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Seven Ways Technology Makes Your Small Business Grow Faster

Seven Ways Technology Makes Your Small Business Grow Faster

When properly harnessed technology has the ability to change lives for the better – the world over. As a point of illustration, you need only compare the technological progress made over the last 50 years with the prior 500 years of advances to appreciate its impact on society. However, modern technology’s reach doesn’t end with the general public.

In fact, its impact extends far into the business arena — to the extent that technology has the potential to make or break most businesses; this is especially true for small businesses.

Does this mean that technology can negate the effects of bad business fundamentals, poor management, or inept leadership? Absolutely not! However, it does mean that small businesses who at least score average in most areas can benefit immensely from the tech sector. Namely, it can help them grow and become more effective.

Here are a few ways that businesses can scale technology for growth.

1. Store Data on Cloud

Storage is in the cloud is a practice that has completely upended the old ways of storing data. Ten years ago companies who managed large quantities of data had to FTP large files when they wanted to send them. Likewise, businesses could not manage data without investing in numerous high capacity storage devices.

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In contrast, today it’s as easy as hosting the data via an online storage account and sending an invite link to share it with peers. Indeed, the implications of being able to store data in the cloud are staggering.

For example, cloud storage makes it possible for users to:

  • access their data from anywhere in the world
  • perform backups automatically
  • store unlimited amounts of data
  • collaborate on a single document in real time

If you’re a small business owner, you can use the benefits above to give you the speed to compete with larger businesses.

2. Social Media

Social media allows small businesses to do several things that were nearly impossible to accomplish as an SME only 25 years ago. Namely, it allows you to observe nearly every aspect of your audience’s behavior; this gives you a wealth of insight into what your customer’s motivations are. In turn, you can use this knowledge to become a better seller. Additionally, social media gives you a platform to build your authority. Social networking platforms have made it easier than ever to do both.

What this means to you as a small to mid-sized business is that you can wield just as much marketing firepower as more established brands at a fraction of the cost.

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3. Productivity Apps

While it would be nice to have an army of project managers at your beck and call, the reality is that it would cost a small fortune to do so. But the good news to small business owners is that thanks to digital innovation, you don’t need hundreds of productivity experts to stay productive. As a matter of fact, all you really need is a mobile device armed with the right productivity apps.

A few of the most popular ones include:

  • Slack
  • Trello
  • Asana
  • Podio
  • Basecamp

What’s more is that many of these apps can be synced with their desktop versions and are completely free or offer a free level of service.

The nice thing about using and mastering these applications is that doing so automatically enters you into the small percentage of businesses that are highly effective at getting the right things done.

4. Analytical Tools

There are numerous analytical tools that you can use to determine the strengths and weaknesses of your business. Thanks to the Internet many of these tools can be deployed within a matter of seconds. For instance, you can gauge the percentage of visitors to your website that browses your site on their mobile browsers – or – you can assess your page load speeds. When it comes to measuring your company’s key performance indicators, they sky’s the limit. Digital technology puts all of this at your fingertips.

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If you’ve ever heard the adage, ‘knowledge is power’, then applied knowledge is even more powerful; this is exactly what analytical tools afford you. Namely, the ability to make wiser decisions in a shorter amount of time.

5. Better Marketing Campaigns

Digital marketing campaigns have the potential to offer highly specific targeting, immediate results, easy testing environments, and two-way conversations. More importantly, they tend to offer higher returns on marketing spend than some traditional forms of advertising. These characteristics make digital marketing much more accessible to small businesses than other types of marketing.

One of the reasons online marketing appeals to smaller businesses is that unlike print, radio, or TV advertising, you don’t have to wait until the campaign is over to review campaign results.

6. Technology Yields Ease of Communication

Recent technological advances have done made communication effortless. Not only is it ridiculously easy to communicate in this day and age but communicating with your peers is both lightning fast and incredibly affordable; this applies both to domestic and international communication.

As business owners, modern communication has removed the barriers that used to make doing business overseas nearly impossible. As such, today collaborating with someone who lives abroad is as simple as Skyping that individual.

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7.  Web-Based Payment Systems

Web-based payment systems make it easy to send or receive payments. And they do so while offering a host of payment options. Many of these platforms even offer seamless integration into the popular accounting programs.

As a result of this newfound payment flexibility, small businesses can gain access to entirely new customer segments. Ultimately, this means more clients that you can offer your products and services to just by virtue of accepting another method of payment.

You’ve just seen seven ways that technology can help build your business. The common thread is that most, if not all of these advances allow business to do more with less. I hope that you found the article useful and can use at least one of these technology applications to your benefit.

