Spending money is something that a lot of business owners are feeling understandably cautious about at the moment. With the rising cost of living and inflation increasing around the world, every business leader is thinking about what they can do to make sure that they continue to ride out the next few difficult months with as little disruption to business as usual as possible. The good news is that companies are well prepared for tough times after a couple of hard years. However, it is important to remember that not spending any money does not translate to a healthy business.
If you want your IT company to continue to grow, you need to consider the areas you need to invest in. Every business, regardless of sector, is going to be fighting as hard as you are, and that if you fall behind, you may not be able to claw your way back. You cannot afford to find yourself being pushed out of areas that you specialize in, or of ignoring dangers that others have fully protected themselves against. Here are a few areas where you should focus your time and spending right now.
Focus On…Auditing Your Performance
A deep dive audit of your past performance is always the kind of thing that produces groans from your staff, but it is impossible to underestimate its importance. There are people who will tell you that looking back is no way to look forward, but they would be short-sighted. Given everything that businesses have been through over the last couple of years, there are plenty of lessons to be learned in your records so it’s time to roll up your sleeves and dive in.
Think about how you have reacted to adversity, how you have pivoted and rebounded. You will almost certainly notice areas that are no longer working as well as they should, and these are the ones that you should think about cutting. However, you may also notice that your business has performed beyond expectations in other areas. This could give you a much better idea of where you should be investing your money and time. An audit can be the springboard for so many next steps.
Focus On…Shoring Up Your Security
If you work in IT, then you almost certainly know that cybercrime has been absolutely rampant over the last couple of years. So many companies out there did not have the experience or knowledge of how to handle the rising threat and found themselves facing a series of attacks. Of course, it was not just the small start-ups and online stores that needed to worry. Even the biggest government institutions and hospitals were under attack. It is impossible to understate the impact that this wave has had.
Given that you work in this sector already, then you have a much better idea of how to take the basic steps to avoid having your security compromised by criminals. However, you still need to make sure that the software that you are using is as safe as it can be. Using a DevSecOps program to check the security of your software through the development process is far more efficient than simply checking it once at the end. If you want to learn more about how your software can be tested for bugs, visit ForAllSecure. They offer autonomous security testing that maximizes productivity to allow your developers to focus on features, instead of safety.
Focus On…Making Sure Your Financial Plan Is Sustainable
It may sound counterintuitive to spend money on saving money but given how temperamental the market has been over the last couple of years, you need to ensure that you are getting the best financial advice possible. If you are a small business or a recent start-up, then you may have been doing most of your financial responsibilities in house. While we certainly would not want to disparage your financial acumen, it is a simple fact that an excellent financial advisor is going to be better prepared to guide you through any difficult months that may be on the way.
Financial advice is not just about making sure that you have enough money in your business account at the end of the month. A good accountant can tell you about any local business grants or incentives that the government is offering to encourage growth. If you find one with experience in your sector, they can talk to you about many of the most frequent challenges that people in your position face. They can also help you to start planning for long term savings. And in the result that things do take a severe turn for the worse, they can advise on the best steps to take surrounding bankruptcy.
Focus On…Digital Marketing
We mentioned how fierce the competition is going to be in the next few months. Every business is going to be fighting tooth and nail to stay afloat, and that means that you need to be just as determined and inventive. Digital marketing is something that can end up being a huge money sink if you are not careful. There are still some people out there who recommend the approach of throwing everything at the wall and seeing what sticks. This is a great way to get your company in front of a lot of eyes, but this approach often means that you are not finding the audience that would want to use your product or your services. It’s wise to consult with your local marketing agency. Find reliable and experienced people from your area, if you are in Australia, you can talk with a digital marketing consultant Melbourne and plan your strategy properly before making any moves, listen to your consultant and try to have a steady supply of content just to get the exposure needed.
A good digital marketing campaign takes time and effort, and it starts with thinking about who your target audience is and how their behavior is changing. Where are they spending their time online? What kind of messaging is going to appeal to them? It is worth talking to a digital marketing agency that understands your business and the kind of audience that you are looking to attract. A good digital marketing company will continue to work with you throughout the campaign to ensure that the data is being used to fine-tune not only your advertising, but your wider branding and content.
Focus On…Your Website
A lot of new companies leave their website until the last minute. They think that a placeholder is good enough while things get up and running. However, time moves a lot quicker than you may realize once you hit that launch button, and if your homepage doesn’t impress new visitors, you may not keep them there for very long. It is also true that many businesses operating for longer keep putting off website updates and redesign because it seems like more pressing issues to take care of.
While your webpage may not seem like a fire that needs putting out immediately, you need to factor in that Google is constantly working on refining its algorithm and major updates have recently been rolled out. This means that it is high time that you think about what your content is doing for you. If you have not updated your site in a while, think about writing some expert blogs that are accessible and informative while demonstrating your expertise. Would video content be a good way of making what you do more accessible? You should also think about how you can keep your website visitors on your page for longer. An AI chatbot may be a simple but worthwhile addition, programmed to answer frequently asked questions and direct visitors to where they need to go.
Caroline is doing her graduation in IT from the University of South California but keens to work as a freelance blogger. She loves to write on the latest information about IoT, technology, and business. She has innovative ideas and shares her experience with her readers.