It seems like everyone’s “to do” lists grow longer by the day and, for many business owners, it can be hard to know where to focus your attention. Unfortunately, this mindset can paralyze you to the point of allowing your competitors to emerge as a dominant force in your market – leaving you in the dust.
One of the best things you can do for your business is to become a master of anticipation.
ANTICIPATE how government regulations may impact your business and customers.
ANTICIPATE how generational differences will shape your employee base.
ANTICIPATE if and how changing work environment expectations will evolve.
ANTICIPATE how you can leverage technology to influence your business and its processes.
The list goes on and on. Things are constantly changing and in order for you to stay ahead of the curve, it’s important to know what to expect (or at least anticipate what’s coming down the road).
There are lots of reasons why staying up to date on technology trends is essential to the future of your business.
The right technology will help you:
- Attract better, more relevant talent for your business – especially younger employees. If you’re looking to grow and sustain your business – long after you retire – it’s important to look at your employee base and determine the types of people you want to hire to help your business succeed. You’ll likely want to attract younger talent, and since this generation of employees is tech-savvy, if your business isn’t up-to-date on the latest technology you may be missing out on hiring great candidates.
- Improve your business processes and become more efficient – saving you time and money. Everyone is searching for better ways to operate their business. Incorporating technology into day-to-day operations is a great way to help save time and money. Are there daily processes that you can think of where technology would help you and your employees gain efficiency? There are hundreds, if not thousands, of tech applications and software that can help you run your business better. Just Google whatever it is you’re looking to streamline. Chances are good that you’ll find numerous solutions – within seconds.
- Acquire new customers and business. Your use of technology may be important to your customers. Depending on the type of business you own, you may specifically be asked about the technology and software you use to interact and serve customers. For example, manufacturers are often asked about the types of technology they use in their manufacturing processes. If you use a more antiquated system, that may be a turn-off to prospects who want to work with forward-thinking businesses.
- Better promote your business. Thanks to technology, you are able to promote your products and services better than ever before. Study after study shows that consumers are more likely to purchase items or services based on what they see on social media – whether that be from businesses directly or from their peers. You’ll certainly want to evaluate your target audience to see what technology and social media platforms they’re using. But once you have determined that it makes sense for your business, social media could be a great way to promote your business and gain new business.
If you find yourself overwhelmed at the prospect of anticipating the next big thing in the world of technology, reach out to us for more information. Our team is happy to share with you what we’ve uncovered in our day-to-day work.
By Annie Yoder, CPA, CFE, CFF (New Philadelphia office)
This article originally appeared in the Spring 2017 edition of The Rea Report, our quarterly print publication. We’ve also included a version of the publication online. Click here to check it out!
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