Featured photo credit: imujer.com via static.imujer.com

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Last Updated on November 5, 2020

Why You Have the Fear of Failure (And How to Overcome It)

Why You Have the Fear of Failure (And How to Overcome It)

Nobody enjoys failing. Fear of failure can be so strong that avoiding failure eclipses the motivation to succeed. Insecurity about doing things incorrectly causes many people to unconsciously sabotage their chances for success.

Fear is part of human nature. As an entrepreneur, I faced this same fear. My ego and identity became intertwined with my work, and when things didn’t go as planned, I completely shut down. I overcame this unhealthy relationship with fear, and I believe that you can, too.

Together we’ll examine how you can use failure to your advantage instead of letting it run your life. We’ll also look at how to overcome fear of failure so that you can enjoy success in your work and life.

What Is Fear of Failure?

If you are afraid of failure, it will cause you to avoid potentially harmful situations.

Fear of failure keeps you from trying, creates self-doubt, stalls progress, and may lead you to go against your morals.

What causes a fear of failure? Here are the main reasons why fear of failing exists:

Patterns From Childhood

Hyper-critical adults cause children to internalize damaging mindsets.[1] They establish ultimatums and fear-based rules. This causes children to feel the constant need to ask for permission and reassurance. They carry this need for validation into adulthood.

Perfectionism

Perfectionism is often at the root of a fear of failure.[2] For perfectionists, failure is so terrible and humiliating that they don’t try. Stepping outside your comfort zone becomes terrifying.

Over-Personalization

The ego may lead us to over-identify with failures. It’s hard to look beyond failure at things like the quality of the effort, extenuating circumstances, or growth opportunities.[3]

False Self-Confidence

People with true confidence know they won’t always succeed. A person with fragile self-confidence avoids risks. They’d rather play it safe than try something new.[4]

How the Fear of Failure Holds You Back

Unhealthy Organization Culture

Too many organizations today have cultures of perfection: a set of organizational beliefs that any failure is unacceptable. Only pure, untainted success will do.

Imagine the stress and terror in an organization like that. The constant covering up of the smallest blemishes. The wild finger-pointing as everyone tries to shift the blame for the inevitable messes onto someone else. The lying, cheating, falsification of data, and hiding of problems—until they become crises that defy being hidden any longer.

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Miss out on Valuable Opportunities

If some people fail to reach a complete answer because of the lure of some early success, many more fail because of their ego-driven commitment to what worked in the past. You often see this with senior people, especially those who made their names by introducing some critical change years ago.

They shy away from further innovation, afraid that this time they might fail, diminishing the luster they try to keep around their names from past triumph.

Besides, they reason, the success of something new might even prove that those achievements they made in the past weren’t so great after all. Why take the risk when you can hang on to your reputation by doing nothing?

Such people are so deeply invested in their egos and the glories of their past that they prefer to set aside opportunities for future glory rather than risk even the possibility of failure.

High Achievers Become Losers

Every talent contains an opposite that sometimes turns it into a problem. Successful people like to win and achieve high standards. This can make them so terrified of failure that it ruins their lives. When a positive trait, like achievement, becomes too strong in someone’s life, it’s on the way to becoming a major obstacle.

Achievement is a powerful value for many successful people. They’ve built their lives on it. They achieve at everything they do: school, college, sports, the arts, hobbies, work. Each fresh achievement adds to the power of the value in their lives.

Gradually, failure becomes unthinkable. Maybe they’ve never failed yet in anything that they’ve done, so they have no experience of rising above it. Failure becomes the supreme nightmare: a frightful horror they must avoid at any cost.

The simplest way to do this is never to take a risk, stick rigidly to what you know you can do, protect yourself, work the longest hours, double and triple check everything, and be the most conscientious and conservative person in the universe.

If constant hard work, diligence, brutal working schedules and harrying subordinates won’t ward off the possibility of failing, use every other possible means to to keep it away. Falsify numbers, hide anything negative, conceal errors, avoid customer feedback, constantly shift the blame for errors onto anyone too weak to fight back.

Loss of Creativity

Over-achievers destroy their own peace of mind and the lives of those who work for them. People too attached to “goodness” and morality become self-righteous bigots. Those whose values for building close relationships become unbalanced slide into smothering their friends and family with constant expressions of affection and demands for love in return.

Everyone likes to succeed. The problem comes when fear of failure is dominant, when you can no longer accept the inevitability of making mistakes, nor recognize the importance of trial and error in finding the most creative solution.

The more creative you are, the more errors you are going to make. Deciding to avoid the errors will destroy your creativity, too.

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Balance counts more than you think. Some tartness must season the sweetest dish. A little selfishness is valuable even in the most caring person. And a little failure is essential to preserve everyone’s perspective on success.

