Exceptional circumstances, limitations that affect purchase behaviour, and financial insecurity are now testing businesses with a hard hand. To help you, we drew up a list of business development hints that may allow your company to take a step forward.
1. Be sure the foundation of your business is working
If the most important part of your business is under threat, you have to think how to prevent it from falling apart. That would normally involve additional financing or payment arrangement discussions with subcontractors or partners. You have to make sure the business goes on in order not to lose your liquidity.
A small part of this could be acquiring tools that enable remote work and confirming that you have all support you need. You can do that at our IT services.
2. If you know your development needs, start the development
There are funds available for development projects, e.g. with Business Finland. At this point, the company has to consider whether applying for financing from Business Finland is worth the eventual negative fame.
3. If there is no function you certainly know you want to develop, find a partner to develop your business together with
Business development, especially on the digital side, pays off in exceptional circumstances. The advantages can be significant compared to the input.
Mtech’s Digital Workshop can be an opportune help to give a detailed expression on what and how to develop. It includes two workshops together with the customer (during lockdown, they can be held online). In the first workshop, the customer’s problem or challenge is discussed. In the second one, Mtech presents an outline of the solution options, the good and bad sides of each of them, and their price estimates. It is possible to receive financing to this sort of quick requirement specification by a Business Finland innovation voucher, or even cover the whole workshop cost with it.
Digitalisation gives savings and effectivity in customer attraction
In this exceptional circumstances, it is a good time for owners and government of a company to stop and think how they are working with their business now and in the future. It is natural that not all procedures and tools have been keeping up with business growth, and developing accordingly. At some point one notices, however, that they have become hinders or drawbacks to your work or additional growth. “When a company has a motley collection of systems that do not communicate with each other, it is very hard to do analysing or customer acquisition”, says Mtech’s vice president Jarkko Ilomäki.
When a small or medium-sized business handles its customer register in an excel file, there is no way to use modern marketing tools. Automation of invoicing is a typical example of development that is cheap and sets a lot of working time free.
Ilomäki highlights that one now needs a new way to think about customer attraction. Word of mouth does not circulate, and attempts at online contacts with an ambiguous subject line, directed at creating relationships, are simply not very attractive. Now is the time to work on systems that make it possible to create leads.
Ilomäki says that IT companies now also take new customers more seriously than they used to at the peak of IT business. “It is a good time to contact an IT company now. They now value the customer more than the last euro on the price tag”, he states.
Old systems tend to break down one day. It is better to renew the system without waiting for a disaster.
It is also a good moment to tender out IT partners. Mtech can also provide you with basic processes, such as IT device acquisition and support, for a competitive price. Our IT services will be glad to serve you.