Businesses transformed in the past two decades, and the World Wide Web is at the centre of the transformation. Today, companies are quicker, more efficient, and more profitable than ever before. For big businesses, the internet allows them to leverage their resources to build on success. SMEs, on the other hand, can level the playing field by cutting marketing and operating costs in half.
On the face of it, the internet is your savior. Sadly, too many companies have overcompensated and are now too reliant on a WiFi connection to make money. If you fall into this category, these are the reasons your relationship is dangerous.
Downtime Is Expensive
While technology has allowed your organisation to prosper, there is nothing more annoying than experiencing downtime. When internet connections drop out, and they do it quite frequently, they leave you with a frustrating wait to come back online. If this doesn’t happen for a period of time, the company may lose a lot of its resources. The estimated figure for losses is $12,000 per hour for 20% of businesses. But, for companies that have no backup plan, the amount may rise by more, which will put your long-time finance in jeopardy.
Employees May Not Be Fully Trained
The problem with an internet connection is that it has been ever-present for the past ten years or more. Yes, the signal may dip and drop in and out, but it recovers. Therefore, it’s tempting to assume that it will continue to show up for work and won’t cause issues. What this means is that you may decide not to train employees in other areas, such as manually processing service payments. Why does this matter if customers can still pay with cash?
It’s because workers who are not used to handling money – opening the till; calculating change – will waste time and not be as productive.
Your Advertising Eggs Will Be In One Basket
A digital presence is powerful. Currently, some companies are harnessing the power of video to raise brand awareness. And, there’s a reason – the global retail industry is worth billions. By tapping into it using online marketing methods, you’re bound to get a slice of the pie. Of course, leaning on digital advertising techniques means that your plan isn’t well-rounded. The likes of trade show printing and business cards are still effective because they fill in gaps left by online tactics. When you rely on them too much, the holes get bigger and harder to fill.
If It’s Not Digital, It’s Not Worth The Effort
Nobody admits to having this attitude, yet it happens all the time with business security. Online software has made your data so safe that you rely on it to prevent leaks and breaches. Sadly, there isn’t a piece of software that will protect your building or headquarters. If your practices and protocols aren’t correct concerning physical security, the business will be vulnerable to attack.
The benefits of the internet are undoubted, yet so is relying on it too much as an entrepreneur.