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How to get the right headspace to survive and thrive in tech-driven opportunities and change in your business

Increasingly, technology plays a deeper and more pervasive role in business, and in our lives. Importantly, technology that enables business growth is now more accessible than ever before. You’ll leave your business extremely vulnerable to competitors if you don’t capitalise on the opportunities that technology creates, and don’t get the right team on board. On The Money Show with Bruce Whitfield, Pavlo Phitidis outlined 8 actions you must take to ensure that technology enables your business growth:

Understand that you will never arrive

Technology moves at an alarming pace, and your adoption of it will never be able to catch up. Just as you’ve become comfortable with your understanding of a piece of technology, it’s already obsolete. To keep any semblance of pace with technology, you must work with what you know, and then act.  So don’t be brash and take big steps. Rather, put off committing to big projects, and take many small steps. This will help you to remain agile, and work towards ensuring your business growth, rather than betting it all on a technology adoption process that’ll be redundant before you begin.

Fail frequently to ensure that you are growing

With growth comes risk. Your growth increases your exposure to chaos in your back office and delivery, stress on your staff, pressure on your systems and some bad behaviour from poor paying customers. With growth, therefore, comes mistakes, stumbles and falls. Call it failure points. If you are not experiencing these, it’s likely you’re not growing nor innovating your business.

Adopting technology (hardware or software) into your business means change. You are doing it to either improve something or make it more efficient. You may be doing it to innovate something in your business. In doing so, you will experience failures. People don’t respond well, the tech adopted was the wrong option etc. it’s all part of the learning and growing process. That’s why it’s important to avoid committing to the big projects, and rather focus on doing new things, taking new approaches, adopting new technologies, and failing regularly. Without failure, you can’t learn, and without learning, your business cannot grow.

Fail safely to fight again tomorrow

Taking several small steps, rather than the big ones, helps you to fail safely. I quite like the martial arts analogy, where we learn to jump from a 3-metre height, and land, ready for action. But, instead of jumping from that 3-metre height in our first attempt, we start small, and jump from 30-centimetre-high blocks. Slowly, we stack the blocks up, and learn to jump from gradually increasing heights. Do the same in your business, and don’t jump from a great height on your first go. That’ll help you fail safely, so you can continue to fight tomorrow.

Truth comes from action

What you think you know, you might well not know. Technology has enabled people to connect, share information, and learn, far more quickly than ever before. Adopting technology means that you need to get your hands dirty, and truly know every step taken within your business. Talk to your customers, directly. Understand how the internal operations of your company function and look for gaps and places that technology can improve your business’ ability to deliver. Before you adopt a piece of technology for your business, learn how it works, play with its capabilities, and understand how it can help to spur on your small business growth.

Make yourself redundant

Aim to make yourself redundant, by working smarter, all the time. Adopting technology to do this will help you ensure that your business keeps growing and doesn’t stagnate. Don’t be the next Kodak.

Adopt technology to deliver big as a growing business

It’s imperative to have a technology roadmap for your business, and hiring the right people is important. Hire people who are technology-focused or who have a comfortable relationship with technology, and who keep up with the way technologies change and develop. That will help your business stay up to date, and relevant to your future target markets.

Commit to lifelong learning

Technology has made it easy for all of us to keep learning, long after we’ve left school or higher education. Listen to audio books, organise your online life, and curate your learning experience. Lifelong learning, and a commitment to stay in tune with the way technology is changing the world, will help you avoid slipping into stagnation. Look for this quality in the staff you employ too. Your staff have a responsibility themselves to keep relevant.

Judge people from actions alone

Adopting technologies to enable business growth doesn’t only apply to your customer-facing operations. Your internal systems, through which you monitor the activities, tasks, and duties, of your team can – and should be - augmented by technology. By adopting technologies that help you monitor and assess individual performance, you’ll be able to pull important data that accurately reflects the actions people take within your business. Moreover, technological systems help your business continue, without a hitch, even when an important member of your team moves on.

Adopting technologies to spur on business growth is essential. Let Aurik help you adopt technologies that enable you to build your business into an asset of value.

Tags: The Money Show, Building your Business, Business Growth

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