Starting your own business is not easy. No matter how large or small your company is, the increasing need for more technological investments probably exceeds the amount of available funding. In this case, it is important to then leverage any and all technological investments to bring the greatest value to your company. How does one do this? Here is a brief and easy step-by-step guide for entrepreneurs to start thinking about where to begin in prioritizing tech investments:
First, you need to focus on what exactly would benefit from new technology. For example, let’s say you want to focus on using technology to improve the production efficiency of your company by 60%. Okay? Now what?
Second, you should think about how improving production efficiency will positively impact the company as a whole. Will investing in technology lead you to have to make certain decisions such as reducing the size of the staff or inventory? How will increasing the production pace influence sales, customer service, or the entire brand?
Third, it is important to think about the return on investment (ROI) of any tech investment based on the impact to the customer. By improving production efficiency, the goods and services delivered to the customer would be improved and it is therefore important to always keep the customer in mind.
Fourth, it is crucial to make sure (after calculating the benefits to the customer and company) that focusing on improving production by 60% is not too ambitious or too small of a goal. It is important to consider at this point whether or not there are other areas in need of help from technological investment.
Last but not least, it is important to monitor the progress of the company’s production efficiency until the goal of 60% improvement is met.
If you’re looking to revamp your African startup, use this brief step-by-step guide to help you start thinking about how you might leverage tech investments to add the most value to your company! #businessadvice #businessideas #techinvestments
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