Businesses everywhere are taking advantage of rapidly changing IT to improve everything from consumer interactions to return on investment (ROI). As a startup, IT might seem like a daunting hurdle to overcome, largely due to cost. However, IT innovation is changing the game for startups in a positive way.
What are some of the benefits that startups and entrepreneurs are enjoying from current IT innovations?
Faster Time to Revenue
As IT continues to expand and advance at a rapid pace, your startup has the potential to shift from startup mode to a growth mode. The greatest impact of this shift is the change from a company that loses money or breaks even, to one that is generating revenue. With more affordable and powerful IT solutions available, your company can roll out a new website, build a blog, and establish an online presence that allows you to reach consumers and sell your products quickly.
This means that your company can start turning a profit on its product or service faster than it could when IT solutions were more expensive. You can grow your startup’s online presence faster now than in the past, generating revenue sooner than was possible before.
Expanded Partner Networks
One of the greatest benefits of IT innovation is the ability to expand your partner network. No business exists in a vacuum within which it controls all aspects of its operation. Every business relies on shippers, suppliers, and manufacturers to help complete products, provide core materials, or ship finished products from a warehouse to store shelves. With IT innovation, it is easier to expand your partner networks across county lines and international borders.
The expansive reach of the web has made the globe feel like a smaller place, and partners for your startup can exist anywhere you wish to reach out too. In today’s economy, even small businesses and startups have the potential to target consumer niches and partner networks both near and far.
When money is tight, startups need to maintain a tight focus on ROI. If your business is going to spend some of its precious cash on IT solutions, you need to know that any given technological investment is going to pay off for the business. ROI is important in the short term and in the long term, and IT innovation has improved ROI for startups in both respects.
As IT advances, network solutions are becoming more affordable for startups. For example, public cloud computing offers affordable access to the web for software solutions, customer-service interactions, email, and website management. Cloud computing allows your company to quickly establish its presence online and build a consumer base, without investing thousands of dollars in equipment located onsite.
Similarly, the mobile nature of IT innovations today allows some startups to exist with a minimal or altogether nonexistent physical presence. You could employ an entirely mobile workforce, utilizing the cloud and mobile solutions, to run your business, all without having to invest in a bulky IT infrastructure or an expensive office space.
IT innovations make it easier for startups to get off the ground, build awareness for the brand, and transition more quickly from a founding mode to a growth mode.