Leveraging Technology To Grow Your SMB – Young Upstarts

by Eric Yu, SVP & GM, Industrial Product Middle & SMB Phase, Clever Units Group, Lenovo

As the following iteration of hybrid work continues to take form, know-how will play a pivotal function in creating efficiencies and alternatives that rework work environments for small companies. Good leaders are consistently re-evaluating their know-how wants for a reimagined office. In new work environments and marketplaces pushed by millennials and Gen Z, enterprise leaders ought to concentrate on key elements akin to accessibility, affordability and user-friendly know-how to assist progress and general enterprise continuity.

Whether or not your online business is run from house, in a conventional brick-and-mortar institution or managed from the highway, having the suitable know-how will affect your success. In an effort to assist small to medium-sized companies (SMBs) flourish, Lenovo launched the Evolve Small initiative to offer monetary assist, mentorship sources and group assist to minority and women-owned small companies. To study extra concerning the know-how impacting their enterprise, fueling their workflows and driving outcomes, I related with small enterprise founders from: Bottoms Up Bagels, Fit4Dance and Match Physique by Ashley.

Listed below are some key takeaways our clients shared to assist different SMBs:

Make the most of know-how to offer your online business a aggressive edge.

“Adopting and leveraging the suitable applied sciences provides us a aggressive edge in right now’s fast-paced and digitally pushed enterprise panorama,” stated Laci Chisholm, founding father of Fit4Dance. “Know-how additionally facilitates seamless communication and collaboration amongst our staff members, even when we’re geographically dispersed. Instruments like video conferencing, undertaking administration software program, and staff messaging apps guarantee environment friendly communication, boosting productiveness and teamwork.”

The fitting know-how can allow companies to streamline communication and efficiently improve digital advertising and marketing efforts to succeed in a broader viewers of potential clients. In line with a current examine, 71% of SMBs use social media to market themselves. Leveraging know-how to attach and talk with key inside stakeholders can actually improve the general buyer expertise and supply the aggressive edge to interrupt by means of a crowded trade.

Strike a wholesome stability between cost-efficiency and high quality.

“You’ll be able to’t enhance what you don’t measure,” stated Backside Up Bagels founders Michelle Bond and Joan Kanner. “Take the time to arrange your books. Pay for that accounting software program. And, with out query, get assist from an expert to set these techniques up. When you’ve performed all that, we will discuss concerning the checklist of studies and system checks to carry out weekly, month-to-month and quarterly.”

A high ache level for SMBs past placing a stability between cost-efficiency and worth is securing funding to put money into the know-how wanted to scale their enterprise. The associated fee for brand new, modern know-how is a priority for SMBs with a restricted funds that doesn’t assist high-risk investments. The keys to avoiding the value lure are to search for transparency and ease within the pricing mannequin. Scalable know-how pricing shouldn’t be advanced. The perfect apply is to work with distributors and companions who present easy, clear, versatile as-a-service options with out hidden charges and customizable companies so that you solely pay for what your staff makes use of.

Improve effectivity with multifunctional know-how.

“Multifunctional know-how permits me to remain organized and full a number of duties directly so it saves me plenty of time,” shared Match Physique by Ashley founder, Ashley Chatam. “I additionally use multifunctional know-how whereas I’m on the go so it permits me to be productive even when I’m not at my workplace.”

Immediately’s era of employees are juggling a number of initiatives whereas balancing their well-being and want units to assist their busy routines.To show the significance of multifunctional know-how, Bottoms Up Bagels founder Michelle Bond put it greatest when she stated, “Are you able to think about a manufacturing kitchen outfitted with solely paper notebooks for information entry, storage and retrieval? One individual’s manner of abbreviating ‘tablespoon’ could appear like one other’s abbreviation for ‘teaspoon.’ That would result in pricey errors – losing time and elements. As a substitute, invite know-how to be your good friend.”

One of many greatest additions to Bottoms Up Bagels’ workflow was the ThinkBook 14s with Lenovo ThinkShield for trusted safety and AI-based noise cancellation to allow environment friendly collaboration. The founders famous, “…the ThinkBook 14 made for nice upgrades to the Bottoms Up Bagels staff. Michelle and Joan stated, “we would like our staff members to have the knowledge they should excel of their roles — whether or not that’s watching coaching movies on forming bagels or pulling an SOP for making our Jocus Pocus (smoked jalapeño) cream cheese. These gentle and moveable units will stop bottlenecks whereas offering assist in a manner that’s acquainted and enjoyable to make use of.”

Develop your online business correctly.

Contemplating what’s driving an entrepreneur’s want to scale their enterprise, Backside Up Bagels founders Michelle Bond and Joan Kanner defined the significance of understanding the foundation of your motivation, stating, “The place is the stress coming from? Is it pushed by your buyers who need you to have a number of areas in the identical metropolis? Is it pushed by clients demanding expanded enterprise hours? It doesn’t matter what’s behind it, scaling calls for your time and power so having the suitable staff behind you as you think about rising your online business is essential to its success.”

Constructing a powerful staff is a elementary a part of rising any enterprise, irrespective of the trade. “The earlier you possibly can delegate, the extra environment friendly you’ll be and the higher you possibly can develop,” stated Match Physique by Ashley founder, Ashley Chatam. “I positively suggest investing in mentorship and training. You don’t know what you don’t know, so having skilled eyes on your online business to see the gaps and offer you suggestions is extraordinarily worthwhile.”

As a youthful era of employees joins the enterprise world, it’s necessary to recruit new expertise strategically to develop and evolve your online business whereas retaining your workforce and clients effectively outfitted, impressed and glad. Gen Z is projected to make up 27% of the workforce by 2025 and research present their capabilities with know-how can advance corporations productiveness and innovation. Gen Z has by no means seen a time when the web didn’t exist. All of their studying and skill-building has been intrinsically linked to know-how. In an effort to correctly allow right now’s workforce to work productively of their atmosphere, their units have to be versatile and moveable to match their life-style.

In conclusion.

Via smarter know-how, akin to modern multifunctional units, small companies can empower workers to successfully work from wherever. Investing in your SMB with cost-effective options, strategic recruitment practices and multifunctional know-how will empower your staff and drive enterprise dividends for the longer term. I’m so grateful I obtained to share these high insights from this group of spectacular and profitable entrepreneurs.

As a part of the Evolve Small initiative, these three Lenovo clients every obtained a $30,000 grant, $10,000 in know-how upgrades and a particular mentorship session with Queen Latifah. To find out how Lenovo has been supporting small companies and to maintain updated on the Evolve Small efforts, sources, and know-how options, go to Lenovo.com/EvolveSmall.

Eric Yu, SVP & GM, Industrial Product Middle & SMB Phase, Lenovo Clever Units Group, is chargeable for the Lenovo SMB section‘s international end-to-end enterprise technique and execution. He additionally oversees Lenovo’s international Displays Enterprise Unit and Equipment Enterprise Models. With 20+ years working throughout completely different Lenovo enterprise capabilities, Yu has a observe report of understanding enterprise wants and exceeding progress exponentially in varied know-how segments.