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In this digital age, it is important that you are taking full advantage of technology. As a successful business owner, if you haven’t already, you should be open to the idea of moving your operation online.
Failing to do so could make it extremely difficult for you to win over your clients, impress your investors, and stand up against your industry peers. Not only this but if your business experiences serious problems, you will need the online world to help you out. Have no fear, regardless of your current mindset; there is always time to make a change.
Below are seven suggestions that will help you on your way.
Build up your company finances
First things first, you can use the internet to build up your company finances. If you are suddenly hit with an unexpected cost, it is important that you have somewhere to turn.
Instead of visiting your local bank and waiting for hours to take out a loan, you could resolve the situation by looking for more convenient options online. Visit financial resources (ex. Bonsai Finance) to explore your options. It is the quickest and easiest way for you to take control of the situation.
Manage your investment portfolio
Once you have got your company finances under control, you will need to turn your attention towards managing your investment portfolio. It is a good opportunity for you to secure a bright future for your entrepreneurial endeavors.
Once again, you can research on the internet. There are tons of investment blogs that will guide you in the right direction.
There are also plenty of handy apps available that can help manage daily productivity and keep track of finances and budget. If you sign up for an internet banking system, you will be able to monitor your transactions at all hours of the day.
Evaluate your suppliers
The next suggestion is to go online to evaluate your suppliers. If you are currently losing a lot of money on your outgoing expenses, now is the time to switch up your approach.
Find a comparison site that places all of your potential suppliers’ side by side. If you can’t find such a site, perhaps there is a helpful forum that you could look through.
It could be the ideal chance for you to learn from other people in your area of the industry. You could also end up stumbling across a reliable supplier with much more affordable rates. Why hold back from boosting your negotiating power and freeing up your finances?
Win back your clients
If you are starting to notice a steady decrease in your number of clients, this could be another area where the internet will help you out. Your company website is a valuable asset, so it is important that you are using it to full effect. If you haven’t invested in your site for a while, you could rectify the situation by enhancing your online profile.
During this process, set up social media accounts for your organization. You may also find yourself winning back customers who had previously decided to look elsewhere. It might be that you entice them with an exciting deal. Or, it could be that you draw them in with a mutually beneficial loyalty point scheme.
Find out what your industry peers are up to
Another great suggestion is to use the internet to find out what your industry peers are doing. Use competitor research tools to do deeper investigation on your competitors and what they are doing. As you begin to collect more and more information, you will find it easier to develop your marketing strategy. Instead of going it alone, you could be learning from the successes and the failures of your biggest competition.
Set up Google Alerts for all of your competitors. You will need to ask one of your staff members to monitor any interesting articles. In addition to this, you could try following your industry peers on social media. It will require you to set up a dummy account that won’t attract any negative attention. Again, you will need to ask a member of your team to keep an eye on this account.
Generate positive publicity for your brand
If you find that positive publicity surrounds a lot of your industry peers, it is vital that you are matching their efforts. If you are new to the online world, it may seem like a big challenge, but you should try setting up your own blog. Your blog could be an incredible platform for you to promote good news stories about your business.
Write press releases, promote on social media, etc.
Another option is to set up your very own YouTube channel. Again, this may seem like a big challenge, but the payoff could be huge. Video marketing is an incredibly powerful tool and it could be just the thing for improving the reputation of your business. Furthermore, it is unlikely that your industry peers will have thought of setting up their own blogs or YouTube channels. If this is the case, you have a chance to corner the market and gain a significant advantage.
Access valuable staff training
The final suggestion is to go online to access valuable staff training. This could be a quick, easy, and cost-effective way for you to move your employees forward. As their leader, you need to show your team just how dedicated you are to provide the necessary guidance and support.
You cannot afford to take your employees for granted; this could have a disastrous effect on employee morale. You could also end up throwing money away if you are forced to hire external employees at a higher cost, not to mention retraining costs.
Think carefully about your company training opportunities. You should direct your employees towards powerful TedTalks, informative YouTube tutorials, valuable blog posts, and interesting e-books. You could even pay for some of your employees to complete online college degrees that are relevant to their field.