Investing to Grow Instead of Spending to Wonder in 2011
Posted by Matt Krautstrunk on January 11, 2011 in Business Management, Business Start Up Advice [ 2 Comments ]
New year. New budgets. New hope. Uncertainty over 2011 is everywhere, likely because 2010 was such a difficult year for many. Will businesses continue to operate on abbreviated budgets, or will we see some loosening of the belt? This will remain to be seen, but as a businesses you can prep for changes by investing in the future of your company rather than bog yourself with extraneous costs.
Invest in IT for 2011
Information technology is beginning to drive the way that managers make decisions. Information technology has grown leaps and bounds in 10 years and the growth is set to remain constant, according to EChannel Online, “Ninety percent of IT decision makers at medium size businesses expect to purchase new hardware in the next six months, also up 10 percentage points since October 2010. The software outlook is good as well. Sixty-one percent of IT decision makers at small businesses anticipate replacing or installing new software in the next six months.”
Invest in Mobile Solutions for 2015
This seems like a no brainer, but investing in mobile solutions will help long-term growth. Whether your mobile solutions are a fun app, or a mobile version of your website, think locally act mobily!
According to CMS Wire, “With the rapid development of handheld functionality and mass adoption rates across enterprises, by 2014 33% of business intelligence will be through mobile devices. Initially, this will consist of porting existing reports and dashboards to the mobile, but because of the reach of mobile devices, by next year vendors will have developed mobile BI applications for specific tasks or domains.
Mobile BI will enter the mainstream. As a result, organizations should be developing their mobile apps with the help of market and product management departments to create customer–facing mobile BI.”
Invest in Your People
Without great people a business will get nowhere. Your business isn’t just about making money and answering to the shareholders. There are living, breathing elements of a company that should create a mutual relationship with your employees and your customers. Make your people feel like they are working for something bigger than themselves.
According to Michael Burchell, in an interview for NY Post, “One of the challenges for managers is to understand the strategic objectives of the organization and how [an employee] contributes to its success. I did a plant tour of J.M. Smucker, which makes jams and peanut butter. I talked with an operator and asked her, “What are you doing?” She said, “I’m helping to bring families together.” I said, “OK, what actually do you do here?” And she said, “That’s what I do — I help bring families together.” What occurred to me is that the company had made a really clear connection between their external branding and their internal branding. A Smucker’s commercial is a happy family around a table enjoying Sunday breakfast. [They tell employees] you matter because you help facilitate that.”
There are trillions of ways to spend money, but only a few ways to spend money right. Spending resources on things that will provide long term value is the best thing that you can do for your company. Take these tips to gauge where value lies within your investments.
Image Credit : HSJ.co.uk