Despite the rampaging effects of COVID-19, many successful business owners have managed to leverage viable tech strategies to optimize their efficiency and productivity. No doubt, technology has become an invaluable resource to give businesses a comparative advantage in the industry. On that note, this article takes a critical look at three foolproof tech strategies that can help your business.
1. Cash Management Automation
Cash is a critical component of a business. A business needs to generate as much cash as necessary to fund its expenses, honor its obligations to investors, and scale the business. Every business thrives on a positive cash flow—a situation where revenue exceeds the business’s operating costs.
No matter how a company tries to cover up its revenue, its cash flow can provide insight into its actual health. Remember, companies that continually generate negative cash flow quickly go out of business. Aside from generating adequate cash from your business operations, managing your cash situation ensures that your business holds a substantial amount of cash to settle its everyday and long-term needs.
Manually managing your business’s cash flow can be frustrating and daunting. Thankfully, we’ve seen the emergence of many innovative technological solutions that streamline and automate cash management processes. Take, for example, financial close management software that helps to facilitate and streamline the financial close. This is a cost-effective alternative to hiring a financial close manager. The best solution speeds up the processes associated with the month-end close activities.
When choosing a financial close management software, opt for an intuitive solution that’s highly adaptive to changing market trends and consumer behavior. One example is ReconArt’s account reconciliation software, which can help you prevent inefficient reconciliation processes. The bottom line is that technology can help you efficiently manage your cash flow to avoid generating a negative cash flow.
2. Search Engine Optimization (SEO)
Search engine optimization (SEO) finds application in all digital marketing efforts, including email and content marketing. It aims to raise a company’s online visibility and direct organic traffic to its website. Studies show that 88 percent of online search results are organic. So, incorporating search engine optimization into your online strategies can help your business acquire more customers, drive sales, and generate profits.
Search engine optimization goes beyond using the correct keyword phrases and creating quality content. Think about hiring an experienced SEO specialist to spearhead your SEO efforts. With web search, finding the right SEO company can be relatively straightforward. For example, if your company is situated in Brisbane, you can Google “Brisbane SEO company” to find a local SEO service provider that caters to local customers. The local SEO service provider should help you develop a viable strategic plan to help your company achieve a high rank on the search engine results page.
Furthermore, you can implement SEO into your web design to optimize your web page. Best of all, you can leverage your optimized business page to raise brand awareness and drive significant interest in your business. Overall, search engine optimization (SEO) can help you build your online presence, which invariably allows you to compete favorably in the modern business market.
3. Cost Per Click (CPC)
You can earn a significant amount of revenue from advertisements placed on your company’s website. Cost-per-click refers to an online advertising revenue model that website publishers use to charge advertisers anytime a visitor clicks on an advertisement attached to the site.
Unlike the cost-per-thousand (CPM) advertising model, CPC doesn’t bill the advertiser by the number of advert views or impressions. The cost-per-click model is otherwise known as the pay-per-click (PPC) model. You can leverage the CPC advertising model to attract traffic to your site from various digital channels. You may also decide to set up CPC campaigns on top search engine and social media platforms like Google, LinkedIn, Facebook, TikTok, and Bing. This is especially important for your paid ads to reach a broad audience.