3 Ways Small- and Mid-Sized Business Owners Can Grow Their Business Through Innovation
In today’s competitive environment, business leaders need to consistently find ways to innovate to help their organization grow and outperform competitors. Innovation can come in various forms, such as the implementation of new business processes or the use of technology solutions in key business areas. In this article from Computer Chip, we’ll explore three of the best innovative strategies small and mid-size business owners should consider and the benefits they provide.
1. Implementing Business Process Management (BPM)
BPM is a practice that has been in existence for decades, yet the majority of small business owners are unaware of it. BPM focuses on finding efficiencies and inefficiencies in your business operations. It works through modeling and analyzing end-to-end business processes and provides numerous ways through which these processes can be streamlined to help a business meet its goals effectively and efficiently.
Modern BPM is carried out by powerful AI software, which can be integrated with various digital tools used throughout the organization. In a way, it creates a bridge between these tools and promotes interoperability. Based on its analysis of your current processes, the tool can create models to represent how the business will perform in various scenarios and highlight areas of inefficiencies to be addressed.
A key benefit of using a BPM tool is that it consistently monitors business processes and can provide real-time feedback regarding business performance. This makes it super easy to test the true impact of implementing a new tool or process on productivity and efficiency. Additionally, as reported by Software Hut, BPM provides the functionality to automate repetitive tasks and allows employees to channel their energy toward projects of higher importance.
2. Using Digital Marketing Tools
Any business that wants to succeed in 2022 needs to invest heavily in digital marketing. Social media has become much more than a platform to share content. Sites such as Facebook and Instagram now provide businesses the functionality to sell products directly from their profiles. There are plenty of apps and plugins available to help with your e-commerce, but there are also resources if you choose to code your own additions. Click here to find helpful articles on common coding issues that may help you push past minor problems and get your website running the way it should in no time.
Additionally, they also have native performance marketing tools which can be used for free to run campaigns dedicated to customer acquisition, remarketing, conversions, increasing website traffic, and more.
Here are a few interesting statistics provided by Smart Insights that businesses can use to shape their digital marketing strategy:
● The median engagement rate on Instagram is 10 times higher than that of Facebook.
● Video-based content receives significantly higher engagement compared to text and image-based posts across all major social media platforms.
● The best time to post on social media platforms is between 9am–1pm throughout the week.
Although videos are incredibly effective for social media posting, images are still a strong second. So, if you want to share important information about your business or a related topic, use an infographic instead of explaining the content through a wordy post. Don't worry. Making these graphics isn’t difficult. Check this out. It’s a free online infographic generator that will help you to make your first post-worthy graphic in minutes. Just find the right template, plug in your information, save, and share!
Another important aspect of your digital marketing activities will be your logo. The best way to create a memorable logo is to use an online logo generator that provides you with numerous templates to choose from. These can be customized based on your brand expectations and guidelines.
3. Prioritizing Good Time Management
Following good time management practices results in a business achieving goals within timelines, efficiently utilizing resources, and experiencing high employee satisfaction. This helps the business develop an edge over competitors and produce higher output across all departments at lower costs.
Some of the best time management tools to consider include:
● Calendar Apps: cloud-based calendar apps can be used by managers to set deadlines and schedule meetings. Given that everyone has access to the app, it reduces the chances of confusion and delays.
● List-Making Apps: these apps can be used by employees to keep track of daily tasks and share timely updates with team members. Additionally, during cross-team projects, multiple employees can create collaborative lists to accurately divide responsibilities and assign stakeholders.
Business leaders will play a key role in spearheading good time management practices across the organization. In every team, managers will need to set an example for others to follow when it comes to managing time, prioritizing tasks, and meeting deadlines.
Invest in Long-Term Strategies
Innovative solutions are not a quick fix to business problems. Rather they are long-term changes that shape how your business operates on a day-to-day basis. Additionally, when implementing new tools relating to BPM or digital marketing, make provisions for training employees on their best practices and consistently track its impact on business performance and productivity. Provide your team with great resources, like a free infographic tool, coding resources, and computer repair services. With the right tools, your team – and your business – can do amazing things.
When your business relies on technology for their success, you need a technology repair shop that you can trust. Visit Computer Chip to learn about our services and to schedule your repair today!