We live in a world of hyper competition. Things are moving faster than ever and if you can’t keep up, you’re going to get left behind and your business will suffer.
Working harder isn’t the solution either. We’ve all been there and put in 100 hour work weeks just to figure out that it barely makes the difference that we are all looking for. Not only that, it’s not healthy at all.
So what’s the solution? What can we do to stay in the game and also thrive without driving our bodies into the ground by hustling harder? We must leverage. To be exact, we must leverage our time, energy, and money.
We can do this by hiring employees and training them to run different parts of your business so you can focus on other important tasks to work on the business and not in it.
However, with the rise of technology, you can now invest your money into computers and software to save you massive amounts of time and energy. Additionally, advancements in artificial intelligence (AI) are creating smarter robots that can do a large variety of tasks.
In this article, I aim to share with you the different ways that technology can be used in your business no matter which year you might be reading this in. These are the four principles of using technology in your business. Let’s dive right in.
If you rather watch a video about the four principles of using technology in your business, I made a video to go along with this post:
As you run your business, there will be certain tasks that you can hand off to a computer system and let it quietly run in the background. You might need a developer to create custom software for your business, however, there many software tools already out on the market that can help you automate many tasks.
For example, you can use Buffer to upload and schedule content for your business so you can focus on creating high quality content and less about actually posting.
You can use automation in physical businesses as well. For example, McDonalds now takes your order from a computer screen so they can have employees and managers doing other tasks. It wouldn’t be so crazy to see robots making burgers in the near future too.
By automating monotonous tasks that can be done by robots, you are freeing up time and energy for yourself and your organization. You can accomplish tasks that computers can’t, such as coming up ideas for your new business strategy.
It’s not an efficient usage of your money to hire employees to do tasks that robots can get done for you. You much rather have your employees doing tasks that directly impact your business’s revenue.
Computers are lightning quick at what they do. They can create virtual worlds in seconds, get millions of answers within a split second, and do massive calculations. You must leverage this power in your business.
To illustrate how technology can speed up your business, let’s say that you’re an accounting firm and you’ve got a few clients. However, instead of tracking numbers in a formal software like QuickBooks or even Excel, you track everything on just paper.
Not only are the chances of you to make a human error in your calculations higher, you will never be able to catch up to how fast a computer can crunch the numbers and generate reports.
The accounting firm which uses QuickBooks will always beat the accounting firm who uses pen and paper in terms of speed.
If your business has collected a lot of data about its activities, you can start to run that data through machine learning algorithms to uncover hidden trends in your business.
If you tried to crunch the data yourself, it would take years to do so, especially if the data set is more than two variables.
Let the computers do what they’re good at, which is crunching numbers, while you do what humans are good at, which is being creative and coming up with new ways to do the same things faster.
You can’t improve what you don’t measure and if you don’t measure your business performance, you can’t ever hope to improve it. You must have your hand on the pulse of your business.
Technology can help you effectively measure your business performance. For example, Google Analytics can help you track how many visitors your website has had, how many were from a mobile device, how long they stayed on the website and much more. All of this from just embedding one piece of code into your website.
As the internet gets more connected with technologies such as 5G and fiber optic cables, the amount of data that we can stream from one server to another one will only increase. This means that we can gather more data than ever before through the internet.
Storage devices are getting cheaper as well. I remember buying an 8MB memory card for my PS2 for about $50 and now, you can get 500GB of memory on a hard drive for the same price. With prices dropping on storing data, you can store much more for cheaper.
Computing power is also getting cheaper every year. You can process and crunch more data with even the cheaper processors on the market. As processor chips continually get better, the price will continually drop for computing power.
As you can tell, as technology advances and new methods of collecting, storing, and processing data come out, you can start to truly understand your business inside and out which will give you massive leverage in terms of what tasks to prioritize over others.
One of the hardest things as an entrepreneur with a startup is to scale your business to grow it. You have to go and hire new employees, you have to train them, create new business processes, and many other things.
Technology can help take some of the stress off of scaling your business by making it easy to duplicate your servers and software to handle more transactions and help your employees get more work done.
For example, you can develop an in-house CRM system that adapts to how many leads are you in your system and assigns employees using artificial intelligence to certain leads. This way you can focus on getting more employees and leads and let the computer system figure out which representative can best serve your client.
Another example is if you have a software business and your servers are overloaded by the amount of traffic that you are getting, you can easily add more servers to your hosting which will then ease out the amount of load that gets placed on your servers. This will allow you to create more transactions and make your software or website even quicker.
As technology helps you scale out your business, you can then start to focus on high priority tasks such as making sure to hire the right talent that can think for themselves and solve problems.
No matter how advanced technology may get, these four principles of using technology to grow your business will always stay the same. To quickly recap, here are the four principles:
So if you’re reading this five years from now, these four principles will still hold true. The tools are always evolving, however, their purpose do not.
If you want to talk about how you can use technology in your business, feel free to contact me, it’s @sunnychopper on pretty much every social media platform out there, even Xbox Live.
Don’t worry, it’s free and it’s not a consultation, so no sales pitches. I genuinely like talking about technology and business.
Written by Sunny on Dec 17 2018