Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

Technology–Based Strategies to Supercharge Your Business

tech-strategyAs a business person, you are probably already technology-savvy at some level. However, because technology changes so often, you may not be aware of some new technologies that can help to supercharge your business, regardless of its size. Adopting technology is probably one of the fastest ways to drive advantage in your favor.

Strategy 1: Use the internet to help finance your business
With the JOBS Act of 2012 and the development of crowd funding, you can sell small amounts of equity to many investors with fewer restrictions than under previous security laws. While the JOBS Act is waiting implementation, you can also look at hybrid models such as Mosaic Inc., that work within existing security law to enable the public to invest in clean energy projects.

Strategy 2: Embrace social media and expand your sales
Enhance your company’s visibility by adapting effective social media strategy using Facebook, Twitter and LinkedIn. You can interact with audience directly and drive traffic to your website. Print media is taking a step back as internet-based advertising replaces it. Find out the platform and communities where your customers spend the most time and create a strategy to engage with them with compelling and useful content to keep them engaged with you.

Strategy 3: Adopt new technologies to streamline your business
Most businesses have software for accounting, user-friendly websites, online catalogs and call centers. Some may have even streamlined inventory management systems in place. The following are some additional technologies which can be adopted by small businesses:

  • Real-time, on-demand video for marketing and product promotion
  • Online Customer Relationship Management (CRM) and customer care to re-personalize customer experiences
  • Subscription-based software as a service (SaaS) which minimized upfront investment by giving services similar to the idea of “pay by the drink.”

Strategy 4: Take your business into the cloud
The “cloud” is one the most significant paradigm shifts for companies. The cloud offers cheap storage and availability of information from multiple devices.

Strategy 5: Create a mobile app
People are using smartphones to browse more than any other device. Applications are not just about downloading music or finding directions on a map. Creating an engaging application is much higher in value than an advertisement or an email. You can think of sending special offers, coupons or news that can be of use to them.

You can use the above technology-based strategy, per your business needs. There is no single formula that works for all businesses, but a combination of multiple options is something that works well.

For more information, you can visit: http://www.forbes.com/sites/allbusiness/2013/10/22/5-technology-based-strategies-to-supercharge-your-business/

Thanks for reading, and until next time… stay WISE!

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