It’s January, the time of year when many personal resolutions are made. It’s also the time of year when companies should hit the reset button and take a look at the way the company is operating.
In a recent Inc. column, John Boitnott explains three things your business should stop doing in 2015. We share our thoughts below:
- Using Outdated Technology: Significant innovation has advanced business process technologies. Don’t be stuck implementing operations using outdated technology. Sending faxes and not keeping up with technology trends will send a signal your company is outdated and not able to compete with latest trends.
- Competing With Big Brands: Small consumer brands strive to see their product on a store shelf someday. Boitnott explains, “Instead of trying to beat the competition, consider ways you can reach local customers this year.” Set sales and marketing milestones that are realistic. As an investor, we constantly ask entrepreneurs if they have a clear understanding of the market in which they operate — and how much market share is theirs to capture.
- Wasting Time: Boitnott writes that American businesses waste an estimated $37 billion each day on unnecessary meetings, with employees suffering as a result. We’ve written about this here. There are lots of collaboration tools out there to increase efficiency. Some business decisions are best made in person — know the difference between which problems can be solved remotely and which ones need facetime. Make the most of your time together — after all, time is money.