Young entrepreneurs today are full of energy, ready to attack the world of commerce on all fronts. Those that acknowledge their lack of experience are wise to seek out the guidance of a mentor. The general advice is always to stay flexible by adapting to changing market conditions. When the wave comes, you want to be ahead of the curve and to ride it for all it is worth.
This general maxim is more prescient now than ever before. Timing is everything, and, as this economy slowly recovers, the time is now to prepare for the avalanche of opportunity to come when consumer demand bounces back to more normal levels. How does one prepare for what may appear on the near-term horizon? The first step is to be aware of major tech trends that are developing and how they might impact your individual business model. When the tipping point is reached, it will be too late to react. If your competitors are ahead of you, then you may be playing a game of catch-up.
What are the latest tech trends? Here are four:
- Outsourcing by way of cloud computing
- Keeping your website fresh with new content
- Leveraging analytical data to your advantage
- Utilizing crowd funding techniques to raise working capital
There may be more specialized current trends within your area of expertise, but these four apply to nearly everyone.
1. Outsourcing via Cloud Computing
We have all heard about and observed outsourcing and off shoring activities in the modern corporate world. These efforts have grown enormously over the past four decades and solutions not only restricted to large corporations. The modern business is almost completely virtual, a network of service providers fulfilling every facet necessary to sell goods and make a profit. The latest wave has to do with cloud computing, a term that 75% of small businessmen do not understand, according to a recent survey. Time to get up to speed and see where it can benefit you and your business.
2. New Content, Fresh Website
Getting your initial website up and running required a monumental effort, but have you continually refreshed its look and feel? Search robots, based on the most recent changes in their formulaic methodologies, expect websites to change their look, continually add new content, and link to other sites on the web. If you are stale, consumers will look elsewhere.
3. Leveraging Analytical Data
Competition is stiffer than ever today. Experts claim that effective execution, smart decision-making, and the ability to wring every last dollar of profit out of your processes are crucial for survival. Winners will leverage every bit of value from sophisticated uses of data analytics. For example, what search words move you or your competitor up the page scale? When customers visit your site, do you check flow patterns to maximize exposure of your best deals to them while they are online?
4. Raise Capital via Crowd Funding
Crowd funding is also something new that needs to be studied, but the top three will deserve most of your attention. Funding issues, however, never go away. The time is right to get current!
Tom Cleveland has had an extensive career in the international payments industry, spanning over three decades. Mr. Cleveland earned an engineering degree from the Georgia Institute of Technology and did graduate work in finance at Georgia State University. Currently, Tom writes articles for merchantseek.com and others that offer helpful insights related to both business and investment management strategies.