While many traditional companies that have been operating for decades flounder, newer businesses and start-ups that are run by tech-savvy business leaders are getting stronger by the day. Even if all firms, large or small, have been affected by slower traffic and decreased sales, those who leverage technology for business management are now becoming more resilient, patiently preparing for the recovery of the economy.
These small but nimble business firms have learned to surf the tides of the economy, as it were. Recognizing the ebbs and flows of the market, they have skillfully used technology to keep their balance and ride the wave when opportunities arise. How do they do this, exactly?
First, smart business leaders know when to ask for help.
They have a keen sense of choosing the right IT infrastructure adviser who will help them build that vital connectivity within the organization and to the market. Whether it is about setting up a customer relations management (CRM) system, updating the business human resource and accounting software, or using a more advanced logistics tracking technology, every option is considered in the task of enabling the company with technology.
Second, a sensible business leader knows the value of keeping in touch with staff and customers.
Today, there is absolutely no excuse for being out of touch with the market and the people who run the business on daily basis. Aside from direct calls, text messaging and video conferencing applications are now available and fully ubiquitous.
But the real game-changer is the business leader’s ability to organize meetings, set agenda, and remain time-efficient during discussions while remaining inclusive and open to comments, suggestions, or new ideas. This way, the front line managers and staff know that they have the ears of the boss and that their inputs are valued. The leaders of the firm also benefit by getting all the information that he or she needs to make a policy or a business decision. The people in the organization also increase their confidence in knowing that the business owner is aware of what is happening and pays close attention to details and events at each office, store, outlet, or factory.
When the leader leverages technology, knowing the market also becomes easier. By looking at data analytics, the boss gets to know how customers think, feel, and make buying decisions. He gets a good grasp of how the customers view his brand and change their perception about their products over time. Finer details such as when customers go to the store, what time they come to do shopping, which products are bought the most, and even their comments on online surveys all help the business leader to become intimately familiar with people who need his products or services.
Third, a strategic business leader continuously develops online assets.
While brick-and-mortar stores will remain indefinitely, more and more customers are shifting to e-commerce to purchase their needs and surf for items they want. It is certainly more convenient to do online shopping, especially now that the entire world is still exercising caution against the novel coronavirus.
To take advantage of customer preference for online shopping, a dynamic business must be active and effective on social media platforms such as Facebook, Instagram, Youtube, and Twitter, to name a few. Having a strong online presence significantly improves the brand image and accessibility of one’s products and services. This is highly relevant given that there are thousands if not millions of online businesses, resellers, and consultancies that are active in cyberspace. Today’s competition does not only occur on Main Street, but also in the digital streets, sidewalks, and malls of the internet. Most people used to see advertising on television or hear the commercials from the radio. These days, advertising and marketing is very direct and straight to a customer’s smartphone. A good business must be literally within reach with just a few scrolls or taps on a phone screen.
Fourth, a savvy business leader knows the importance of online brand identity.
Brand identity is how a company presents or introduces itself to its target market. It includes many vital elements such as logo and product design, color, shape, theme, and other details that give its unique personality online. Given that millions of websites and thousands of paid advertisements appear online, a company with a strategic marketing and advertising campaign must carefully start with a good brand identity that will be noticed online and offline.
The business leader’s own personality, looks, and news about him or her also affects the brand identity. This is the reason why billionaires like Mark Zuckerberg still give interviews and shares intimate details about his marriage and home life. These trend-setting business leaders help shape the perceptions of their target markets in the way they speak, walk, and even in the way they wear clothes. The Facebook founder is known for his simplicity by always wearing jeans with a plain t-shirt or a hoodie. This makes him relatable to the young users of Facebook. He still looks as hip and young as he was in his college years when he began coding this app which would become a global phenomenon. When interviewed, Zuckerberg also says that wearing the same simple clothes daily also helps him save time that would otherwise be consumed in choosing what to wear in the morning. This seemingly mundane detail actually presents to his audiences a unique insight into his mindset as a leader of a business with worldwide reach.
Leading a business to new heights success takes a lot of effort and an iron will to face obstacles like a pandemic. But when a leader knows how to ask for help, maintains good communication, develops his business assets, and values his company’s and his own identity—he can soar and reap the rewards of his hard work, while benefitting his staff and serving the customers along the way.