Business growth is a beautiful thing. It’s something that most business owners aspire to. It’s the business equivalent of watching your children grow up into productive members of society.
Business growth has a host of benefits:
- It gives organizations the ability to expand on their product or service offering
- It leads to cost savings through heightened economies of scale
- It allows you to reach new markets and new customers
- It gives you an advantage over competitors
- It can lead to increased profits
All are pretty compelling reasons for embracing a growth-focused mindset. And as your business grows, your IT support and solutions need to grow right along with it.
Business Growth Strategies
Your organization is running smoothly and feels poised for growth. It’s not simply enough to decide to grow and then do so. Sustainable and healthy growth requires considerable foresight and planning. Here are four strategies for optimal business growth.
Expanding your product or service offering, moving into new markets, or even into new industries are all solid diversification strategies. Not only does diversification improve your organizational resilience it also mitigates the risk of being solely reliant on a singular product or market.
A strategic partnership is a mutually beneficial agreement between two separate companies that do not compete with each other. Companies enter into strategic partnerships to improve their offerings and offset costs. The general idea is that both are better than each other by combining the resources of the partner companies, with the added benefit of being in an alliance.
Invest in IT Solutions
And finally, strategically investing in technology is a surefire way to expedite business growth. Technology increases efficiency and productivity and can make a measurable difference in time and cost savings, differences that will have tremendous impacts for an organization looking to grow.
Ramp up Your Personnel
More business translates to more work. And more work requires more people to carry out the work. Growing your workforce is a key step in planning for business growth. Consider what areas of your business will be most impacted by growth and ensure that these areas are sufficiently staffed to ensure a seamless customer experience. In some instances (in particular with IT and technology support), the business case for outsourcing, rather than maintaining internal staffing, is strong and will ensure that you have the most up-to-date and cutting edge resources in place.
How IT Solutions Support Organizational Growth
Growth-minded organizations need IT support in their toolkit, and here are six reasons why.
IT keeps you safe and secure
The cost of cybercrime is expected to hit $6 trillion globally this year. Cybersecurity is an evolving and complicated field and one that has the power to cripple an organization when not properly managed. Cyberattacks may include ransomware, identity theft, viruses, phishing, hacking – a nasty list of harmful ways that your business can be targeted. Before growth strategies can even be considered, organizations need to ensure they have their cybersecurity house in order.
IT saves you money
While there are start-up costs to implementing technology, it can lead to substantial savings in the long-run. Consider the range of workplace automation that has occurred in the last century. With every investment in automation, organizations are able to realize labor savings and efficiencies and can reallocate these resources elsewhere. Email marketing platforms and customer service bots are just two recent examples of tools that automate functions that previously required physical manpower.
IT mitigates potential disaster
Organizational risk is all around us. From natural disasters that can disable infrastructures, to hardware and software failures that can bring business to a standstill, to cyberattacks designed to halt operations, the business world is fraught with risk. Which is why back-ups and disaster recovery is an absolute necessity for organizations.
IT enhances productivity
Technology can improve the efficiency, productivity of employees, engagement, collaboration, and communication of a company if the right tool is selected and implemented. When it comes to choosing an existing product or developing your own, the needs of the company, size, budget, corporate culture, and the needs of employees should be taken into account. New technological tools are used in the workplace to minimize manual work, to give employees immediate feedback about their work and the day-to-day tasks within the organization to increase productivity.
IT allows for predictable budgeting
IT budgeting and cost management must be predictable as a healthy cash flow relies on it. This is especially true in the modern age when most businesses rely on their computers, smartphones, websites, software, helpdesks, and other components and functions of the IT infrastructure to perform to survive. With an appropriate IT budget, your company’s infrastructure can be designed and used in such a way that you are able to respond to different and ever-changing competitive environments and support their goals.
IT gives the gift of time
All of this culminates in one gift for your organization. No, not increased revenue, although it gives that. No, not heightened peace of mind, although it gives that too. Okay, let me rephrase, all of this culminates in three gifts for your organization, the third gift being the gift of time. By engaging a Managed Services Provider (MSP) who can take on the challenge of ascertaining the right level of IT support for your organization, this frees you and your leadership team focus on what you do best: growing your business.
Your Partner in Business Growth
Give your organization the gifts of increased revenue, peace of mind, and time by bringing the right IT solutions provider onboard. Medicine Bow Technologies is Wyoming and the Foothills of Colorado’s leading managed IT services provider and revenue/peace of mind/time gift giver. We take tremendous pride in helping organizations to grow and thrive by providing complete cybersecurity and IT services solutions. Our team of experts will be with you every step of your growth. We focus on providing the right level of IT support for your business while you focus on finding new ways to help your company grow. Reach out today and let’s discuss how we can help support your growing business.