Launching a startup can be very intimidating. There are high chances of failure, with ten percent closing within the first year of operation. It is a mark of success for a startup to reach its fifth year. For those who plan to launch their startup, these can be discouraging statistics.
Fortunately, technology can make things a bit easier. Here are some ways that modern technologies are ensuring new businesses have a better chance at success:
Better Communication
Communication is an essential part of ensuring a startup succeeds. Messages to partners, employees, and customers can make or break a business. Ensuring that a startup has effective ways to communicate can help resolve a lot of issues. For example, 57 percent of employees say they often get unclear orders from management, while 69 percent of managers have problems getting their message across. This can result in a lot of issues in production and work.
Partially, this can be resolved by some clear communication protocols. The other half of it is making it easy to communicate. E-mails and instant messages are much better than phone calls and memos. Employees can get direct feedback quickly, while managers can have conversations with their team without calling a meeting.
Simpler Accounting
Another major obstacle for startups is managing their finances. While a lot of them start with a lot of capital, they can quickly go through that amount with all the market demands. Keeping track of the cash flow gives owners an idea of where the money is going and whether the business is in trouble. In the past, company accountants did all the hard work of calculating and tracking expenses and revenue.
But nowadays, it is much easier with the right accounting software. Every purchase and expense can be recorded, and company finances can be available in a single click. This allows for easier financial decisions and early warnings of any trouble the startup is facing.
Improved Marketing
Startups need to raise their visibility quickly. Businesses need to be known to get sales, and that is where marketing comes in. A major marketing blitz is usually part of any business launch. However, that is not always possible with tight finances. Fortunately, modern technology makes it possible to get global reach with a fraction of the price.
Online marketing is where a lot of a startup’s sales will come from. There are several options available, such as the ads shown with the help of professional PPC services or sponsorship of influencers. Even social media can be used to boost a startup’s profile.
Enable Remote Working
Employees can be hard to find locally, but a large talent pool out there can be a big help to any startup. Remote working is what makes this possible. For administrative jobs and office work, a startup might not even need an actual office which can add a lot to company savings. Before the pandemic, remote working was a unique feature for some companies. Now, it is a requirement to operate continually despite the circumstances. The technology for remote working allows for greater access to a workforce that can be international without extra costs.
Faster and Better Onboarding
Besides allowing employees to come from anywhere, modern technology can also allow for fast onboarding. Speed is the key to startup success, and taking weeks or months to orient and train an employee is too slow. It is also frustrating for new workers. Many new employees leave within the first 90 days because of bad onboarding. Several apps can help with that. For example, instead of having to do all the hundred little things that new employees have to do, such as sign up for company accounts and passwords, the Rippling app can do all of that automatically.
Boosting Productivity
Employees can also enjoy a significant boost in productivity with the help of technology. Automation takes the load of all the repetitive tasks from your worker’s shoulders. For example, instead of employees sending out e-mails to sales contacts or customers individually, an app can handle the task for them. This allows them to focus on the important work that they were hired for. At least 30 percent of an employee’s workload can be automated, which frees them up for a lot of better tasks.
A business, especially one that you started, is a labor of love. You want to increase the chances of it succeeding as much as possible. The technologies above can make the risks of launching a business much lower. Combined with a smart strategy, it can ensure that a startup will have a solid future ahead of it.
