What To Do Before Expanding Your Business

As an entrepreneur, it’s exciting to think of all the great things that your business could do. As a business grows, continuing to plan and develop is important as you never want to find yourself at a standstill. However, to do this effectively, you must operate within your means. 

This does not mean limiting yourself or being frugal, businesses should always look ahead to see what they can add and improve on. What it does mean, is reviewing your resources and responsibilities before investing in expansion.

This may seem straightforward but any entrepreneur will attest that the temptation to expand is inevitable. The value is knowing what is necessary to expand on and when it’s appropriate to do so. Now what’s also important to note is that running a business will not be smooth sailing. An entrepreneur must be willing and able to handle and plan for contingencies.

This is a complex concept, but there are some things you can do to be prepared:

Vision

Visualizing where your efforts are taking the organization is essential, and making sure everyone is aligned with that vision is just as important. This is what you base your efforts on to legitimize expansion. Now, this may not be some big ultimate vision with flying car parking in your office complex. It starts with short-term goals, where you want to be this time next year or what you need to be prepared for in the next 6 months. 

Having small goals not only pulls you in the right direction, but it also gets everyone in the habit of and hungry for accomplishing tasks. 

Assess Who Is Helping

Organizations should consistently dedicate time to assess how well their needs are being filled by vendors. How are they helping production? Are they reliable? Is there anyone else offering something better? These are the kinds of questions a business needs to have answers to when it comes to where they’re allocating their resources. 

If your business wants to move forward, you need to be working with businesses that want the same. You become more than a client to your vendors, they become your partners. Partners are major players in the performance of your business so choose wisely. 

Team of Ambassadors

Brands with employees who promote the organization are an attraction for consumers and talent that could work for you. If you are working for a brand, why wouldn’t you promote the services you offer? This will also be beneficial down the line if better job openings come up. If you want to move up in the organization, this could be something that separates you from the rest. Recruiters will be sure to check your social media and if you show that you are passionate about who you work for, that will make them likely to choose you.  

A team is what makes an organization thrive, with the right leadership people can feel empowered by their role.

Adaptation

With every innovation or even unexpected change, there needs to be level-headedness. There are two types of issues, one can be controlled by your behaviour and the other is out of your control. What’s important is only focusing on what can be controlled by behaviour and action because that is how you later influence the outcome of what can’t be controlled at the moment. 

Giving up or holding back due to circumstances is not how a business grows. It grows by paying close attention to what’s going on around your industry and preparing to conform to those needs.

What’s the Takeaway?

Running a business takes a lot of willpower, it becomes like a child. This is why entrepreneurs have to be intentional with every decision made in their business. Deciding to expand is a step to a new level with more opportunities. But this is only the case when that step is taken after concluding it is in the best interest of the company.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Mistakes You’re Making as a Digital Bank Service

Digital banking is a product of the future, and the market for businesses operating in this field is continually growing. A successful digital banking service does not have a niche group they market to. They instead set their horizons on a future where everyone is using this technology and construct a platform made for it. 

This vision of a future that utilizes this kind of banking is the marketing tactic that should be pushed when marketing the service. You probably think of online banking as your TD, Scotia, RBC, Bank of America, Chase, or whichever app/website you can check your balance and make transfers through. Why do you use these services? Did you see an ad for it and become compelled? Hear about it from other people? 

We utilize this technology daily but most of us may not even realize the extent it could reach 10 or 20 years from now. This is the starting point for companies getting into and growing their digital banking services. Not only are you trying to influence clients, but you want to attract investors to your business to give you the means of operating long term. 

With that said, here are some mistakes to avoid:

Not Educating People About Digital Banking

Not every generation can grasp the concept of digital banking. Some still believe it is as simple as a bank that has an app or website they can make changes through (though that’s a common marketing strategy). There are then a handful of people confusing it with the cryptocurrency exchange market. We’re seeing a pattern here… 

Not investing in a simple promotion of what your industry is will be something you regret down the line. Before you promote your services, show the vision in which your service was inspired. 

