Share your #makemyday Technology which has changed the tune of your business and expose the ones that should be eliminated to make your day.
Cheques, faxes, paper applications, paper receipts, notes and coins, excel CRMs, paper flyers.
What should be eliminated or reviewed in your business to make your day. #makemyday @biznexstrategy
I don't mean to scare you, but if you are still using some of these, you are probably behind the wave and could be an endangered business specie, frustrating your customers and employees.
How much time does it take in the modern environment to fall behind the technological waves? How fast do you need to move to stay ahead of them?
We are all aware that in business you rather swim than sink, but how fast do you need to swim to stay ahead of the pack in the modern environment?
Financial professions can be very time consuming and involve big responsibilities, leaving little time, if any, to stay on top of social trends and stay up to speed with modern technologies.
In our view, in the ever changing environment you almost need to stay on top of technological developments in the same way as a trader keeps an eye on financial markets.
Missing out to know about a specific application or system can mean doom or gloom in business.
How has the landscape changed?
If we look around us, while it took some time, the biggest banks have incorporated financial innovation units, upon realizing that being too big and bureaucratic makes them vulnerable to disruptive start-ups. They are also now trying to enter the start-up scene and funding venture capital funds, to hopefully get a cut of that fintech idea that you might as well be part of rather than compete against.
The need to stay on top of technological trends goes beyond top banks and financial institutions and works in the same way for independent finance professionals or boutique firms who are likely to be unable to afford an innovation or technological tracking unit of their own.
Taking the Financial Planning industry, which is a very energy demanding occupation, with enormous client responsibilities, as an example.
Given the time involvement required with developing SOAs, keeping up to speed with legislation, markets, engaging and understanding clients among many others, leaves them with little time, if any, to stay on top of technological and social trends, so they are likely to struggle and fall behind these fields.
There is a universe of technological developments, which can give you an edge or pose a threat to your business.
In our view, growth opportunities are up for grabs for those who manage to stay ahead for the trends and incorporate technologies fast, yet that is truly easier said than done.
If you are more or less in tune with technology you would grasp the mechanics of social media channels, Facebook, Twitter, LinkedIn, Youtube, Blogs and can potentially understand some basic web development jargon.
You would have ventured to create: marketing campaigns - video material - incorporated a CRM - use online forms and applications to feed information directly into your CRM - reach out virtually to clients - promote events via social media channels - produce thought leadership insights
Your lead generation pipeline is created by your own proactive efforts. You are trying to add value in every way possible.
Importantly you would have realized the amount of time involved and associated with researching technology, managing social media, generating content, marketing material and running events.
The challenge is that you are tempted to do all these things yourself and the issue is that there is an opportunity cost associated with allocating energy to these activities, which in reality is harming your business, because you are not allocating your skill sets to their best use.
You haven’t really considered or placed and effort in getting exposure in social channels. Your website was created 6 years ago by a web developer and its content has been frozen in time and it's composed by raw text and poor images.
You are keeping paper records and using excel as a CRM or a very clunky system.
E-mail campaigns if any are a manual challenge
You get occasional leads from word of mouth but are heavily dependent on referral partners who rarely get to see referral reciprocity. Your fate depends on the success and generosity of other businesses which you do not control.
Your systems, processes and data entry involvement have set you in a work spiral, where you have very limited time, if any, to allocate towards running new project initiatives.
The challenge is making the time to spin out of the spiral and gain more minutes in your balance sheet to allocate to more fruitful activities.
Your actions and your message are incongruent. You claim to be looking to add value and be customer centric, yet it really doesn't show in the infrastructure that you provide for clients to deal with you.
Your website if any states your occupation and your name and number. Your proposition is poorly presented, it’s hard for customers to see the love and passion that you have in your occupation.
Your business image projects little interest in improving your services and truly adding value and you are not experimenting and trying new approaches to improve things.
Your business image might be deterring others from considering you as a referral partner.
Your CRM is your e-mail clogged with other spam.
Customers really need to adapt to your framework as opposed to be the other way around.
You constantly request referrals, yet you really never think about identifying referral or business opportunities for other businesses.
The challenge is the learning curve to get up to speed with social trends and technology and evaluating and analyzing your business attitudes.
The Good News
Wherever you are at we are here to help your business grow and stay inline with modern expectations and leverage from technological developments.
The good news is that you can really assemble lean business models fairly quickly and inexpensively and create new ones by assembling several technologies together.
We are being empowered in such ways that creativity is really giving businesses wings and allowing start-ups to quickly come to life.
The creativity contest is on.
The Bad News
Businesses at par with technology can quickly fall behind and while new opportunities are at grasp, competitiveness will intensify.
It might not sound very motivational, but I would say a contingent commercial obsolescence and an exit strategy needs to be engraved into every business plan.
Running a single company or value proposition throughout your career might be a thing of the past as reinventions and pivoting will be imperative.
What we are doing to help?
We lifted BIZNEX Consulting to act as an independent ally to help businesses across financial services stay on top of technologies and identify trends, that can give them a better sense of direction for their business.
How do we do this? We bring Financial services professionals into one hub specializing in research, marketing, technology and count with consulting know how to ensure we bring solutions in line with your needs, requirements and capabilities.
Having formed part of the industry we strongly believe in the benefits that these professions can bring to the overall market and for that reason we want to help businesses in this sector succeed and add value to customers.
Now Make your day
Let us know what technologies and systems are The Good, The Clunky and the ones that should be reviewed and eliminated in your business to make your day. #makemyday @biznexstrategy
Strategic View Point by Carlos Mauleon Manager of Strategic Business Initiatives at BIZNEX Consulting www.biznexconsulting.com.au