Tech startups are going through one of the most exciting yet critical times the world has ever witnessed. There is no doubt that the tech industry has become one of the top revenue earners in the world, yet factors like sudden layoffs, business shutdowns, hostile takeovers, etc. make it really tough for investors to have faith in tech businesses.
It’s your job to get rid of this uncertainty and give investors the security they desire. There is no need to invent a new methodology for the sake of survival when you can learn a lot from other industries. Take finance as an example here and figure out how this industry has managed to come out as a winner every time over the past many decades. Follow it closely and start taking decisions like most business owners in the finance field take to get desired results.
Not all tech leaders crave for a multi-billion dollar business empire, yet there is nothing wrong in trying to achieve excellence and live a financially abundant life. Professionals who have been exploring the finance field for years have certain qualities that distinguish them from others. As a tech business leader, you can adopt these qualities and forge ahead in a trouble free manner.
These qualities are-
Importance Of Management Training
Ever since the beginning of the industrialisation, the one thing that has set apart finance from other fields is its impromptu focus on the employee training. Even though many things have changed in last hundred years or so, leaders in the finance industry haven’t taken their focus off from the management training.
Take a look at the financial institutions around you, and you’ll understand how aggressively they recruit. Right from strong internship programs to massive placement drives, all the top-notch finance companies leave no stone unturned when it comes to hiring the brightest minds. The business leaders and managers in the finance field know the importance of the right talent and the difference it can create, so they try their best to get the right set of employees onboard before their competitors.
Relying On Data
Nothing happens by chance in the finance industry. Professionals use high-quality information to keep an eye on their rivals and outperform them every single time. This is one of the reasons why the leading finance companies using advanced data analysis tools make thousands of crores in profit every year while many others struggle to survive. Though businesses like Facebook, Instagram, Snapchat Online and Whatsapp are trying their best to use data for their benefit, they have yet to cover a long distance to match with leading financial institutions.
The ultimate objective of businesses operating in different fields is to serve the society and become profitable as soon as possible. Regardless of how your company has performed so far, you can emulate the success achieved by the finance industry in a hassle-free manner.
All you have to do is follow the below-stated tips and achieve desired results:
Disciplined Approach Offers Great Rewards
Believe it or not, but people working in critical finance profiles are very disciplined. Right from the morning bell until the market is closed, they’re up on their toes and stay focussed on their objective. Family, friends and tea/coffee breaks are of secondary priority to them. All they think about is closing the trades and making a huge amount of profit every single day. Even though their jobs may put them under a lot of stress at times, they successfully achieve their goals more often than people working in other industries.
You can learn to be as disciplined as finance leaders in day-to-day life and replicate their success over time.
Making Information Work
Regardless of its impact and usefulness, every decision in the finance industry is somewhat driven by data. Finance professionals are always hungry to grasp more data to reach new heights and attain desired results. While many other industries go with manual interpretations and thoughts at the time of making a decision, finance professionals rely heavily on data.
With fields like the internet of things, big data and analytics becoming widely popular, the tech industry is on its way to follow the path that finance has been pursuing for decades. Being a tech-focused business, you should make the information work for you and take decisions that are backed by relevant data. This is one of the best ways to maximise ROI in the long run.
Risk Taking Ability
Risk is the core function of finance and the single most reason why finance professionals make tens of thousands of crores every year. In case you also want to be as successful as them, you need to adapt their nature and start taking risks. It doesn’t mean that you have to do something unreasonable.
Just take calculative risks and don’t lose hopes when your decisions don’t bring desired results. You can always try one more time!
When Facebook invested a whopping $19 billion in WhatsApp, many thought it was an unreasonable investment. However, Mark Zuckerberg had a clear vision in mind and worked consistently towards making his decision right. With an active user base of over 1.2 billion every month, WhatsApp has become the biggest IM service provider in the world. The moment it expands its services and starts charging a small sum for the same, WhatsApp will become the highest revenue grosser in the world. Same is the case with Instagram, which has already started offering paid promotion services to more than 700 million users.
Tools like Instamacro have made lives of thousands of people very easy. For starters, Instamacro is a great Instagram bot, which helps web users to manage their business accounts and engage with users in a hassle-free manner. There are many other examples available in the industry that you can refer to. The point is, learn to take risks if you want to succeed as a tech business owner.
Don’t Lose Sight of Your Competition
Companies working in the finance field have every information that can benefit their competitors. This information empowers them to add necessary feathers in their caps and take better decisions than others. You cannot afford to lose sight of your competition if you are willing to stand out. Forget about your personal relations (if any) and keep a close eye on what your competitors are up to.
All the leading ecommerce sites in India, as well as other countries, follow the same approach to maintain their market leadership position. And it’s not just limited to ecommerce sites. You can take a look at the Facebook Story feature and how it affected Snapchat’s business to understand how competition in the tech field can make or break any business. Just after Facebook launched ‘Story’ feature for its users, a statement from Snapchat founder calling India a poor country was widely shared on various social media platforms. We all know who ended up on the winning side and who on the losing side.
Training And Recruitment
Even before the recruitment drive begins, finance companies make every possible effort to train their potential employees so that they can gain the required skills well in advance. This step makes it easy for them to ensure that their overall production of the organization doesn’t drop down when fresher students hit the floor. As a tech business owner, you can also focus on implementing this methodology and conduct training for your potential employees in the form of summer and winter internships.
Tech businesses such as Google, Facebook, Amazon, etc. are following the same model by giving potential candidates enough chances to nurture their skills through different programs and internships offers. You can also do the same and uplift your company’s profitability by a huge margin.
Not all companies operating in the finance field are successful, but the ones that have been able to deliver positive results over the past many decades can teach a lot to business leaders from tech field. Make sure you learn from them in every possible way to get desired results.