When running a modern business, it’s practical to have present-day business practices aligned with your vision. However, considering less traditional routes can help you take more calculated risks and control how the consuming public views your business.
Doing things too traditionally can get your business pigeonholed into being seen as “old,” “legacy,” or “outdated,” and you can’t take that risk in an ultra-competitive business climate. But on the other hand, the companies willing to accept these risks to be on the cutting edge earn rewards for their innovation.
How can you implement state-of-the-art thinking in your business? There are a few ways to accomplish modernization. Mostly, it’s about finding creative solutions and using new technology to assist productivity and sales. Here are some modern business practices that will help drive an instant impact.
Minimizing Software Development Costs
Saving time and money when and where you can is crucial for any business, especially a startup or less-established brand. Whatever industry you’re in, it can be beneficial to turn to technology for your business needs. Software development costs, in particular, may eat at your budget, but with modern tech comes modern solutions.
The restaurant industry is one example of new technology and software to lower your everyday costs. It’s helpful for many businesses to build apps with no-code since it allows practically anyone to create tools. The restaurant industry has seen an influx over recent years of apps and flexible services. So consider how it could be advantageous for your business to have its own app.
Digital Marketing That Stays Ahead of the Curve
Digital marketing is an ever-changing and ever-growing industry. Utilizing it to your advantage involves creative thinking, especially in a modern business. Take Duolingo, for example. An app meant to help people expand their linguistics and vocabulary for other languages is making a name for itself on TikTok. Is that expected? Not necessarily, but their tongue-in-cheek responses and creative thinking on a popular social platform have helped their brand expand rapidly.
Consider ways your brand can benefit from digital marketing, especially in modern, up-to-date practices. What niche does your business cover, and how can you reach a new audience? While you don’t need to take the same path as brands before you, finding ways to connect with others and solidify your brand as unique is a great place to start.
Investing in Alternative Assets
With NFTs and bitcoin changing the game of typical funds, you have to consider all facets of your investments as a business. Of course, stocks, bonds, and other traditional assets are still viable routes, but alternative assets can be more advantageous to keep your money diversified.
Digital currencies have seen a boost, and for a good reason, since even the most inexperienced investors can increase their portfolios and assets.
Finding investments that speak to you and your business will be important, and alternative assets help widen your possibilities. Instead of limiting yourself to traditional assets, alternative assets allow for many more creative and interesting options. Personalizing your portfolio with investments that mean something to you and your business will be helpful in the long run for your funds.
Out-of-the-Box Employee Perks
With so many jobs shifting over the past few years and the Great Resignation, it’s key to consider your employees and their benefits. What can you offer that’s different, better? Part of managing your business is keeping staff satisfied with the company and their work.
Whether you consider floating holidays, flexible schedules, or telecommuting, finding ways that work for your business and its people can drive a positive, lasting impact.
Some brands have even been offering Summer Fridays or mental health weeks off for the whole staff, so think of perks from which your employees could benefit.
While this isn’t an exhaustive list, here are some other ways you can entice employees, give recognition, and boost morale in the company:
- Childcare options
- Pet-friendly offices
- Paid leave or sabbaticals
- Donating PTO
- Hybrid office/remote schedules
- Covering costs for at-home office equipment and internet
- Stipends for personal development and improvement
- Stocked fridges and communal snack areas
- Employee rewards and bonuses
Driving an Impact Through Philanthropy
Many businesses these days are focusing on the ways they can give back. Philanthropic and sustainability efforts are often listed on a company’s website or in its mission. Customers often want to know more about a business than its services or products.
For example, consumers across all generations—from Baby Boomers to Gen Z—are now willing to spend more on sustainable products.
Brands with ties to charities or other philanthropic organizations have seen a boost in sales in recent years. Even long-standing brands such as Ben and Jerry’s have used their platform to promote social causes and speak on relevant issues.
As a modern business, staying with the times in your practices is important while showing your audience and clients what you care about. By peeling back the curtain to reveal the humanity behind the brand, consumers are more likely to shop with you.
Operating Leanly and Efficiently
As a modern business, moving with the times (or sometimes even ahead of them) can be make-or-break. Finding solutions to keep your operations running leanly and efficiently can boost productivity, keep staff motivated, and increase sales. You can do this through accounting software, organizational tools, and management software.
It’s also important to keep your staff up-to-date on these new solutions. Implementing new software and leaving your employees without the proper guidance can be counterintuitive. But, in the long run, these efforts will pay off.
Smooth operations typically lend to happier employees and more productive businesses.
Being a modern business owner can be challenging, but navigating tough times can be simple if you use the right tools. With so much emerging technology and software, you’ll surely find something beneficial for your brand.
Modernizing your business practices for the current day and age relies on creative and forward-thinking, which you already know as a business owner.
So utilize the tools in your tool belt and watch your company thrive.