We hear a lot about being positive. Maybe we also need to recognize that the negative parts of our lives and experience have just as important a role to play in finding success, in work, and in life.

How to Overcome Fear of Failure (Step-by-Step)

1. Figure out Where the Fear Comes From

Ask yourself what the root cause of your negative belief could be.[5] When you look at the four main causes for a fear of failure, which ones resonate with you?

Write down where you think the fear comes from, and try to understand it as an outsider.

If it helps, imagine you’re trying to help one of your best friends. Perhaps your fear stems from something that happened in your childhood, or a deep-seated insecurity.

Naming the source of the fear takes away some of its power.

2. Reframe Beliefs About Your Goal

Having an all or nothing mentality leaves you with nothing sometimes. Have a clear vision for what you’d like to accomplish but include learning something new in your goal.

If you always aim for improvement and learning, you are much less likely to fail.[6]

At Pixar, people are actually encouraged to “fail early and fail fast.”[7] They encourage experimentation and innovation so that they can stay on the cutting edge. That mindset involves failure, but as long as they achieve their vision of telling great stories, all the stumbling blocks are just opportunities to grow.

3. Learn to Think Positive

In many cases, you believe what you tell yourself. Your internal dialogue affects how you react and behave.

Our society is obsessed with success, but it’s important to recognize that even the most successful people encounter failure.

Walt Disney was once fired from a newspaper because they thought he lacked creativity. He went on to found an animation studio that failed. He never gave up, and now Disney is a household name.

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Steve Jobs was also once fired from Apple before returning as the face of the company for many years. [8]

If Disney and Jobs had believed the negative feedback, they wouldn’t have made it.

It’s up to you to notice your negative self talk and identify triggers[9]. Replace negative thoughts with positive facts about yourself and the situation. You’ll be able to create a new mental scripts that you can reach for when you feel negativity creeping in. The voice inside your head has a great effect on what you do.

How To Be A Positive Thinker: Positivity Exercises, Affirmations, & Quotes

    4. Visualize all Potential Outcomes

    Uncertainty about what will happen next is terrifying. Take time to visualize the possible outcomes of your decision. Think about the best and worst-case scenarios. You’ll feel better if you’ve already had a chance to mentally prepare for what could happen.

    Fear of the unknown might keep you from taking a new job. Weigh the pros and cons, and imagine potential successes and failures in making such a life-altering decision. Knowing how things could turn out might help you get unstuck.

    5. Look at the Worst-Case Scenario

    There are times when the worst case could be absolutely devastating. In many cases, if something bad happens, it won’t be the end of the world.

    It’s important to define how bad the worst case scenario is in the grand scheme of your life. Sometimes, we give situations more power than they deserve. In most cases, a failure is not permanent.

    For example, when you start a new business, it’s bound to be a learning experience. You’ll make decisions that don’t pan out, but often that discomfort is temporary. You can change your strategy and rebound. Even in the worst case scenario, if the perceived failure led to the end of that business, it might be the launching point for something new.

    6. Have a Backup Plan

    It never hurts to have a backup plan. The last thing you want to do is scramble for a solution when the worst has happened. The old adage is solid wisdom:

    “Hope for the best, prepare for the worst.”

    Having a backup plan gives you more confidence to move forward and take calculated risks.

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    Perhaps you’ve applied for a grant to fund an initiative at work. In the worst-case scenario, if you don’t get the grant, are there other ways you could get the funds?

    There are usually multiple ways to tackle a problem, so having a backup is a great way to reduce anxiety about possible failure.

    7. Learn From Whatever Happens

    Things may not go the way you planned, but that doesn’t automatically mean you’ve failed. Learn from whatever arises.[10] Even a less than ideal situation can be a great opportunity to make changes and grow.

    “Sometimes you win, sometimes you learn.”

    Dig deep enough, and you’re bound to find the silver lining. When you’ve learned that “failure” is an opportunity for growth instead of a death sentence, you conquer the fear of failure.

    For more tips on how to overcome fear of failure, check out the video below:

    Final Thoughts

    To overcome fear of failure, we can start by figuring out where it comes from and reframing the way we feel about failure. When failure is a chance for growth, and you’ve looked at all possible outcomes, it’s easier to overcome fear.

    Stay positive, have a backup plan, and learn from whatever happens. Your failures will be sources of education and inspiration rather than humiliation.

    “I have not failed. I’ve just found 10,000 ways that won’t work.” -Thomas A. Edison

    Failures can be blessings in disguise. Go boldly in the direction of your dreams and long-term goals.

    More Tips for Conquering Fear

    Featured photo credit: Patrick Hendry via unsplash.com

    Reference

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