By Geoff Aldis
For all companies – be they large or small – it is absolutely essential to try to create products or solutions that are unique and give consumers exactly what they require.
This means understanding the needs of customers, identifying how the business can provide something that other companies cannot deliver, and also staying ahead in terms of technological advancements and making processes as efficient as possible.
However, remaining on top of progress, and figuring out what is best for your company, is not always easy. Technology advances quickly, with new pieces of software and hardware emerging continually. To remain at the forefront of your particular sector, it is vital to not only understand what pieces of kit can help your company, but how it will benefit you in the short and long-term, and what the financial impacts will be.
So, with that in mind, let’s take a look at how you can ensure you stay ahead of the curve.
Keeping ahead of the game
- Don’t be afraid of taking a leap
Of course, this is not an attitude that you should embrace in absolutely everything you do, but you must realise that sometimes taking on new equipment or software will be a little uncomfortable: nobody likes change, even when it is liable to bring about benefits and financial rewards. You need to adopt the mentality of setting aside major doubts, and instead focus on having conversations with experts and people you trust, and then taking decisions based on the outcomes of those discussions. One of the most essential routes to progress is to realise that you cannot do everything on your own, and knowing that you should listen to wise words from wise people.
- Understand and believe in your employees
To successfully adapt to technology you need to be able to trust those around you, understand their strengths and their weaknesses, and work out how they will be able to adapt to any changes. If there are any shortcomings, or areas where development is required, then organise training sessions, ask people what they would like to learn, and see if they have any ideas of their own that can drive the company forward.
- Be on the ball
The fact that technological advancements happen so quickly means that you have to be capable of reacting with haste but also in the appropriate manner. It can be quite overwhelming making decisions that could impact how your business operates, and that’s one of the reasons why it’s vital to surround yourself with people you trust and will be able to offer valuable advice. To stay ahead of the curve, you will have to make decisions quickly, but you should only make such decisions on the back of evidence, analysis and considered opinion.
- Be agile and flexible
The companies that are going to thrive in the era of technological advancement are those with the capacity to react to change quickly; with a flexible approach to how they operate. It is also important that they take risks when required, and look at how they can create an innovative work ecosystem that will be more efficient or effective than those operated by rival organisations. Simply relying on that which has worked well in the past will not be enough.
- Innovation is king
Progress is all about embracing innovation and learning how new technologies can improve what you do. Sometimes innovations will be small, such as computer systems that run a little faster, for example, but they can also be large – how about machines that drastically reduce the amount of material required to create a product? It is vital to look at all innovations and incorporate those that will provide the greatest level of benefit to your company.
- Ask questions and don’t be afraid to admit a lack of understanding
An old adage claims that you should ‘fake it until you make it’, but rarely is that an appropriate course of action. When it comes to making the best decisions for your company, regardless of its size or its purpose, you have to be able to ask questions when you don’t understand something. Technology and its associated processes are evolving so fast that it is impossible to be an expert on everything, so ask actual experts or people more closely linked to products. They will be able to offer valuable insights that you would otherwise not be privy to.
- Look after yourself
Running a business is by no means easy or simple – if it was, everyone would be doing it. Also, it doesn’t matter how well you plan or prepare, sometimes things can go wrong that are completely out of your control. The COVID-19 crisis, for example, was not the fault of poor business planning or a lack of technological progression, but businesses are liable to find themselves financially crippled nevertheless. Research by Direct Line reveals that even smaller-scale disruptions to SMEs can be incredibly damaging. The average insurance claim by SMEs in the UK, for example, exceeds the monthly net profit of 45% of those making the claim. It is times like this when the benefits of making sure you are prepared for any disaster really come to the fore.
As you can see, there are many ways for small businesses to stay ahead of the technological curve. It may not be possible to pursue each option, but even keeping a few of these strategies in mind can enhance the long-term prospects of your business in this constantly evolving world.