In recent years, the business has been growing in emergency mode, under the pressure of time and with declining budgets. While inflation is overwhelming, the global crisis is scary, and the global market uncertainty is not helping companies maintain their former growth rates. The proper technologies are a way to protect against the impact of the following years’ economic and business difficulties.
By embracing technology, you can make your business recession-proof and secure your future. Before delving into this recession-proof digital transformation, it is vital to understand how the recession affects your business.
1. Boost employee productivity and retention
Enhancing productivity and retaining employees can be achieved by upgrading the technology utilized by your staff, particularly in terms of computers and communication systems. Despite the initial expense, investing in enhancing staff efficiency is likely to be more cost-effective than the potential expenses incurred in recruiting new personnel. Meeting reasonable staff preferences will elevate morale and empower them to contribute to refining work efficiency.
Contemplate the composition of your existing workforce by asking yourself:
- How can I optimize the utilization of technology for efficiency?
- Where can technology be strategically positioned to yield the maximum impact on business outcomes?
- In what ways can workplace productivity be elevated to attract high-caliber talent?
- How can technology serve as an enticing factor for attracting top-notch employees?
2. Outsource your IT solutions for cost efficiency
Contemplating the option of outsourcing your IT support is prudent. You will receive the necessary services as per the consumption agreement established with your IT managed service provider (MSP). In the current job market, the expenditure associated with hiring in-house technical support personnel is higher. Hence, collaborating with a company that oversees your network proves more advantageous compared to maintaining an in-house staff, involving expenses for recruitment, training, and benefits provision.
BKPlus Software is capable of extending cost benefits to their clients by leveraging tools, a proficient team, and established processes. These expenses are distributed among all clients, resulting in reduced overhead for you. Furthermore, BKPlus furnishes specialized technology expertise to strategically formulate a plan that propels your technology endeavors to an elevated level.
3. Increase sales and marketing efforts with enhanced communication tools
Business proprietors frequently consider reducing their marketing expenditure in times of recession. While this might seem enticing as a short-term cost-cutting measure, it entails relinquishing potential new clients and enterprises that could become customers once the economic situation improves.
Therefore, you should actively motivate your sales and account management teams to engage, reach out, and capitalize on available business opportunities. Additionally, you should provide your teams with the requisite technological resources and training to amplify their efficiency and effectiveness. Thanks to these ways, your investment in technology and software yields a heightened return on investment.
Furthermore, exercise caution in the extent to which you curtail your marketing endeavors. Often, it falls to the marketing department to enlighten and apprise existing and prospective clients regarding the reasons to initiate or sustain a partnership with your company. Lacking this awareness, you may inadvertently overlook valuable prospects who require the products and services you offer.
4. Utilize Integration, Automation, and Streamlined Workflows
Strengthen your IT processes by delving into the core aspects of your business. What drives your operational choices? Are these established systems optimal, and do they truly represent the most efficient solutions? Another fundamental aspect involves evaluating the security of your systems. It’s imperative to ensure the robustness, resilience, and optimal functionality of your IT infrastructure to prevent unauthorized access.
By scrutinizing your software systems and identifying the most effective methods for their integration, your customer service will witness enhancement as all internal teams gain access to current client information. Your workforce will possess the necessary tools to analyze incoming data, forecast trends, pinpoint areas for improvement, and avert costly decisions.
Establishing a sturdy IT infrastructure stands as one of the most effective measures to brace for financial upheaval, cyber threats, and inflationary pressures. As artificial intelligence (AI) and other automated mechanisms like chatbots progress in sophistication, you can seamlessly incorporate these systems to facilitate seamless data exchange across various channels and departments.
5. Do not cut your IT security budget
Due to the active and rapidly changing cyber threat landscape, one thing you don’t want to cut is your IT security budget. During an economic downturn, your SMB is likely to be lean, and your staff will be producing at high levels of efficiency.
Any disruption, breach, or ransomware will make things worse for your business financially, and it is essential to protect your business. Implementing layered security protects your business from downtime and additional expenses, as well as preserves your brand’s reputation.
Come out of any crisis on top with BKPlus Software
BKPlus Software is a Vietnamese website design, software development, and IT outsourcing company. Our team specializes in providing high-quality ReactJS, VueJS, Python, Golang, e-commerce, Node, Flutter, and mobile app development services. Contact us to discuss how we can help leverage your technology for business growth.