Starting a small business is something just about every entrepreneurial spirit thinks of doing at some point or another. Yet if you aren’t prepared to harness the power of technology to make the most of your first year in business, you’re going to have a bad time. Simply put, the first year is a make-or-break 12-month period for a startup, where they either lay the groundwork for success or pave a path toward failure. To successfully compete as well as cost-effectively manage their capital and resources, small businesses fresh on the scene must utilize tech as much as possible.
Fortunately, for most service-based startups and/or those existing on a mostly virtual plane thanks to the internet, the overwhelming majority of the tech they ought to be using to make the most of their first year in business is in the form of software and applications – No need for overly expensive equipment or super sophisticated hardware.
1. Prioritize productivity
One of the most common mistakes made by first-year business owners is a failure to calibrate the necessary productivity rates for success. By virtue of their inexperience, new business owners aren’t entirely aware of how much needs to happen to turn a profit, or at the very least break even. It varies from company to company, but a business owner needs to find those figures and make it happen. Afterward, utilize office productivity software designed to cut down on inefficiencies and improve unified awareness among staff. This software essentially enables employees to work together from wherever they are and keep up to speed in real time regardless of their individual progress.
2. Gather Leads
There should be no theoretical limit to the number of leads a small business generates. Their limited resources will prove to be enough of a governor on their growth. Whether it’s through improved search rankings, automated correspondence, optimized telemarketing, some combination of the three or involving some other form entirely, a small business in its first year needs to explore as many lead generation options as possible through tech.
3. Defined goals
Similar to getting a firm grasp on productivity expectations as soon as possible, newly minted small businesses need to have a sense of their goals going forward. And like with productivity, the tech used to help make this happen comes in the form of organization software like Evernote. While the specific goals themselves vary from company to company, such tech can help to keep these objectives in the forefront of thought as the first year hits the halfway mark and beyond. Otherwise, the original goals can become easily lost in the fray of the learn-as-you-go trajectory of most businesses in their first year of operation.
4. Learn from your mistakes
Lastly, it’s important for small businesses just starting out to use technology to learn from their mistakes. Mishaps, miscalculations, and misunderstandings are inevitable in the first year. Use data analytics software to uncover mistakes which may other otherwise gone unseen, as well as see the bigger picture for how it stands, errors included. This is essential for making sure the second year is not a series of deja vu moments where the same missteps are taken.
If you’ve decided to take a small business dream to the next level by turning it into a reality, technology better be playing an important role. This is because of how critical a good first year is for a company trying to get its foot in the door. Without the assistance of technology during this critical stage, companies will struggle to be as productive and focused as possible.