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The world around us is changing at a rapid pace. Just look at the past decade and think about how much of a technological revolution we’ve experienced. The amount of information, technology, and progress that we’ve made in such a short period of time is quite overwhelming.
As reported by TheEmergingFuture.com, “Every twelve to eighteen months, computers double their capabilities, and so do the information technologies that use them.”
With all of that being said and fresh in your minds, has your business been progressing at these same speeds? If not, you just might not be around to experience the huge changes ahead in just the next few years.
One of the biggest laggards for businesses and brands today is sticking with traditional and ‘old world’ methods that either simply no longer work or take up too much time and resources to accomplish. Today, we are going to be taking a look at some of the best business tips and recommended solutions for growing your business at scale from all angles, while also taking advantage of the many time and money-saving advantages around you.
Using Financial Platforms to Your Advantage
More often than not, if you want to start a business or expand it to that next big level, you are going to need money. In previous years, this would ultimately be set up through a local bank, and you would also need to pitch your business model and see if it was approved. Business, finance, and investing today couldn’t be further from these old and burnt-out methods.
The internet has made it extremely easy for anyone to get started with a business of their own. It’s also made the world of bank loans and borrowing a complete nightmare for local and traditional banks. In short, banks are outdone by their competitors – and this is just something we continue to see on a daily basis.
Banks continue to close their locations and are trying to focus more efforts online, but they still often can’t compete with many web-based financial platforms. In addition to this, there are now more ways to fund your next startup idea than ever before. These aren’t just working strategies for business owners, they are also obstacles for traditional banking institutes as well.
If your business is still relying on the same old bank accounts and collecting checks, this isn’t just potentially wasting your time and effort; it’s also tedious as well. More businesses and entrepreneurs are using direct deposits, financed loans, and easy-repay programs to quickly borrow money from their online banking institutions while also never needing to step into a bank or dress up in a suit to apply for their next loan.
Focusing on a Marketing Strategy that Works
If the past ten years has shown us anything in the world of retail, it’s that those who haven’t adapted with the times will surely die.
Just look at once multi-billion dollar companies like Blockbuster, Sears, Kmart, BestBuy, and many others. If they aren’t already out of business, most of their brick and mortar locations are closing quickly.
Yes, Amazon does play a huge role in the retail space, but it also comes down to how money management, costs, and advertising are being done as well. Besides branding, Amazon pretty much focuses all of their efforts on internet advertising and customer targeting.
When running any type of business, it’s not just about how much you can bring in but also how much you can limit from going out.
Traditional marketing methods like television ads, print, mailings, flyers, and cold calling still work – but nothing like they have in the past. But don’t get me wrong, offline advertising and marketing isn’t dead – you just need to find a working medium that uses both.
With Google and Facebook at the peak of perfection for online marketing and customer/demographic targeting, how can you not be taking advantage of these opportunities? Not only do they work extremely well and give you access to more than 70% of people throughout the world; it’s also one of the best ways to actually track your results and see if there is a positive or negative ROI every time.
Employees, Staff, and Cost Management
When you look at some of the biggest businesses that have failed over the years (and even internet-based ones), it often comes down to excess costs and trying to scale too fast. Associated costs with growth in customer service can quickly flow over in the wrong direction.
Once again, thanks to the power of the internet, there is no longer a need to hire staff, have a physical location, and have a negative balance for the first couple of weeks every month. Any of these cost-bearing components could easily fall into the ten reasons why 70% of businesses will fail within their first 10 years.
Better options lie within hiring freelancers, using automation to run your business, and also having a business online that actively runs 24/7/365. These methods likely won’t apply to all businesses and brands, but they definitely can help with cutting costs, limiting the need for physical people within a business location, and new opportunities in scaling globally through hiring freelancers and using advanced automated solutions.
Entrepreneurs Often Fear What They Don’t Understand
We’ve covered three different spectrums of technology advancements and what’s probably going to be standard across the board in the coming years.
The big question here is: why are so many entrepreneurs and businesses still on the fence?
For the most part, this often comes down to FEAR. This can apply for many different reasons, such as:
- Fear of making a financial investment in new opportunities
- Not completely understanding the tech/opportunity and letting it pass by
- Staying comfortable with the way things are and ignoring the situation
In summary, technology is growing at a rapid pace, and it’s completely changing the world of business around us. If you aren’t adapting with these changes as well, you and your business might not be around to take advantage of it in the coming years.
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