From automation to cybersecurity, digitalization has a huge part to play in your company’s financial outlook. Irrespective of your industry, it will make a significant difference in your company’s ability to survive economic uncertainty.
Here are three digital tactics for business leaders looking to recession-proof their business.
1. Invest in automation
With turbulent economic waters on the horizon, the old adage that time is money has never felt truer.
Automation is a fantastic way to save both time and money, maximizing efficiencies and helping your business thrive without breaking the bank.
The rising consumer demand for live chat, for example, can be executed with automation at its core. According to research from Kayako, 79 percent of business owners believe live chat has a positive impact on their sales, revenue and customer loyalty.
Live chat allows customers to have a conversation with your customer service staff or help desk agents through a chatbox on your website, drastically reducing the need for phone calls or email.
If you’re regularly doing any kind of data entry or repetitive tasks on your computer, there’s a high probability that you’ll be able to automate some of these tasks.
Frequently asked questions can be answered in the form of an automated chatbot, and human help desk agents can be reserved for more complex questions, comments or concerns.
Automation can be worked into your team’s workflow and time management software through apps like Zapier, which allows you to connect different apps to create a more efficient workflow – whether you’re using Gmail, Slack, Shopify, Trello, Instagram or YouTube.
If you’re regularly doing any kind of data entry or repetitive tasks on your computer, there’s a high probability that you’ll be able to automate some of these tasks.
Nearly every business can incorporate an app as an affordable, user-friendly resource that doesn’t require any special technical skills to get started. A few common uses include passing new customer details to your customer relationship management software or email marketing system, or following up with an email or feedback form after an online sale.
2. Get a handle on your cybersecurity
Cyberattacks are on the rise and the cost of falling victim to an attack is gradually becoming increasingly expensive.
Some estimates expect the cost of cybercrime to businesses globally to reach US$10.5 trillion annually by 2025, up from US$3 trillion in 2015, according to Cybersecurity Ventures.
A data breach can cause serious damage to your reputation and cost your business thousands in lost revenue, not to mention the costs involved in getting back online, should you lose access to your operational systems or website.
A data breach can cause serious damage to your reputation and cost your business thousands in lost revenue.
Although Optus, Medibank and other big players have recently been in the news for their cataclysmic security breaches, the reality is that cybercrime can affect businesses of all shapes and sizes. In our turbulent economic landscape, businesses simply can’t afford the cost of a security breach.
Prevention is better than cure, so ensure your business is implementing a comprehensive range of security measures before an attack occurs. These could include:
- Providing security training for your team;
- Learning to better scrutinize the emails your business receives;
- Using a secure password manager; and
- Utilizing multi-factor authentication.
Training should cover common hacking and phishing tactics, how to spot them and what an employee should do if they believe your business is at risk. It only takes one employee to erroneously perceive malicious emails as legitimate for a hacker to gain access to your systems and sensitive customer data.
One of the most effective ways to prevent password attacks is to use an encrypted password system, such as 1Password or LastPass. These sophisticated password managers can create strong, unique passwords and automatically update them regularly. In the long run, it will save your business a lot of time, along with securing your passwords and important credentials.
3. Review your hidden digital costs
It’s easy to put off reviewing your business costs, especially those that might seem insignificant compared to the more obvious, large expenses.
However, it’s important to remember that small costs add up and, before you know it, your business could be buried under a deluge of digital fees and subscriptions.
The start of the new year is the perfect time to review your digital costs with a fine-tooth comb.
Commonly forgotten or hidden costs include software and insurance fees, merchant fees for EFTPOS or credit card sales and other digital transactions. While these relatively small fees might seem unimportant in a time of economic plenty, they become much more of an issue when the purse strings get tight.
The start of the new year is the perfect time to review your digital costs with a fine-tooth comb. Get honest about what’s required, and don’t be afraid to cancel what’s not.
It’s all too easy to sleepwalk into digital complacency, especially when you’re distracted by the stresses and strains of economic uncertainty. The key is to fine-tune your company’s digital tactics regularly in order to stay one step ahead of the pack.
Liz Ward is the co-founder and CEO at Navii, an independent organization that helps small businesses navigate going digital. With more than 20 years’ experience helping businesses build their digital capabilities, Liz is a committed advocate for tech innovation. She is also a fellow of the Australian Institute of Company Directors and the Australian Institute of Management and is a director on the board of Tourism and Events Queensland.
