If you are a technology leader, you know that your company’s success depends heavily on managing costs and resources. In this article, we’ll share some tips on effectively leveraging resources while keeping your team high-spirited and productive.
We’ll consider several business decisions you make as a leader to increase your company’s ROI and overall business growth.
Lets’ get started.
Set clear expectations and KPIs.
Setting clear, mistake- and bias-free key performance indicators may be burdensome. The most significant difficulty hides in forecasting the likely results.
The good news is that leaders today have a lot of analytical tools to detect general trends you may rely on, for people rarely change the work they behave and work online. The bad news is that they are sometimes not enough.
Example: you ran a marketing team that produced 200 qualified leads a month last year. Yet, this year, they barely have 100. Per KPIs, they are underperforming, although they might work twice as hard. The reason for the decrease may be merely the economic recession.
When setting result-based KPIs, be sure you take all factors into account.
Yet, KPIs ensure you know what’s going on with your business, allows you to make plans and predictions, and, more importantly, sketch a plan for further company growth.
Invest in employee training.
The ability of your team to react to customer demands fast and effectively translated into customer satisfaction, retention, and thus, higher ROI.
According to statistics, the spending on employee training has been growing worldwide since 2008. It reached the estimated market size of 370.3 billion US dollars in 2019, although there was a recession during the pandemic in 2020-2021.
Also, employees love to see the prospects of professional and career growth and feel loyal to companies taking care of their education. 75% among over 2000 respondents worldwide reported they were satisfied or delighted with their company’s reskilling and upskilling training.
Involve employee quality assurance.
General standards of employee performance can show who in your team performs great and who might need additional training—having these data arms a business owner with a basis for quick steps for team performance improvement.
As an option, a business owner can introduce individual or group training, coaching, and developing focused business plans.
As for employees, they will like such attempts. First, people feel safer knowing they are performing well according to generally accepted standards, so far as these standards are the same for everyone. Also, the underperforming employees will be glad to know their weak side and will be highly likely to take upskilling training.
Outsource your IT to a professional third-party vendor.
Keeping an IT team in-house has its preferences, yet it is often costly and time-consuming. Apart from maintaining constant hardware upgrades, a business owner should also ensure the IT team stays updated with the latest trends. Therefore, many companies, including tech giants like Google and Skype, outsource some of their processes. According to the IT Outsourcing Industry report, in 2022, the global market size of outsourced services continued its growth and reached 95.5 billion US dollars.
Outsourcing IT to a third-party vendor gives three main benefits.
1. It saves cost – by hiring a team from the chief world’s outsourcing destinations, you get excellent quality at a lower price due to differences in taxes.
2. You get services that fit your growing needs – spending time and effort on finding the new employee’s for your IT department doesn’t add up to your general ROI growth. If you hire a third-party vendor, you’ll be able to resize your team on demand quickly.
3. You get expertise – usually, IT companies invest significantly into the proficiency of their teams, for this is how they stand market competition. By hiring an outside vendor for IT or business analysis service, you may be sure of the high quality of services.
Although the tips we’ve mentioned are practical, they share a common principle: any improvement needs an initial investment of time, research, effort, and money. Whether it’s employee training, choosing an outsourcing team, or finding a proper analytics tool – all these steps will initially require a devoted involvement of a business leader.