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What to Look at When Your Tech Business Starts to Fail

Zoom Local News > Business > What to Look at When Your Tech Business Starts to Fail

What to Look at When Your Tech Business Starts to Fail

Many businesses are falling on hard times now, and that is mostly due to external forces that you can do very little about. However, you need to ensure that there are no internal issues that could be contributing to the problem or might even be at the root of your current woes.

This might seem like a daunting process, as it is likely to involve a lot of finger-pointing, and chances are, many of those fingers are going to be pointed in your direction. If you want your business to get out of the situation it begins, you may need to face several difficult truths, and this needs to start with a realistic picture of where you are now.

Use Data Analytics to Help Quantify Problems

It may be glaringly obvious to many what the problems are but quantifying them and finding solutions are the things that need work. Analyzing the data created by production, sales, and customer feedback can give you insight into the overall situation and show you what needs the most attention. 

On the other hand, it will also show you what is going well, so you can also put more effort into that to help you through the rough patch while those ‘emergency repairs’ are taking place elsewhere in the business.

#1 Quality

You are likely to find from units that fail testing and customer feedback that quality is a problem, and in a tech business, that is usually to do with using poor-quality components. In the current financial climate, you might not blame your purchasing team for buying based on price, but you now need to rectify that. 

Looking for a quality supplier is not easy but using a site that acts like a component search engine can take much of the strain. You can find information on specs, an integrated circuit finder, and the ability to upload your BOM and get a list of suppliers and manufacturers, all under one digital roof, saving time and effort and even possibly some money.

#2 Productivity

Another area that is likely to be highlighted by data analysis is productivity. This can be for one, or a combination of, several reasons.

  • Poor quality machinery or tooling – Even once you have found a quality supplier, it will make no difference if your tools or equipment is poorly maintained or on its last legs. You need to look at investing in buying or hiring new machinery or starting a preventative maintenance program.
  • Poor morale – You might not be producing very much because your staff hasn’t got their hearts in it. This could be due to a lack of training, poor wages, or work to employee ratio. Your data analysis will help you look at workloads, but morale and pay will need some work from you to turn things around.
  • Poor online presence – You might be getting fewer orders because people take one look at your website and click away. This could be because your site looks dated, or visitors just don’t know what to do next. Either way, having your site refreshed can do no harm, and has the bonus of you being able to email long-time customers asking them to look. This might get you more sales but also acts as a good test of how visitors interact with the new look site.

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