Wall Street may be ready to claim that the worst recession in a generation is over but don’t tell that to businesses that didn’t receive any bailout money. Unemployment continues to rise and we all know that consumer spending is tied to jobs. Taking back our great economy will take time but until things turn around, business must proactively adapt or be forced to feel more pain. While we are all in the same boat, we found that businesses that are poised to prosper are concentrating their efforts on three main activities. These three critical adjustments include lowering overhead, increasing operational efficiency and boosting sales.While the answer in how to accomplish this effectively with minimal damage to employee morale and cash flow has eluded business for years, innovative technology may be able to help overcome the problem. Technology executive Steve Warren states, “Business needs to boost sales and lower overhead without adding personnel to the payroll. New virtual software is paving the way allowing that to happen”.
Virtual software tools that allow both broad and discrete business processes to be automated have been anticipated for years. Business can lower overhead drastically by using technology because they are able to forgo hiring even when labor capacity is stretched. Perhaps even greater value is realized when companies who need to conserve cash are able to pull back on an employee’s hours and allow software take over while the business weathers the storm.This provides relevant advantages in terms of cash flow and holding on to good employees. In the case of boosting sales, engaging Point of Purchase technology that allow business owners to have a “Virtual Salesperson” selling all day long without having to go through the hiring process and paying extra workers is also a meaningful benefit. Companies are even able to accumulate useful data about their target consumer which they can use to leverage additional profits and optimize marketing efforts.While these products certainly solve crucial issues, they seem most inviting because of the value they provide their users with. Technology insider Rob Betcher states, “Getting anyone to let go of a dime in this economy is going to be difficult. Therefore, the product and price points have to be optimized in order for business to realize ROI at an incredible rate. It looks like we are finally seeing that with the current tools on the market.”
We all know that things look the darkest before dawn and that eventually we will pull out of this mess. Business however, cannot keep its doors open and stay competitive with meaningless stock market valuations and analyst projections. If a company is to survive, their business plan must include proactive measures to pursue innovative ideas and creative solutions, all of which propelled the last bull market. Your only other option is to get in line, stick out your hand, and hope Uncle Sam thinks you’re dysfunctional enough to give its money to.