A common trend among companies is to achieve sustained and accelerated growth within the market, with no apparent limit
However, sooner or later any business that follows this strategy tends to collapse or run into unexpected barriers.
In this sense, especially during periods of economic instability, it may be better to bet on more sustained growth
Undoubtedly the last months have turned into a nightmare for more than one business in the market. Earlier in the week, elections in the United States (US) created the possibility of an extreme change in the value of the Mexican peso, according to the winner. With all the economic crisis, many companies reduced their investment in certain key activities. And with layoffs or closures in many industries, the future doesn’t really look bright or positive.
In the midst of these changes, technology has, in many ways, become a crucial anchor for bringing clarity and certainty to businesses. According to ZDNet, many of the brands in the market increased their investment in Information Technology (IT) in order to give continuity to their business. And in the opinion of experts such as Deloitte, innovation is the great bet to overcome the great challenges of the year. Especially if it is done with agility.
However, more than one business has fallen into a curious trap. Not all technology or “innovative” applications are good for business. On the contrary, there are projects that for one reason or another might not help brands grow. In a volatile market, it can be attractive to adopt as many tools and “enhancements” as possible. However, according to Zoho, it is recommended that you follow some basic rules when growing:
Don’t invest your business money in unnecessary software
Innovating just for the sake of it is one of the most common mistakes companies make, and has been the root of the problems of more than one business in an unstable market. It is crucial that every new platform, process and tool that a company adopts has a clear and identifiable role. If a program or utility does not provide better experiences for customers, does not make the work of collaborators easier or enables a competitive advantage, it is useless.
Make Artificial Intelligence an ally
Among the technologies that can further improve the capabilities of companies, regardless of the industry, is Artificial Intelligence (AI). With these algorithms, it is easier and faster to carry out repetitive tasks, as well as data analysis that would normally take a long time to process. In this way, any business can become much more valuable and agile in practically all areas of its brand, if it is well implemented.
Grow, don’t buy, the talent for business
Many brands say they do not have within them the capabilities necessary to grow in the long term. This should encourage the professional development of employees so that they can perform the tasks that the business expects of them. On the contrary, many decide that it is a better decision to simply find new partners in the market. This is not only more expensive, but in an unstable environment it could be even more difficult to achieve.
Trust blindly in free apps
An old but valuable principle is that, in this life, nothing comes without cost. This also applies to “free” tools and applications that a business could use to lower costs. It is important to review privacy policies and conditions of use, as they are generally not the most convenient for companies. In this sense, in an unstable market, it is sometimes better to pay a premium than to have problems later.
Develop deeper customer-business relationships
Many companies, in an unstable market, make risky and high-impact bets to win the preference of the audience as soon as possible. Although these types of strategies can occasionally pay off, a business is better off opting for other types of executions. For example, go beyond your value offering and offer a different and more personal service to customers. In this way, even in times of uncertainty, you can grow.