The digital revolution has greatly altered the way we perceive our work, run our companies, and approach business as a whole. There is no denying that technology plays a vital role in the inception and growth of a startup nowadays, and if you make the right investments for your digital transformation strategy, you can significantly cut costs while boosting operational efficiency from the start. And we all know that a good start can make all difference for a new company in a competitive market.
Luckily, there are many ways digitalization can help you secure a winning starting position and scale your company efficiently as you begin to gain traction and speed. If you want to propel your new business into growth, you need to automate various processes to cut costs, redefine your approach to sales, boost communication, and use your HR specialists to build a thriving employee collective. Let’s put all of these growth pillars into perspective and take a look at the top ways you can use digitalization to ensure the success of your startup.
Automate payroll and accounting
As an entrepreneur and someone focused on the bigger picture and tending to mission-critical tasks, you need to manage your finances wisely and manage them in such a way that ensures constant cash flow and employee satisfaction. From payroll management all the way to managing your account receivables and payables, this can be a difficult task if you still don’t have or can’t afford a dedicated team of financial professionals.
Even if you do have a dedicated financial department, you still want to minimize the risk of human error, ensure cash flow, and automate as much as you can. To do this, you can use one of many payroll and invoicing software on the market right now that will help you manage all financial aspects of your startup in an efficient and effective way. The right software will make sure that:
- All invoices are sent out on time.
- All invoices are personalized and followed up on regularly.
- Employee overtime and bonuses are calculated efficiently.
- The risk of human error is minimized in the bookkeeping, accounting, and payroll processes.
- Your employees receive access to their funds quickly and regularly.
Use the cloud to create an online work environment
Nowadays, more and more companies are migrating to the cloud, while new companies are even starting their journey in the cloud instead of trying to provision an on-site IT infrastructure. Why? Because the cloud simply makes more financial and operational sense for small as well as large companies. It doesn’t matter how big your startup is right now or where you intend to be in a year or five – cloud technology has what it takes to support and scale your growth and establish an efficient online work environment.
There is no denying that migrating to the cloud can improve your business and that there are many benefits to cloud computing, two of the main perks being scalability and financial savings. It is far easier and less cost-intensive to provision and maintain a cloud infrastructure by simply choosing a cloud vendor and opting for a plan rather than building your own data center. The cloud can save you thousands in startup costs and operational expenses, so establishing your business on the cloud should be one of your top priorities.
Launch an omni-channel sales structure seamlessly
If you want your startup to meet immediate success and grow quickly in the competitive online and offline worlds, then you need to build an omni-channel sales structure. No longer can you hope to build a stable revenue stream by offering a single point of sales to your customers, because modern customers need to be able to buy products on their own terms. This is your opportunity to grow, but it also comes with its set of challenges.
Let’s take manufacturing as a vivid example. Manufacturing thrives on omni-channel sales, but established companies and startups need to use the right manufacturing software that allows them to manage their resources and inventory, and process sales orders from multiple locations around the web. A reliable ERP (enterprise resource planning) system helps companies minimize errors and risks and run a centralized operation, so no matter the industry you’re in, be sure to use the right software to create a sustainable omni-channel approach to sales.
Digitize and unify your internal and external communication
Another crucial piece of tech you need to invest in is a unified communication system for your entire organization. You want to ensure that your employees are communicating efficiently and effectively to improve business operations, and also that your brand is communicating seamlessly with your customers to boost sales and retention.
Instead of using a bunch of apps and wasting money on costly phone communication, it’s important to invest in a centralized VoIP (voice over internet protocol) platform that comes with various digital communication features. However, the biggest advantage of VoIP is that it enables low-cost phone calls to ensure you communicate seamlessly both internally and externally.
Give more power and control to your HR department
Investing in an HR department might be the furthest thing from your mind when you’re just starting out, but in reality, this is an investment that can make all the difference immediately and over the long term. You want to digitize your HR department to minimize costs, of course, but also to empower your HR specialists to do a better job and build a better company culture.
A positive culture will not only keep your employees engaged, but it will invariably help with customer engagement and building a positive brand image. To achieve all of this, your HR staff should use the right software to monitor employee relations and satisfaction, create effective improvement strategies, and use employee insights to boost efficiency and productivity across the board.
Digital transformation is the path to success for any startup, and it’s important to invest in it right away. Use these tips to prioritize your digital investments and set your startup on the path to long-term success and prosperity.