Those notions are especially enticing for a startup, where every improvement in speed and output accelerates growth and cuts the time needed to reach profitability.
After all, when you run a startup, you are in a race. You are counting down your capital as you try to build your business. Anything that will speed you past the finish line – that is, anything that will get you to profitability faster – could represent the difference between success and failure.
No wonder startups are always trying to find the next great tech advancement that will improve their efficiency and streamline their operations. Here are seven of the easiest tech upgrades that can fast-track your startup to profitability:
Connecting with potential clients is key to building a sustainable revenue base. You need to draw people in and convert them into customers. Your website represents the main portal for this connection.
After all, your website provides the main avenue for people to find you and to learn about your products. Investing in an attractive, engaging site will pay significant dividends in the form of increased sales and accelerated brand development.
To get this done, upgrade to a high-powered content management system. It will allow you to take full advantage of the website’s potential by improving its scope and quality.
No content provides a more immediate experience than video. The medium allows you to form a strong connection with your audience. As such, take your web content to the next level by including clever and engaging videos.
Splurging for professional video production gives you a significant return on your investment. It may seem cheaper to rely on text on your website and quick memes in your social media feed. However, your ability to go viral increases when you tap into the power of video. Even as just a complement to your existing website content, it makes for a more dynamic experience.
Tying Directly into Customers
Achieving profitability means developing a solid revenue base. As such, you want to develop repeat customers. You want to nurture a clientele you can count on to provide ongoing orders, allowing you to grow your sales base over time.
To do this, you should utilize technology that connects you with your customers. Building an app or creating a direct-line punchout catalog eases your customers’ ability to make large purchases. This, in turn, will increase your earning power.
The more you know about your market, the easier it will be to make sales. Analyzing data will let you target your potential customers more effectively in the short term. Meanwhile, in the long term, it will allow you to improve your offerings over time, widening your prospective market as you innovate.
There are lots of high-powered data-analysis tools out there. Shop around and find ones that suit you best. But even using something as obvious as Google Analytics can give you important insights. It’s just a matter of investing the time and resources necessary to unearth the information you need.
Getting the best employees makes a difference for any business. However, the impact of an individual team member becomes significantly more significant in a start-up situation. Finding the right people could go a long way in accelerating your development.
Use hiring software to help you find the right people. These programs will cull resumes for you and make your recruiting process more effective.
Meanwhile, you can turn to social media to improve your search process. LinkedIn is standard tool at this point, but even building relationships with talented people through Twitter or Instagram can pay off down the line.
Start-ups have to remain lean. Achieving profitability comes, at least in part, from maintaining a low expense base. That means keeping costs down and looking to do everything as efficiently as possible.
There are a host of technology upgrades that can help you achieve this goal. Messaging software and products like Slack keep your employees connected, making team projects more effective.
Meanwhile, time tracking software and other similar programs allow you to pinpoint waste. This information, in turn, provides you the insight you need to streamline operations and optimize your procedures.
It may seem like an obvious purchase, maybe one that’s not really worth mentioning. After all, everyone uses some form of accounting software, even if just for their own personal tax preparation.
That said, there are different levels of accounting software. An upgrade can help you get the most value out of your financial management.
Succeeding as a startup involves stringent cost-benefit analysis. You need to know where you are spending money. You also need to track whether or not you are getting enough out of every investment. High-level accounting software can help you do this. It can give you the additional information you need to improve your asset allocation and accelerate your journey to profitability.