How to best manage your company’s growth with technology.
When it comes to successfully managing a company’s growth, most business owners know they need a plan. A detailed plan built with a long-term lens can establish direction for your business, breaking down both short and long-term organizational goals and establishing a plan to make those goals a reality.
While it’s a common thought that most companies place budgetary priority on areas other than IT (like marketing) Gartner found that CMO’s are predicted to spend more on IT than CIOs, with marketing departments spending a significant amount of their budget on marketing-related technology and services from their own capital and expense budgets outside of IT. Marketing technology budgets, including spend on technology and infrastructure, are now surpassing even advertising budgets, according to Brinker of ChiefMartec.
Given the trajectory of IT and technology spend amongst successfully growing business, technology is booming in the business world. If your business plans on growing in a competitive marketplace, what should you be considering as part of your long-term growth strategy when it comes to IT?
We break down our top technology considerations for growing businesses below.
Technology continues to shape the way the world ‘does’ business. In a constantly evolving technological landscape (as we describe in our previous blog Technology and Your Growth Plan) staying where you are, or following methods which have made you successful in the past, won’t work forever.
When it comes to successfully managing growth, investing in the right technology has been proven to boost business productivity and internal morale, making it a critical investment. But how do you know what is the right investment?
The answer is, you likely don’t right off the bat, which is exactly why you need the right guide and partner. When it comes to finding the right technology, innovation – or introducing something new into your business – is key. Innovation doesn’t necessarily have to mean taking a leap of faith and investing all your resources into a single product or service. It can mean introducing a series of small, incremental changes that not only support your budding business, but help it grow and thrive. In a business case presented by Info Entrepreneurs, ‘Use Innovation to Grow Your Business’, the group identifies that exploiting new ideas, products and services are essential to improving business processes, increasing efficiency, bringing products and services to market, and ultimately improving profitability.
Taking advantage of new technology and introducing that to your customers also positions you as a leader in your industry, keeping them satisfied that you’re putting their needs first and always looking ahead. Managed IT firms like TWT can help you identify, research and choose the right technology and systems that will allow your business to grow like you envision it to.
Process Improvement and Scalable Solutions
When you started your business, your processes were likely simple and easier to manage given your level of involvement. However, as you grow, managing processes and knowing exactly what is going on gets more challenging as you scale. As your company grows, your processes need to be revisited and redefined to accommodate your growth – it’s that simple.
Things like easy automation can help one repetitive tasks become more streamlined, allowing for increased efficiency. Considering technology for the future instead of thinking about immediate needs can position your company more competitively in the marketplace. In other words, process improvement can set your company up for success and enable it to grow internally and externally.
Make it an ongoing progression: take a look at your current processes, do some quality control and find any gaps or discrepancies in processes or process outcomes, and make continuous improvements to support scalable solutions.
As you grow, so will your team, your client base, and your needs. Small IT departments or unprepared IT service providers can quickly become overwhelmed if they don’t have a clear understanding of your vision and growth plan. Having a clear understanding of the level of IT support you need now, and what you may need in the future, will help set your company up for success.
Consider supporting your growing and on-the-go team with things such as remote monitoring and support, telecommuting, and Cloud-based solutions that will allow your team to competently deliver impeccable customer service from any device, anywhere.
A fully managed IT services company who sees you as a partner instead of just a client number can help make this happen by understanding your company’s needs and helping you take advantage of tools, technologies and systems that are cost-effective yet still allow you to build your infrastructure and operate at a high level.
Budgeting for IT Spend
Budgeting is essential to business growth as it provides the funding to keep any department, including IT, running smoothly and able to execute initiatives critical to the growth of your business.
However, budgeting for IT spend without a detailed ‘tech’ plan can be a challenge. When it comes to businesses that are on the rise, we have a saying: Spend a little, save a lot.
Think about your one, three, five, and even ten-year plan. Where are you now, where do you want to be, and what do you need to do to get there? While not always considered a priority in terms of budget, research indicates that allocating an IT budget to spend on systems, infrastructure, technologies and talent will improve workflow, increase productivity and also save you, your team, and your company time - man hours and IT-related downtime included.
Plan ahead, invest in the right areas, and boost your bottom line.
Partner with someone you can trust. Don’t be just a client number.
When you’re trying to grow your business, it’s helpful having people you can trust in your corner, especially when it comes to understanding the intricacies of technology and the impact IT can have on your business and its growth. Considering the above points, taking action to strategize and set-up initiatives early can make all the difference.
At TWT, we help businesses that are focused on growth like yours evaluate their current technology, then work to determine what technologies will best support their short-term and long-term growth plan. And, as a partner of several incredible vendors such as Cisco, Meraki, Shaw, Microsoft, Apple and Google, we ensure that we help procure the right technology at the best price.
Let us manage your IT, so that you can manage the rest. Reach out and let’s talk about TWT can help you grow your business in a cost-effective way.
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