When starting a business, most entrepreneurs fear failure, and that’s no surprise. According to data, 50% of the companies founded in 2015 met their end by 2020, which is not exactly an encouraging statistic.
Most people think that the downfall of a startup is almost always due to a lack of consumer interest or the inability to generate enough profits to stay in the black. However, it’s important to note that a large percentage of companies go down because they’re unable to deal with the demands of intense growth.
Fortunately, building a scalable business is entirely possible with the right strategy. And, it turns out that technology can do a lot to help entrepreneurs achieve that scalability.
Have you ever wondered how technology can help you handle fast startup growth? If the answer is yes, these are the top benefits of finding the right tech solutions to invest in.
FREE UP RESOURCES FOR HIGH-VALUE TASKS
When thinking about the assets required to run a successful business, most people’s thoughts go to money. But the truth is, there’s a much more limited resource you have to distribute when dealing with rapid growth: your time.
Luckily, technology has an answer – automation and AI.
Over the past decade, AI and machine learning have reached new heights, with high-efficiency automation software available at almost all price points. For example, a customizable automation solution can cost less than a cup of coffee per month. And it allows teams to create applets with conditional logic and multiple actions.
Of course, there are also plenty of advanced AI apps. These can help startups automate their finances, digital assets, inventory, customer support, marketing, and much more. And even though they may require a monthly or one-time investment, as well as some elementary tech skills, they’re more than worth the cost. Not only are they effective at time-saving, but they also free up resources for entrepreneurs and employees to spend on high-value tasks like R&D, marketing, and improving customer experience.
KEEP CUSTOMER EXPERIENCE CONSISTENTLY HIGH
One of the challenges of keeping up with an increasing demand for your products is ensuring that your (existing and potential) customers receive the attention they deserve and expect. Survey data from HubSpot shows that customers had higher expectations in 2020 than ever before, signaling just how important it is to focus on a consistently positive customer experience.
Fortunately, technology can play a role in improving the efficacy of existing customer care practices.
Conversational AI solutions and CRM platforms can help support teams do a better job of meeting consumer demands. Shipping automation tools can ensure that your customers get their products quickly and hassle-free. And third-party payment software can help remove traction from the buyer journey, making it easier than ever for people to go from leads to satisfied (and loyal) customers.
And best of all, any of these tech solutions can also provide you with verified, actionable consumer behavior data, helping you predict and meet customer needs before they’re even voiced. Plus, they’ll equip you with precious insights that will inevitably come in handy for making decisions in the future.
BOOST PRODUCTIVITY
The one inevitable consequence of fast startup growth is an ever-expanding to-do list. And sure, automation and delegation can make it easier to handle everyday tasks. But, there comes a time when both business leaders and employees will have to find ways to boost the efficiency with which they approach those tasks.
One good way to increase productivity via technology is to use it to ensure better time management.
Scientific research from the past two decades has shown that the key to doing better work is to combine goal-oriented planning with regular work-unrelated breaks. This is why hacks like the Pomodoro technique have become so popular among entrepreneurs.
But although time management tools can do a lot to help business owners stay on top of their tasks, they’re not the only way to use tech to boost productivity and handle fast startup growth.
Emerging methods like using binaural beats for sleep, utilizing digital wellbeing apps to remove distractions, and employing lights to increase focus, are exciting new ways tech has been helping professionals handle and prepare for demanding workloads.
And best of all, they all do this without sacrificing your health or leading to burnout – two of the main issues you are bound to come across as your business starts to grow at a rapid pace.
BE FUTURE-READY
If there’s one thing everyone learned from the Covid-19 pandemic, it’s that business survival requires an agile approach. And, the same could be said for dealing with fast startup growth.
At the moment, market demands and consumer trends are shifting on an almost monthly basis. Therefore, one excellent way to utilize technology is to stay in the loop about industry trends, keep track of competitor behavior, and identify new business opportunities.
For this reason, it’s essential that you are open to trying out new solutions that could help your startup deal with future demands.
Whether your team starts asking for a more flexible work schedule, your target audience discovers a new social network, or your suppliers run into unexpected production issues, staying on top of the available tech you can use to run your business is going to be a big part of helping you handle the growth and demands of running a startup.
TAKE CHARGE OF YOUR BRAND’S GROWTH
Finally, as you explore the benefits of technology for managing the expansion of your business, don’t forget that the right solutions can also help you achieve your desired business goals. It doesn’t matter whether these include breaking through in a competitive niche, attaining sustainable growth, or simply making a splash.
One particular area where tech can help you work towards growth is marketing, as it can do a lot to get the most out of your budget without sacrificing reach or ROI.
If you haven’t already, start looking into software solutions that will help you win more organic traffic. You can also explore ways to automate content distribution or add finishing touches to the visuals you produce to ensure a consistent style on your social media profiles.
FINAL THOUGHTS
As you navigate running a successful and fast-growing startup, you have to understand that the only way to stay afloat is to make the most of every opportunity you are given. In 2021 and beyond, this means employing the available technology to handle, encourage, and measure the growth of your brand.
Fortunately, new solutions are emerging on an almost daily basis. And, they’re more affordable than ever.
This means that there’s no excuse for doing things the old way and risking subpar results (or even failure). Especially when tech can help you automate and delegate tasks, effectively manage projects, take better care of yourself and your employees, keep your customers happy and prepare for future challenges.
So don’t hesitate to give that attractive new solution a try. Even if it turns out not to be the thing for you, implementing efficient systems early on in your brand’s journey is sure to help you keep on top of things when your business becomes too much for a small team to run.