Lack of Transparency

With traditional brick-and-mortar banks, customers have trust in them. Though they may not realize shareholders are backing these businesses, to the average customer, they are secure. This may make consumers question how safe it is to switch to an online banking service. With no physical place to access a bank account, the business could disappear forever at any moment for all they know. 

As a company operating in this field, you want to be open about your capabilities and reasoning for services. For example, if you are still in the testing phases with your app, be open about that with your customers. It will hurt your company's reputation if you claim to be established while still developing. On the other hand, people may feel inclined to help a new company, especially one that is honest with the development stage they’re at. 

Poor Customer Service

Customer service may be the deciding factor when someone takes your business over another and vice versa. Especially with an online service, quick and efficient customer service is a requirement for building long-term client relationships. Additionally, this will benefit your reputation and get your name out into the market. 

With traditional banks, customers can deal with someone in person and have their needs met, but usually over a longer period. A paperless and quick customer service experience should act as the first floor to your online company's skyscraper. 

Lack of Security 

Stories of security breaches and hackers are a common concern for those looking into digital banking. Rightfully so, which makes it important to not only ensure security but have the means to support the claim. 

A digital banking company with a reputation for strong security is guaranteed to attract attention. It is a strong marketing message and a definite way to sustain a platform of customers.

Conclusion

As a digital banking service, you hold unforeseen opportunities. This is a service of the future and one that requires you to keep up with innovation. The need for banking access will never die out, so how is your company going to make a difference?

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Why Do You Lack Initiative?

Facing complexity in your quest to achieve is a defining feature of the process, but it will also be a regular factor. There is a key characteristic of people who tend to overcome these situations and it is not simply knowledge of how to do so. It is the willingness to take action, to speak up for what one believes is the right course no matter the potential consequences. 

Unfortunately today, there is a trend of people being afraid to speak their minds. The reason is for fear of the unknown. With the entrance of new generations into the workplace, veterans of industries need to take it upon themselves to show them the ropes. However, this is just one example of the social investments professionals need to make. While training the new generation of professionals is not one of the major concerns in the world today (though it soon may be), this is touching on a more broad topic.  

To solve any problem, it takes minds that are willing to get up and do so. Problems get bigger when they sit and for an organization, sitting problems become timebombs that could result in catastrophe. This is changed when issues are met by someone with initiative. Keep in mind that this does not just apply to leadership, leaders still need subordinates who identify issues to be solved. Results of a track record that show clear initiative and problem-solving ability makes for an incredibly successful career.

So if we know that problem solving and doing what’s right is so great, then why isn’t everyone successful and living their dream life? Because it’s hard. It’s mentally taxing and will push boundaries. Learn to prioritize and execute, then you and your organization can make a difference not only for the team but for the people you serve. 

Here are some things to practice:

Boldness

One thing that never goes unnoticed is someone willing to take risks. This could be anything (as long as it is not outwardly destructive or offensive) and you may already have some ideas. Unfortunately, we commonly reside in the idea that complaining about issues and finding others who agree will somehow make a difference. This is only a depletion and waste of energy that could be spent taking action.

Opportunity Seeking

Especially in an entry-level job, looking for ways to get ahead or prove you can do more is a sure way to demonstrate initiative. Actions of the initiative will not go unnoticed and the accumulation will build rapport with superiors. If not to advance your role, keep track of them for yourself so you can reflect on what you’ve done and how it’s helped you. 

Collaboration

Don’t think initiative is something you take alone. Talk to others about what your goals are, and ask for help. Being reluctant to ask for help is not an uncommon behaviour, especially in the workplace. Again, it stems from the fear of the unknown, which is very common but is a roadblock to advancement.  

Don’t React, Act

This is a critical thinking tool that removes impulse and emotion from the equation of problem-solving. Reacting to a problem could mean many things, but it often keeps your feet planted. Acting on a solution is based on an analysis of the situation, which will then identify the necessary methods to overcome. 

Conclusion

Initiative is not easy, it will push your comfort zone, but the rewards that come allow you to look back on what was hard and be thankful you did it. Prioritize your development, reach out to others and ask for help. You then pay that back down the line by helping people whose shoes you were once in.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!