for a business’ failure, tech problems contribute 6% of the total? And what we conclude from this fact is that improving technical knowledge and using it effectively can help you grow your business successfully. Whether you are a small-scale business owner or a big enterprise, you must develop technological infrastructure. Moreover, a strong digital presence affects the culture, efficiency, and status of a brand.
Furthermore, technology allows a business to travel into new markets and discover recent trends. Besides, it saves a lot of time that you traditionally waste on recruitment and managing other tasks. For this, there are many productivity software that reduces costs & improve customer service. This is where we pitch in the concept of ‘Customer Relationship Management’. If you are wondering what it really is, let me tell you, CRM refers to all strategies, techniques, and tools used for developing, retaining, and acquiring customers.
For this, you can also use CRM software to ensures that the interaction with customers goes smoothly, eventually increasing the profit. Once you start using it, you will realise that it is a better way to manage external relationships. In addition, management and recruitment tools like Trello are also ideal for tracking progress. To be precise, it is a collaborative tool and is perfect for organising team projects and keeping track of what tasks need completing.
If you are familiar with the latest tech trends in your industry, your business is likely to flourish. Therefore, make sure you have adequate knowledge to use these tools effectively in your business’ favour.
Every brand needs an excellent team to grow. As a result, businesses nowadays are focused not only on the growth of their brand but also on the staff’s personal development. By making an employee development plan, they nurture the talent and convert them into key business employees. They also ask the workers about what they would like to learn in the program.
Besides, the plan must be designed to incorporate all necessary skills, timeframes, deadlines, and personalised career goals. It is even more beneficial when you integrate company goals into the development plan. This way, business needs are met simultaneously.
Some companies also arrange mentoring plans. They allow the employees to choose the mentor they want to learn from. Furthermore, their mentors and supervisors train them efficiently to understand all the necessary skills required in the company. One to one corporate business coaching has proved to be effective in the long run, especially during the ‘bounce back’ stage. It helps employees think critically and creatively. Not to mention, it has helped them boost the self-confidence and work even harder towards your business’s success.
Being a business owner, you too can adopt this plan. Besides, if you think the program doesn’t fit your budget, you can also go for the free resources that provide employee development.
There is no denying that employees are the building blocks of the organisation. The first step towards the growth of your business is the wise selection of the team. As a result, more companies are hiring specialist recruiters to get the right person for the job, that too in less time. In fact, businesses have improved their recruitment process very intensely, and the consequences are widely visible.
So, how are these businesses carrying out the recruitment procedure? Well, technology has been a great game-changer in the lives of recruiters. They use various apps and softwares to track the candidate’s data and go through the applications. For instance, the applicant tracking system has helped companies identify qualified and talented candidates. Its function doesn’t end up here. It further shortlists the candidates that are a suitable fit for the job and also arranges the interview.
Since business owners and employees hardly find any time to go through numerous applications and conduct interviews, recruitment specialists have been of great help. Being experienced in the field, they have a sight for the right candidate. An example of this could be recruiters of quantity surveyors, they have a specific knowledge that the regular person isn’t going to be able to replicate by researching Google. Without these specialists, there are chances that you may miss out on an important candidate. Moreover, you can hand over all the recruitment-related work to them and focus on your own business.
On top of that, they have a better knowledge of the industry market and salary expectations of the applicants.
Bringing your business back into the competition is no walk in a park. However, the simple ways mentioned above have helped many organisations that were at their worst to overcome the crisis and rise again. So, implement these in your work routine and witness significant improvement in your business. Lastly, strategise the way you work. Make efficient and appropriate use of technology for recruitment and employee development. Indeed, you will emerge as a strong brand in no time.