Almost half of startups and small businesses fail because they failed to meet a market need. Indeed, running a startup is a difficult job because there are too many responsibilities on your plate as your business is still in its infancy.
You need to buy equipment, arrange an office, and hire, train, and organize your staff. Also, you need to make a good logistics foundation, establish a network of contacts, and make sure that cash keeps coming your way.
These tasks can be overwhelming and even tedious, which is why business owners focus on providing their staff with everything they need first, so they can perform at maximum capacity.
Technology can help startup owners leverage their limited funds in effective and smart ways, helping you to become more versatile and efficient, and do more with less.
1. HR software
One of the biggest dilemmas for most startups is whether to outsource an HR or to hire an in-house one. Many startups can’t afford to hire an entire team, but on the other hand, this function is vital and is best done by someone close by.
The solution to this problem is the right HR software that allows you to hire one HR representative whom you can trust to do an entire department’s work.
The aim is to be as cost-efficient as possible: you won’t have to keep more than one HR member on staff, and the money saved will be invested in premium HR software.
One thing to remember is that not all HR software is built the same way and the developers often focus on a certain industry or type of company.
Before you commit your money to any solution, make sure that the HR software you are purchasing makes sense in your situation.
2. Business Intelligence platform
Another problem that startups often face is the lack of experience in the industry. When making decisions, the most experienced businessmen often conduct a subconscious analysis of their previous experiences – what they call “gut feeling”. Business intelligence (BI) software is there to mend the experience discrepancy between industry veterans and newcomers.
What does BI software do? It uses huge amounts of unrefined data, and then retrieves, analyzes, transforms, and reports to the user, interpreting data in a way that enables us to use it in real situations. by doing so, BI software enables business owners to better survey their situation and to make decisions that are based on actual data and not someone’s hunch or feeling.
Business intelligence was once reserved only for the largest companies with enormous budgets. Today, with modern BI software solutions, it is something that smaller companies have access to as well.
In other words, modern Bi software enables smaller companies to compete with much bigger players, at least when it comes to data analysis and data-driven decision making.
3. The right hardware equipment
The essential element of every business is the right equipment. However, “right” doesn’t have to mean “expensive”, and there’s no need to splurge on unnecessary items, such as $500 Bluetooth speakers or $3,000 computers.
On the other hand, neither you nor your staff members can work on PCs bought in 2008 and even older ink printers. The whole staff must have access to tools that will allow them to get their work done properly.
You can get affordable Lenovo laptops that are optimized for business use, and offer a great balance between performance, portability, and usability.
Also, invest in fast Internet connection, external hard drives, laser jet printers, network equipment, and a wireless router.
4. Hire remote workers
This is a great idea that brings along many benefits. For example, you can consider having a smaller office and get access to a much larger talent pool.
Remote workers are usually paid based on their performance, so they can be a very cost-efficient workforce. You won’t need to invest much in their training, as they often know everything about the job they apply for, and you’ll have a (multinational) team with different perspectives.
This can be a major advantage if you’re trying to penetrate a foreign market, which your workers from abroad know more about. With a good cloud service, video conferencing software, and project management tool, you can have a great team of reliable employees.
5. AR and VR marketing
Lately, everyone’s going crazy about augmented and virtual reality. With this technology, you can create more effective marketing campaigns, as VR marketing is being included in every aspect of the digital world.
For example, it’s a vital feature for every game developing and video processing platform. To reap the benefits of VR, you need some hardware – the latest generation of i7 Intel processors and powerful NVIDIA graphic cards.
As for augmented reality, AR apps are becoming increasingly popular (you must’ve heard about the Pokémon Go app, launched in 2016, which had thrown the whole world in a frenzy). Including AR into your marketing strategy might be a great idea. Snapchat brought a revolution into the social media world with their filters.
The last, but nevertheless important advice we can give you is – always backup. All relevant data can be lost in an instant, which can cost you weeks of work and have detrimental effects on your company.
You can prevent this from happening by backing everything up on an external HDD, or choose to store your data on the cloud.
These tips can help you run your startup business and lift it off the ground much easier by saving you money, time, and effort. The competition on the market is fierce, so use these solutions to gain a competitive edge and stay relevant.
Author: David Webb is a Sydney-based business consultant,online marketing analyst and a writer. With six years of experience and a degree in online business strategies, he is driven to help people to better understand this new digital age. In his free time, David enjoys writing, travelling and an occasional night out with his friends.